2008 Accounts now out.

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.


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.



Summary

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.