Manchester United debts hit £1.1bn
Jun 7, 2010 | 04:59 AM
#1
Thread Starter
| Teamspeed Pro
Joined: May 2008
Posts: 15,199
From: MidEast
Manchester United debts hit £1.1bn
WOW talk about big money...
What do you guys think of this? Will ManU be buying or selling players this year??
BBC News - Manchester United owner's debts hit £1.1bn
What do you guys think of this? Will ManU be buying or selling players this year??
Manchester United's owners are £1.1bn in debt - £400m more than previously known - after borrowing extensively against their shopping mall business.
BBC Panorama has found evidence that the Glazer family's debt levels may threaten their hold on the club.
A spokesman for the American family has said it holds more than £2bn in assets.
But the extent of the debt owed by the Glazers is likely to fuel a continuing revolt by some supporters, who oppose their ownership of the club.
Details of the financial arrangements of the owners also come at a time when the sport's governing bodies are facing questions about Premier League debts that have reached a combined total of £3.4bn and the growing popularity of leveraged buyouts in English clubs.
Mortgage documents seen by the BBC show that the Glazers have borrowed £388m ($570m) against shopping malls and £66m ($95m) against their American National Football League team, the Tampa Bay Buccaneers.
In addition to their mortgages in the US, a portion of the Glazer family's £700m Manchester United debt will soon see them charged interest at a rate of 16.25%.
Fans fear that, despite the club's record of success on the pitch, the Glazers' leveraged buy-out of United has saddled the club with debt and that may mean that there is no spare money in the future to buy a new generation of star players.
Disappointed fans have launched the "green and gold" campaign that resurrects the original team colours in protest over the Glazers' ownership.
Their numbers have reached 158,000 and former United star David Beckham has signalled his support.
They point to the £80m sale of star striker Cristiano Ronaldo last year and note that he has not been replaced by a player of similar quality. Yet ticket prices have gone up by more than a third.
The club's management denies any lack of commitment to buying new talent and says that cash is available for Sir Alex Ferguson to buy players.
BBC Panorama has found evidence that the Glazer family's debt levels may threaten their hold on the club.
A spokesman for the American family has said it holds more than £2bn in assets.
But the extent of the debt owed by the Glazers is likely to fuel a continuing revolt by some supporters, who oppose their ownership of the club.
Details of the financial arrangements of the owners also come at a time when the sport's governing bodies are facing questions about Premier League debts that have reached a combined total of £3.4bn and the growing popularity of leveraged buyouts in English clubs.
Mortgage documents seen by the BBC show that the Glazers have borrowed £388m ($570m) against shopping malls and £66m ($95m) against their American National Football League team, the Tampa Bay Buccaneers.
In addition to their mortgages in the US, a portion of the Glazer family's £700m Manchester United debt will soon see them charged interest at a rate of 16.25%.
Fans fear that, despite the club's record of success on the pitch, the Glazers' leveraged buy-out of United has saddled the club with debt and that may mean that there is no spare money in the future to buy a new generation of star players.
Disappointed fans have launched the "green and gold" campaign that resurrects the original team colours in protest over the Glazers' ownership.
Their numbers have reached 158,000 and former United star David Beckham has signalled his support.
They point to the £80m sale of star striker Cristiano Ronaldo last year and note that he has not been replaced by a player of similar quality. Yet ticket prices have gone up by more than a third.
The club's management denies any lack of commitment to buying new talent and says that cash is available for Sir Alex Ferguson to buy players.
Last edited by GrayTT; Jun 7, 2010 at 05:02 AM. Reason: Added to the quote
Jun 7, 2010 | 11:55 AM
#3
Rolex Fanboy
Joined: Feb 2008
Posts: 8,638
From: In a dream....please don't wake me
So these people that want them out. Why don't they pony up the bucks and buy them. Crap it's a business and what business is it of their's to question what they are doing imho.
They want changes find the 1 billion and buy em.
They want changes find the 1 billion and buy em.
Jun 7, 2010 | 12:20 PM
#4
Teamspeed Pro
Joined: Jan 2008
Posts: 6,031
From: Chicago, Il
agreed.....quit whining and do something about it
Jun 7, 2010 | 05:17 PM
#6
Rolex Fanboy
Joined: Feb 2008
Posts: 8,638
From: In a dream....please don't wake me
no. my point is if you dont like what the owner is doing. buy them and do what you like. no different than our baseball team. if you dont like the losing pony up the cash and buy the big players. yankees do it and win a lot.
no more arm chair quarterbacks is my point Hani
no more arm chair quarterbacks is my point Hani
