14-01-2010, 12:28 PM
Manchester United's owners - the Glazer family - have for the first time raised the previously unimaginable issue of selling Old Trafford to reduce debt believed to be in the region of £700 million, according to The Daily Mail.
The Americans had ruled out the possibility of such drastic measures when they took ownership of the club in 2005. But the prospectus that has been sent out to potential investors with a view to raise £500m through the issue of bonds states that "the indenture governing the Notes (bonds) will limit our ability to sell or transfer, but not prohibit us from selling or transferring our training ground facilities and our stadium".
Furthermore, it is claimed that the prospectus also reveals that United have no money of their own to finance new player transfers, while the club may have to sell players to service the debt in the future.
While fears of a sale of the historic ground exist, it is believed that the Glazers will opt to sell and then lease the monumental stadium and the state-of-the-art training ground at Carrington.
This move is suspected to be the route that the owners will take, as a section of the prospectus that details the "risks related to our debt" states: "Although in the sale or transfer of any of these properties, the transferee will be required to enter into a long-term lease with us to enable us to continue to have substantially the same access to such property as we currently do, if we sell or transfer either or both of these properties, we will no longer control them."
As for Carrington, the future remains shrouded in doubt as it is revealed in the document that the training ground "may in due course be transferred to a holding company or affiliate of the Parent. In the latter event, we will be granted a lease."
It is consequently believed that Sir Alex Ferguson will have to take a swig from the glass that holds a £75 million credit facility if he is to splash more cash than he can raise through player sales.
Meanwhile, it has been speculated that Wayne Rooney could be the next big-name player to leave for the greater good of the club. Barcelona and Real Madrid are said to be weighing up bids of around £70m if the Englishman should become available.
Source: Goal
UMMMMMMMMMMMMMMMmm stop playing with me , if this happens both glazers are getting shot.....
The Americans had ruled out the possibility of such drastic measures when they took ownership of the club in 2005. But the prospectus that has been sent out to potential investors with a view to raise £500m through the issue of bonds states that "the indenture governing the Notes (bonds) will limit our ability to sell or transfer, but not prohibit us from selling or transferring our training ground facilities and our stadium".
Furthermore, it is claimed that the prospectus also reveals that United have no money of their own to finance new player transfers, while the club may have to sell players to service the debt in the future.
While fears of a sale of the historic ground exist, it is believed that the Glazers will opt to sell and then lease the monumental stadium and the state-of-the-art training ground at Carrington.
This move is suspected to be the route that the owners will take, as a section of the prospectus that details the "risks related to our debt" states: "Although in the sale or transfer of any of these properties, the transferee will be required to enter into a long-term lease with us to enable us to continue to have substantially the same access to such property as we currently do, if we sell or transfer either or both of these properties, we will no longer control them."
As for Carrington, the future remains shrouded in doubt as it is revealed in the document that the training ground "may in due course be transferred to a holding company or affiliate of the Parent. In the latter event, we will be granted a lease."
It is consequently believed that Sir Alex Ferguson will have to take a swig from the glass that holds a £75 million credit facility if he is to splash more cash than he can raise through player sales.
Meanwhile, it has been speculated that Wayne Rooney could be the next big-name player to leave for the greater good of the club. Barcelona and Real Madrid are said to be weighing up bids of around £70m if the Englishman should become available.
Source: Goal
UMMMMMMMMMMMMMMMmm stop playing with me , if this happens both glazers are getting shot.....