And we thought we were in the shit.

[a stoner]

BBC News - Manchester United reports pre-tax loss of £80m

 

Manchester United, hit by one-off finance charges and reduced revenues from the sale of players, has reported an annual pre-tax loss of £79.6m.

 

The loss for the 12 months to 30 June compares with a profit of £48m for the year before, when revenues were boosted by the £80m sale of Cristiano Ronaldo.

 

The club's one-off finance charges during the past year totalled £67m. It also paid £40m in interest payments.

 

Chief executive David Gill said there was no pressure to sell players.

 

He added: "We have money in the bank so there is zero pressure on that, no pressure at all to sell any star player whether it is Wayne Rooney or X, Y or Z.

 

"I can categorically say that."

 

'Excellent' revenues

 

While Manchester United's match-day turnover fell, this was offset by commercial earnings.

 

The club's overall annual turnover increased to £286.4m.

 

Matchday turnover fell from £108.8m to £100.2m, which the club said was a result of it not progressing as far in the Uefa Champions League last season as it had in the season before.

 

In the 2009-10 season Manchester United made it to the quarter finals of the competition, while the season before they lost in the final to Barcelona

 

Media turnover rose from £99.7m to £104.8m, thanks in part to higher TV payments from Uefa.

 

Commercial turnover increased from £69.9m to £81.4m, because of increased sponsorship revenues.

 

The £40m spent on interest payments was the same as a year earlier.

 

Operating profit - which does not include the cost of servicing the club's debts - also rose, reaching £100.8m, compared with £92m a year earlier.

 

The one-off finance charges are linked to Manchester United's £504m bond issue back in January, which enabled the club to pay back most of its bank debt.

 

While it has to pay a similar level of annual interest on the bonds, the move freed the club from the tougher financial conditions imposed by the banks.

 

Mr Gill added that club's latest accounts made "very good" reading.

 

However, he admitted that they were "complicated" by the one-off finance charges.

 

"I can't speak for any other club but the United fans should not be concerned," said Mr Gill.

 

"We have a long-term financing structure in place, excellent revenues that are growing, we are controlling our costs - total wages are 46% of turnover - and we can afford the interest on our long-term finance."

 

Fan protest

 

Manchester United was bought by the US-based Glazer family for £800m in 2005.

 

Critics say the family has saddled the club with massive debts, and this has led to protests by supporters' groups.

 

Many fans are continuing to boycott the team's traditional red shirts and scarves, and instead wearing green and gold, the original colours of Newton Heath, the amateur side which was founded in 1878 and went on to become Manchester United.

 

A group of wealthy Manchester United supporters known as the Red Knights also proposed making a takeover bid.

 

However, they put their plans on hold in June, saying media speculation of "inflated valuation aspirations" had hampered their plans, and that they would only pay a sensible price for the club.

 

Officials at Manchester United have constantly reiterated that the club is not for sale, and that the Glazer family are not open to any offers

 

 

And these cunts had the balls to bitch about our owners.

[Lycan]

All I care about at the moment is my club mate, I don't really care whats happening to them. Once we sort our shit out then i'll take time out to delight in their plight.

[Rafa_The_Gaffa]

BBC News - Manchester United reports pre-tax loss of £80m

 

Manchester United, hit by one-off finance charges and reduced revenues from the sale of players, has reported an annual pre-tax loss of £79.6m.

 

The loss for the 12 months to 30 June compares with a profit of £48m for the year before, when revenues were boosted by the £80m sale of Cristiano Ronaldo.

 

The club's one-off finance charges during the past year totalled £67m. It also paid £40m in interest payments.

 

Chief executive David Gill said there was no pressure to sell players.

 

He added: "We have money in the bank so there is zero pressure on that, no pressure at all to sell any star player whether it is Wayne Rooney or X, Y or Z.

 

"I can categorically say that."

 

'Excellent' revenues

 

While Manchester United's match-day turnover fell, this was offset by commercial earnings.

 

The club's overall annual turnover increased to £286.4m.

 

Matchday turnover fell from £108.8m to £100.2m, which the club said was a result of it not progressing as far in the Uefa Champions League last season as it had in the season before.

 

In the 2009-10 season Manchester United made it to the quarter finals of the competition, while the season before they lost in the final to Barcelona

 

Media turnover rose from £99.7m to £104.8m, thanks in part to higher TV payments from Uefa.

 

Commercial turnover increased from £69.9m to £81.4m, because of increased sponsorship revenues.

 

The £40m spent on interest payments was the same as a year earlier.

 

Operating profit - which does not include the cost of servicing the club's debts - also rose, reaching £100.8m, compared with £92m a year earlier.

 

The one-off finance charges are linked to Manchester United's £504m bond issue back in January, which enabled the club to pay back most of its bank debt.

 

While it has to pay a similar level of annual interest on the bonds, the move freed the club from the tougher financial conditions imposed by the banks.

 

Mr Gill added that club's latest accounts made "very good" reading.

 

However, he admitted that they were "complicated" by the one-off finance charges.

 

"I can't speak for any other club but the United fans should not be concerned," said Mr Gill.

 

"We have a long-term financing structure in place, excellent revenues that are growing, we are controlling our costs - total wages are 46% of turnover - and we can afford the interest on our long-term finance."

 

Fan protest

 

Manchester United was bought by the US-based Glazer family for £800m in 2005.

 

Critics say the family has saddled the club with massive debts, and this has led to protests by supporters' groups.

 

Many fans are continuing to boycott the team's traditional red shirts and scarves, and instead wearing green and gold, the original colours of Newton Heath, the amateur side which was founded in 1878 and went on to become Manchester United.

 

A group of wealthy Manchester United supporters known as the Red Knights also proposed making a takeover bid.

 

However, they put their plans on hold in June, saying media speculation of "inflated valuation aspirations" had hampered their plans, and that they would only pay a sensible price for the club.

 

Officials at Manchester United have constantly reiterated that the club is not for sale, and that the Glazer family are not open to any offers

 

 

And these cunts had the balls to bitch about our owners.

 

HA HA FUCKING HA !

[a stoner]

All I care about at the moment is my club mate, I don't really care whats happening to them. Once we sort our shit out then i'll take time out to delight in their plight.

 

All any of us care about is our club but even in this troubled time it's nice to gloat at them.

[Irishlad]

I'm sure another title challenge and latter stages of the champions league will keep them well consoled.

[a stoner]

I'm sure another title challenge and latter stages of the champions league will keep them well consoled.

 

Really? When you know your club is closing in on being a BILLION quid in the red?

At this rate they will be bankrupt in 3 years. Even good results, which they are starting to struggle to get, will not stop them becoming increasingly worried about the finacial state of their club.

[Cherry Ghost]

I seriously think they are next up, I can see Spurs, Arsenal, Chelsea and Ironically City finishing above them this year (not us obviously). If Rooney's use of his groin and sleeping on the couch mean a loss of form they haven't got that much up their sleeve, Berbotov will soon get sick of trying, the mexican looks good but too early to be dependent on and Owen has a fixed clinic appointment now. Giggs and Scholes will run out of steam and Valencia, key since Ronaldo went is out for some time. They are scraping by at the moment but losing out on the CL would be a massive blow (as we well know) for money and player attracting. With Siralex nearing his heart attack we could be looking at them edging towards a taller cliff than we just fell over.

[Captain]

All any of us care about is our club but even in this troubled time it's nice to gloat at them.

 

I don't feel we're in a position to gloat at the mancs.

[Funkasy]

I want liverpool to win the title from united, i dont want em to implode on their own, WE are suppose to triumph over evil ! by saying this i want united to be title contenders but i want us to always win it in front of them, that makes the victory that much sweeter

[stevienando]

I want liverpool to win the title from united, i dont want em to implode on their own, WE are suppose to triumph over evil ! by saying this i want united to be title contenders but i want us to always win it in front of them, that makes the victory that much sweeter

 

We imploded to let them in, it'll be a full circle.

[Lycan]

All any of us care about is our club but even in this troubled time it's nice to gloat at them.

 

I couldn't care less mate and incase you haven't noticed we aren't out of the shit just yet.

[Beno]

All I can say is thank Fuck that the glaziers weer into LBO as well - otherwise they woud be rich rich rich - and well ahead of everybody else for the foreseeable future.

[a stoner]

I couldn't care less mate and incase you haven't noticed we aren't out of the shit just yet.

 

Keep the faith man it's on the horizon. It's not going to be a quick fix but a bit of a haul to get back on track BUT we WILL get there.

[OnizukaEikichi]

Its our turn to laugh at them. After all this is sorted.

[Staniola]

All any of us care about is our club but even in this troubled time it's nice to gloat at them.

 

Gloat about what? The fact that we're in the bottom three, have the most dispicable and poisonous owners who are trying to ruin us, a diminishing quality of squad or that we haven't won a trophy for 4 years?

 

I'd swap our position with United's in a heartbeat. I hate the manc cunts, but I don't take any solace from the fact that they're in a supposedly precarious situation, because it just acts as another reminder that our beautiful game is broken.

[R2 D2]

it'salso good that they are in so much debt cause they would have spending power on par with citeh and chavs if not more if their profits went into the team.

[Reacher]

Wouldn't they still have a loss of £13 mill without the one off re-finance payments?

[Dan Vito Corleone]

Pisshead is just as compliant as the Glazers.

 

At the end of the day, both sets of owners are knackered because of the credit crunch. If we get the Yanks out, that's why they've had to sell. We've massacred them as supporters, particularly over the last 6 weeks, but the credit crunch is the only thing that has let us in.

 

The Mancs are in a similar position to us now. In 2-3 years they could be going down our road, although I don't know how determined the Glazers would be if it came to a court case. Hicks and Gillett have gambled that they'd get what they wanted, but have ended up staring a massive, massive loss in the face. The Glazers would not likely be so stupid.

[Beno]

I thought that they were more in debt than that - how have they managed to reduce their debt by nearly 250 million with a bonds issue?

Also if they were ever to fall in the shit like we are now there will be a queue of potential buyers around the block with those earning figures. Afraid the thought of their impending doom is a while off yet.

[redsoxs]

I thought that they were more in debt than that - how have they managed to reduce their debt by nearly 250 million with a bonds issue?Also if they were ever to fall in the shit like we are now there will be a queue of potential buyers around the block with those earning figures. Afraid the thought of their impending doom is a while off yet.

 

They are 750m in debt; 500m was placed into bonds with a div of 40m paid to bonds share holders, the debt will still be their in 5yrs (500m), the other 250m is in PIKs (payment in kind) at an interest of 16.25%. The PIKs are the same as G&H's 144m it fake accounting, charging the club a couple of extra interest points in interest on the loans given to the club - via the holding company, the 250m is not getting paid nor as any intentions of being paid off. This is the glazers profit when they sell the club as the 250m increases each year at rate of 16.25%.

[Thomo123]

They are 750m in debt; 500m was placed into bonds with a div of 40m paid to bonds share holders, the debt will still be their in 5yrs (500m), the other 250m is in PIKs (payment in kind) at an interest of 16.25%. The PIKs are the same as G&H's 144m it fake accounting, charging the club a couple of extra interest points in interest on the loans given to the club - via the holding company, the 250m is not getting paid nor as any intentions of being paid off. This is the glazers profit when they sell the club as the 250m increases each year at rate of 16.25%.

 

So if the glazers got less for the club than they paid...surely that would right that profit off. In regards to the bond issue, surely this is debt that just wont go away aswell??

[Royal Family]

Gloat about what? The fact that we're in the bottom three, have the most dispicable and poisonous owners who are trying to ruin us, a diminishing quality of squad or that we haven't won a trophy for 4 years?

 

I'd swap our position with United's in a heartbeat. I hate the manc cunts, but I don't take any solace from the fact that they're in a supposedly precarious situation, because it just acts as another reminder that our beautiful game is broken.

 

I'd agree with this. Even though it's Manchester United, I can't take any pleasure at all from the fact that they are the victims of American piracy from greedy financiers and hedge-fund managers who are leeching money out of the club and indeed out of OUR country.

 

Leeds I had no sympathy for at all - self-inflicted, spending beyond their means.

 

But it's a very sad fact that United and Liverpool fans, and their campaign groups, couldn't see beyond their mutual animosity and look at the bigger picture. A united front - and pressure on the PL - would have had a better chance of ridding our game of these cancers.

 

Mind you, i bet the PL will step in and save United, at the same time as they've stressed how they're effectively willing to let us go to the wall.

[Pidge]

As I said in another thread I can HG even if I can't LU.

 

As far as I am concerned the Glazers are just another greasy cock being wiped clean after having their turn in the eternal gang-bang that the Premier League has become. I'd rather have a fierce rivalry with two competitive clubs than a see-saw situation with both clubs periodically fighting for their lives in which schadenfreude is the only banter available.

 

I've taken my share of abuse during the last few years but I'd rather be the better man than throw the same shit I've had to deal with back at them.

 

Besides, I don't need it, being out of the north-west all I have to say is "but, at least it's not like you're a real fan" to see their heads explode. They never bring it back at me either... which is especially funny because I don't even have the "My Dad's a red" or "I have scouse family" (which I actually do, not that I've ever met them, distant family tie) excuses. My Dad is a Utd (George Best) fan and my love of the club has basically grown out of a juvenile obsession with the mid-90s Evans side. Macca was my favourite player.

[Charles Penrose]

I was contemplating this about a week ago. I came to the conclusion that despite my dislike for them, not set of fans should go through what we've gone through. It's as upsetting as seeing a family member get completely screwed.

 

And then I happened to drop by Redcafe, to see the numerous Facebook messages from Mancs rubbing their hands with glee. And you know what, i'll now piss myself laughing if the Glazer's eventually take them into administration.

[The Dude Abides]

They'll be alright. Some uber wealthy cunt will buy them up if it comes to it.