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2008 Accounts now out.

1299 Views 16 Replies 11 Participants Last post by  tonnas
From Red Football Shareholder Limited

Makes for very grim reading.

Another huge loss.

£44.78 million loss before a tax adjustment of £1.8 million giving a bottom line figure deficit of £42.7 million.
Total losses since the takeover now amount to £236.7 million. :eek:

Debt up

From £666,731,000 to £699,174,000

Interest charge for the year

£68.84 million of which £45.3 million was paid,the balance of £23 million is the rolled up interest in the hedge fund loan.

The net cash outflow on players in the year was 26.45 million.This has been used to pay down the amounts owed to other clubs on players purchased prior to 30th June 2007.The recorded cost of players bought in the year to June 2006 was only 14.3 million.The purchase of Berbatov and others since June 2008 is recorded as a note only at an amount of 34.42 million

Turnover was up from 212 million to 256 million.

Profit on disposal of players 21.8 million

Manchester International Freight Terminal was purchased for 11.6 million.


No sign of profitability imminent. No sign of any provision to re-pay the debts. Difficult to pick anything positive.

Where in the hell is this going to end?

It is impossible to see how there is ever going to be an end in sight to clear the debt or even to start paying off the debt without a billionaire takeover but there is no chance of that happening as it does them no favours with the debt being stacked against the club rather than them.

Its easy to put to one side what is happening to the club behind the success on the field but the debt is there and real and barring a takeover is surely going to swallow us all up.

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Well... the fact that they could not even pay off last year's interests indicate that things are starting to spiral out of control.

They should be looking to recitify it now and not when they are already in the spiral, heading down Lehmann street...

We had this conversation last year already and David Gill came out guns blazing, saying "we are comfortable with the situation".... well I'm not. Not at all.

Glazers borrowed money against their personal collateral to buy the club, then transferred the cdebt to the club.

Bow would be a pretty good time for them to fork out some cash and pay off a chunk of that loan on the interests alone are going to kill us.

they already couldn't pay last season's debt, rolled it over to this season and this season will owe even more.

All is not well and i suspect the Glazers are not generating as much as they thought they could.

What if we ever fail to qualify for the Champions League in the next few seasons?

Through some reason or the other, it could happen and then what?

Glazors...get your act together!
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