Six years on, same old story

It is now six years since the Glazer family waltzed into Manchester United, encumbering the club with hundreds of millions in debt and incurring the wrath of a legion fans. In the intervening period the family has priced thousands of supporters out of the club, while many more have walked away in disgust. Yet, with […]

Glazers could reignite fan battle

It is now almost 18 months since Old Trafford was first bathed in the green and gold of protest. The Glazer family’s decision to borrow more than £500 million on the international bond market sparked a new wave of supporter protest, and a level of anger not seen in Manchester since the reclusive Americans first […]

When it comes to money, it’s all spin

Malcolm Glazer

Manchester United has £165 million in the bank and is bent on spending all of it strengthening Sir Alex Ferguson’s squad this summer. At least that’s the conclusion reached by the Manchester Evening News and 1,000 blogs today after director Joel Glazer broke a five-year silence to claim that the club has “sufficient cash reserves…for […]

PIK debt: 10 unanswered questions

The Glazer family is to pay off £243.7 million Payment in Kind (PIK) debt, which is owed by Manchester United’s parent company Red Football Joint Venture (RFJV). The move, which will reportedly involved “money from outside the club”, will eliminate the PIK debt that carries a punitive interest rate of 16.25 per cent annually. However, […]

Glazers pay off £243.7m PIK debt but where did they get the money?

Gimps

The Glazer family is to pay off the £243.7 million Payment in Kind (PIK) debt held by Red Football Joint Venture (RFJV) Ltd with “their own money” according to media reports today. The PIK notes, part of a 2006 refinancing round, incur 16.25% annual interest and will be repaid on 22 November according to a […]

Rooney’s uncomfortable truth

Alex Ferguson

Wayne Rooney’s claim that Manchester United is stagnating under the Glazer regime masks an essential greed on the player’s part but it also strikes at the heart of the club’s financial problems. The striker says that he will not sign a new contract because David Gill will not assure him over the club’s ability to […]

Arrogant Gill playing fans for fools

Manchester United chief David Gill has dismissed supporters’ fears over the club’s finances and reiterated his stance that Sir Alex Ferguson has money to spend in the transfer market. It’s an increasingly tired line, coming in a week when the club posted record losses as the Glazer family’s leveraged takeover bites on United’s ability to […]

United posts £83.6 million loss

Manchester United’s annual accounts to 31 June 2010 shows the club made a huge loss of £83.6 million despite rapidly increasing operating profits. The huge losses, associated with refinancing, debt interest payments and a decline in the squad’s value, will further fuel the anti-Glazer protest movement at Old Trafford. One-off costs associated with the £502.5 […]

Going, going, gone as the Glazers’ property business turns delinquent

Glazer Mall

Look away now if you still believe that the Glazer family has plans for Manchester United that are anything but malevolent and would rather not know the truth! In an occasional series investment analyst Andy Green – andersred.blogspot.com – publishes further information on the family’s US property business, First Allied Corporation. The report makes uncomfortable […]

Interest rate hike confirmed

The Glazer family must pay an eye watering 16.25 per cent on the Payment in Kind (PIK) debt it owes as part of the 2005 Manchester United acquisition, Bloomberg confirms today. The anticipated increase will add an extra £5 million annually to the debt that will climb to £270 million by 2011 and £310 million by 2012. The […]