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+--- Thread: Manchester United cuts debt costs (/Thread-Manchester-United-cuts-debt-costs)
Manchester United cuts debt costs - themarksquared - 24-05-2013
Good day, Red Devils.
We have some news regarding the club's debt costs. I'll be quoting only the important segments in article. Should you want to read the full article, here is the source.
Quote:Manchester United has struck a new loan deal to cut the amount of interest it pays on its huge debts.
Quote:The Premier League club, which is owned by the Glazer family, has refinanced £178m of outstanding debt, a move that should save it £10m a year.
Quote:It still has about £307m in debts, but has continued to enjoy on-field success under the Glazers, with five Premier League titles and one Champions League victory.
Quote:Its finances continue to be bolstered by TV revenues. In the 2012-13 season, it is reported to have made more than £60m - more than any other club.
Quote:Last year, the club paid about £50m in interest alone.
Quote:David Bick, chairman of Square1 consulting, told Radio 5 live that the deal meant Manchester United would now be paying off their debts "on more reasonable terms".
He said the club still had "a long way to go" in paying off its debts, but said the Glazers appeared to have made the most of the club's global presence, which has drawn revenue in from places such as East Asia.
"It's a massive global brand, they have extracted commercial income from all corners of the globe," he said.