Manchester United's owners the Glazer family report heavy loss last year

Manchester United's owners the Glazer family report heavy loss last year

Manchester United's owners made a £108.9 million loss last year, according to their accounts.

http://www.telegraph.co.uk/sport/football/teams/manchester-united/8397907/Manchester-Uniteds-owners-the-Glazer-family-report-heavy-loss-last-year.html

By Telegraph staff and agencies 11:53AM GMT 22 Mar 2011

The loss by Red Football Joint Venture, the Glazer family's parent company that owns United, include some one-off costs from setting up the £526m bond scheme last year to replace their bank loans, according to accounts filed at Companies House.

The lack of income from selling players also contributed to the loss for the year ending June 30, 2010 - the previous year the company had recorded £21m profit thanks largely to the £80m sale of Cristiano Ronaldo.

Last year's losses included £30.2m interest on their £220m payment in kind (PIK) loans which have since been paid off.

United's club accounts were published in October and revealed losses of £83.6m - the PIK interest payment is not included in the club accounts - but club chief executive David Gill said then there was £165m in the club's bank account and that they were in a healthy position.

Gill said in October: "We have money in the bank so there is zero pressure on that, no pressure at all to sell any star player.

"The philosophy is to retain and attract the best players. We have £165m in the bank but in some ways we would prefer to have £80m in the bank and Ronaldo on the pitch."

The highest loss recorded by a Premier League club was Chelsea's £132m in 2005.

Green and Gold your players will be sold.

One word.

3 syllables

LOLgasm

All you can do is sit back and laugh.

Read that, that is a massive loss when they have been relatively successful and in the champions league.

That is what makes me laugh, they are continually linked to the Worlds best by the media even though anyone with half a brain can see they are bust.

 What makes me even laugh more is the Qatar link, no F***ing way, you'd have to pay about 1.2 billion before you do anything. The Glazers could yet become Liverpool legends

Rooney's new contract can't be helping.

Rooney's new contract can't be helping.

It'll help when they sell him to City in the summer and make a fortune off it.

Remember watching a documentary on bbc 1 about the glazers where the reporters went over to the u.s and saw all the property they were trying to sell and couldnt shift any of it because of the recession,massive malls that make the trafford centre look like a convenience store,all empty,nothing in them at all.They must be looking down the barrel soon.

And they'll still apparently be going on a 100m spending spree

Ha ha they wont be buying no world class players this year.The shower of pricks will be bankrupt by the summer.

I am worried about someone from like Qatar coming in and buying them and bailing them out.

No one is coming in, they will need about £1.2 billion before they do anything, we are as big a brand as them and you could have got us for £300 million, where were the Qatarese then, rubbish rumour started up by the utd loving media. I wouldn't mind but the Qatarese have said publicly they have no interest

I can't believe the United fans over on redcafe, the amount of conflicting opinions over this most of their fanbase don't really care even though the club is suffering at the hands of their owners, it may take time but I can see the Glaizers going exactly the same way as H&G and majority of United fans are not clued up enough or even prepared to fight for their club.

The difference with us and them at the moment, is we were unable to make payments to the bank and this gave RBS the chance to sell us from them parasites.

The Glaziers are currently paying the interest from the clubs profits are prob where the Ronaldo money went and are under no pressure from the banks so they can't be forced to sell meaning they could demand what they want for the club remembering they have a debt of about £590 million.

Dark times ahead for them, some of there fans need a reality check there will be no big spending from them in the Summer

The difference with us and them at the moment, is we were unable to make payments to the bank and this gave RBS the chance to sell us from them parasites.

The Glaziers are currently paying the interest from the clubs profits are prob where the Ronaldo money went and are under no pressure from the banks so they can't be forced to sell meaning they could demand what they want for the club remembering they have a debt of about £590 million.

Dark times ahead for them, some of there fans need a reality check there will be no big spending from them in the Summer

If you read over on redcafe mate, they are more concerned with if we'll finish 4th, than they are with the debt.

I think we will overtake themover the next season or two looking at there squad and there financial problems

F***ing crumble you cu*ts!!!

Love to see them do a Leeds.

Masive problems over there, massive. Last year they apparently paid off the £230Million in high interest loans - then moved their account's to baltamor. Now Im no expert, but im told that by doing this people cant pry into the debt, rates on loans etc.

What amazes me is the fair weather fans up there dont care for the club (they left and set up FC Manchester) so its full of people miles away who just want to see the team win in the immidate future - not long term. Even wiskey nose dosent care! He is the most outspoken person ever, yet he big's up the Glazers like there saints - so he can secure his legacy. Once this season is over he will be off, or next at the latest. Leaving the club with no players or a manager. Who will step into a club with no funds, not youth and idiot owners?

I can see them going into bankrupcy sooner rather than later. First they will proabbly sell off the stadium to another holding company in order to milk money out of the club, then sell players they need without reinvesting. Then get a massive point deduction, no champs league and then booted out of the stadium when they cant fill it / keep up the costs.

By my math its a £2Billion problem - their debt has to be larger (Interest paymesnt doubled when they paid off £230Million, yeah right!) than the 500Million reported. If last year was a reported 700Million with £68.5 in interest, then it could be almost 1Billion with interest now at £137Million. They will want at least 800Million back from what they paid, plus interest - so yeah about £2Billion - before anything else and getting worse. They are milking the club dry!

And do I care - well yes in the respect that im sick of Americans messing up English clubs - but on this occassion it couldnt happen to a nicer bunch - and im sure their fans will just swap their tickets for Chelsea, Fulham, Spurs or another local club to them.

I think if Utd fans think they are in for big spending this Summer they are going to be disappointed, I expect us to easily out spend them, as well as expecting Spurs City Chelsea and maybe even Arsenal outspending them

By my math its a £2Billion problem - their debt has to be larger (Interest paymesnt doubled when they paid off £230Million, yeah right!) than the 500Million reported. If last year was a reported 700Million with £68.5 in interest, then it could be almost 1Billion with interest now at £137Million. They will want at least 800Million back from what they paid, plus interest - so yeah about £2Billion - before anything else and getting worse. They are milking the club dry!

They refinanced at least part of that debt last year through bond issues, which raised 500 million, that covered most of their debt to international banks. The interest on that is about 45 million a year, but the bond won't mature untill 2017. By doing that they pretty much prevented banks from meddling in with their business. And apparently within the bonds there are covenants which allow them to filter large sums of money out of the club. So they are indeed sucking the club dry.

Good call Dexter, i forgot about the 'Bonds' they sold. To me something seems very wrong here! On the ManUtd web pages they seem to not care - which is mental.

After what we went through I wish them the best, but I cant see it. Their supporters dont care, neither does Fergie.

The galzers are going to run up a massive debt here, then just declair bankruptcy and walk away! Leaving Man Utd a broken club - or sold for £1 with the debt still to be paid.

Shame their fans dont support the club, if it was anyone else I would feel for them, but I would actually like to see them go under, religated and spend a fair few years down there! Unlike leeds (who would be the obvious parallel) they wont hold loyal support, and with the stadium costs and no gate recipts they could really be in the sh*t...

It really says a lot about your club when Arsenal are favoured to outspend you in the summer.