12-01-2010, 09:42 PM
Sorry to jump on the bandwagon with this, but the debt is being re-financed, NOT the club. This is different. It doesn't necessarily mean that there will be any more money left for the club.
Surely, although I agree that we have done well since they came, you can see that we have a squad that is not quite as competitive as previously and needs a boost from somewhere. This money that they 'gave' actually came from the group operating turnover over the past 3 years and was largely funded by the sale of other players. We have seen the profit reduce over the time and if United had not sold CR7 last year, we would have made a £41m loss.
That includes all the money that the Glazers have 'borrowed' from the club, instead of paying off the debt. Their PIK, which they are personally responsible, has an annual interest of 14.9%, which equates to £47,000 per hour! If they allow that to run to 2017, the full term of the loan and lump it on to Red Football, as they legally can do, the debt could equate to in excess of £1BILLION! Scary thought.
These are not football people. They are businessmen, though from where I sit, not particularly good ones. What other business would be allowed to operate with £509m debt PLUS £115M PIK debt, while turning over only (I say only) £278m?
Think on those that say they are good for the club. Seriously!
Anyway, 'nuff said for now.
Petition signed:
Mick B
Surely, although I agree that we have done well since they came, you can see that we have a squad that is not quite as competitive as previously and needs a boost from somewhere. This money that they 'gave' actually came from the group operating turnover over the past 3 years and was largely funded by the sale of other players. We have seen the profit reduce over the time and if United had not sold CR7 last year, we would have made a £41m loss.
That includes all the money that the Glazers have 'borrowed' from the club, instead of paying off the debt. Their PIK, which they are personally responsible, has an annual interest of 14.9%, which equates to £47,000 per hour! If they allow that to run to 2017, the full term of the loan and lump it on to Red Football, as they legally can do, the debt could equate to in excess of £1BILLION! Scary thought.
These are not football people. They are businessmen, though from where I sit, not particularly good ones. What other business would be allowed to operate with £509m debt PLUS £115M PIK debt, while turning over only (I say only) £278m?
Think on those that say they are good for the club. Seriously!
Anyway, 'nuff said for now.
Petition signed:
Mick B