United to pay off PIK debt next week

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United to pay off PIK debt next week

(24 posts) (12 voices)

Started 2 years ago by sheesh
Latest reply from Spike

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sheesh
Member

Manchester United’s owners agreed to pay off a payment-in-kind loan worth about 220 million pounds, according to a corporate filing by the English soccer club.

Red Football Joint Venture Ltd. will “prepay 100 percent from the outstanding loan on Nov. 22,” the team’s parent company said in the notice. The document, called a voluntary free-payment notice, was signed Joel Glazer, co-chairman of Red Football, and was sent to the holders of the loan.

Philip Townsend, a spokesman for Manchester United, declined to comment.

Source: Bloomberg

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Where will they get the money from?

Posted 2 years ago #
Just1n
Member

Isn't paying off that PIK loan a good thing.

The interest on that thing is huge.

tbf

Posted 2 years ago #
sidney
Member

It's true http://www.bloomberg.com/news/2010-11-15/manchester-united-to-pay-off-353-million-of-soccer-team-s-corporate-debt.html

The Glazer vermin scum can use up to £95m of United's dosh to pay off the debt. That's the Ronaldo money down the fucking lavvy right when we fucking need it most

Gill has a lot to fucking answer for after constantly telling us the PIK debt is not the resposibility of Manchester United

Gah, I'm pissed off already in anticipation

Posted 2 years ago #
sidney
Member

Just1n said:
Isn't paying off that PIK loan a good thing.

The interest on that thing is huge.

Yeah, it's good news

But if they've used United's profits to pay off some of the debt then it's fucking tragic

The Ronaldo money and then some could be given straight to the banks at a crucial time when we need to invest in the squad

Hopefully the Glazer vermin scum have found enough money from elsewhere and United's millions will remain untouched

Posted 2 years ago #
sheesh
Member

I was on another forum and some United fans think that, if anything, this news shores up the Glazers' position as owners. The debt that they are supposedly personally liable for is being paid off whilst the club is stuck with the remainder.

I have mixed feelings about all this to be honest. Financially we might be better off but there are other related ramnifications.

Posted 2 years ago #
bman
Member

Well, I'll wait and see the details before passing judgment, especially whether they take cash out of the club and how much. This will definitely strengthen the Glazers' position as owners.

Posted 2 years ago #
bman
Member

Probably means bigger signings are on the way; I'd say Fergie agreed to rein in the spending over the past season or two in order to see the club through its debt refinancing and so on.

Posted 2 years ago #
triggs
Member

That Bloomberg article states... "The Glazers aren’t going to take any money out of the club to pay down the debt."

But there's nothing there to back up that statement.

Posted 2 years ago #
triggs
Member

First quarter results are due out tomorrow at 11am

Posted 2 years ago #
sidney
Member

Sean Bones (the MUST fella) spoke to the bloke who wrote the Bloomberg article and he believes that the Glazers HAVEN'T used any of United's profits to pay down the PIKs

We'll know properly tomorrow

I can cope with the smug Glazer sympathising cunts gloating if it means United's £164m profits remain untouched. Still doesn't change the fact that they are fucking terrible owners who treat the fans like shit, but alas

Posted 2 years ago #
bman
Member

sidney said:
Sean Bones (the MUST fella) spoke to the bloke who wrote the Bloomberg article and he believes that the Glazers HAVEN'T used any of United's profits to pay down the PIKs

We'll know properly tomorrow

I can cope with the smug Glazer sympathising cunts gloating if it means United's £164m profits remain untouched. Still doesn't change the fact that they are fucking terrible owners who treat the fans like shit, but alas

I don't think there's anyone out there who likes the Glazers and wants them to own United, but I am one of those people who thinks the conventional wisdom has been a bit hysterical and overly pessimistic. Too many people have let themselves be wound up by the press who are always eager to overdramatise everything and to get digs in at United's expense, and there's also been a lot of sanctimonious gits who consider themselves the "true fans" who've been eager to be all doom and gloom because it lets them act the martyr.

It's very annoying that the supporters effectively pay for the Glazers to own the club, but I don't think we're at risk of doing a Liverpool.

Posted 2 years ago #
sidney
Member

bman said:
I don't think there's anyone out there who likes the Glazers and wants them to own United

You ever read the Caf? The official United Facebook?

There are fans on there who believe the Glazers are fine. They think the debt is perfectly managable without having any effect on the pitch (proven to be bollocks already), and that rising tickets prices are 'the way of the world'. If you don't like it then fuck off and support Chelsea, presumably.

Posted 2 years ago #
bman
Member

sidney said:
You ever read the Caf? The official United Facebook?

There are fans on there who believe the Glazers are fine. They think the debt is perfectly managable without having any effect on the pitch (proven to be bollocks already), and that rising tickets prices are 'the way of the world'. If you don't like it then fuck off and support Chelsea, presumably.

I don't read those sites, actually.

Posted 2 years ago #
bman
Member

http://andersred.blogspot.com/2010/11/known-unknowns-and-unknown-unknowns.html

Credit to Andersred, he admitted he got some of his predictions wrong based on what the Bloomberg report says, it doesn't look like the money is big taken out of the club's piggy bank. Maybe they've flogged us to some sheikh.

Posted 2 years ago #
Anonymous
Unregistered

bman said:
Maybe they've flogged us to some sheikh.

Maybe they sold the Tampon Bay Buccaneers.

Posted 2 years ago #
nailyclops
Member

They've been siphoning money out of Utd ever since they arrived, that's the money they're using to pay this off with, it's not really 'theirs' as such. Just because they're not taking it directly out of the club in this instance, doesn't mean they're not using Utd's money.

Posted 2 years ago #
Alfonso Bedoya
Moderator

nailyclops said:
They've been siphoning money out of Utd ever since they arrived, that's the money they're using to pay this off with, it's not really 'theirs' as such. Just because they're not taking it directly out of the club in this instance, doesn't mean they're not using Utd's money.

That's my suspicion as well.

"Badges, to god-damned hell with badges! We have no badges. In fact, we don't need badges. I don't have to show you any stinking badges, you god-damned cabrón and ching' tu madre! Come out from that shit-hole of yours. I have to speak to you."

Posted 2 years ago #
danniitronix
Member

good news all round - gets rid of the dirty PIK with cheaper debt or spare cash at united.

does not however in any way confirm or discredit fergal's position that cash is in the kitty if he wants to spend it.

Don’t be trapped by dogma — which is living with the results of other people’s thinking.
Don’t let the noise of others’ opinions drown out your own inner voice - Steven Jobs

Posted 2 years ago #
triggs
Member

I hate the Glazers and what they've done to the club, but I agree that there were far too many United fans (and David Conn from the Guardian) who thought they were accountants and understood all the finer details and that United/the Glazers were on the brink of financial ruin. What annoys me about the reporting of United's debt or accounts was that it was always the view of a sports journalist. I mean what the fuck do they know about the finances of a huge corporation (which is sadly what United is now)? Would you ask Robert Peston about the finer points of the offside rule?

The overriding impression I get is just the utter "fuck you we don't care what you think" attitude of the Glazers. If this was the intention all along then they could have made this clear, but they dont care what the fans think or say or chant or march.

I'm sure there will be some 'fans' who will think, what are you all still complaining about? But just think of all the money spent on debt that could have been spent on the squad, the stadium, the training facilities, subsidising the fans' tickets etc. Plus we still have a huge mortgage left to pay.

Posted 2 years ago #
brianofnazareth
Member

Apparently they were speaking with some guy in the "city"and he thinks they are paying if off and have a buyer ready to take the club?!?

The difference between stupidity and genius is that genius has its limits.....

Posted 2 years ago #
Spike
Member

That'S how rumors start..ffs bri.
some guy in the city....lmao

Here's a joke instead

Gary Glitter is in Chile now....seems the only place where you can slide a minor up and down your shaft and not get arrested.

Think about it bri...

I'm here all week.

BREAKING NEWS: The Pity Train has derailed at the intersection of Suck It Up & Move On, and crashed into We All Have Problems, before coming to a complete stop at Get the Hell Over It.

MUFC: THE RELIGION

Posted 2 years ago #
uncleknobheadffs
Member

spike embarrassed the country in the falklands, how can he even show his face on here

LKHM

hoofing

Posted 2 years ago #
brianofnazareth
Member

uncleknobheadforfucksake said:
spike embarrassed the country in the falklands, how can he even show his face on here

:lol: :lol::lol: :lol:

Posted 2 years ago #
Spike
Member

you had to shit somewhere ffs

Posted 2 years ago #

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