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 [...]
Tuesday, November 16, 2010
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, [...]
Tuesday, November 16, 2010
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 [...]
Thursday, October 21, 2010
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 [...]
Sunday, October 10, 2010
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 [...]
Friday, October 8, 2010
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 [...]
Wednesday, August 25, 2010
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 [...]
Thursday, August 19, 2010
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 [...]
Thursday, June 10, 2010
The programme was cheesy, lightweight and offered little in the way of new information but for a quick précis of Manchester United’s debt problem and that of the Glazer family’s US-based property ‘empire’ BBC One’s Panorama: Man United – Into the Red on Tuesday next was compelling viewing. For the next week the show is [...]
Tuesday, June 8, 2010
Andy Green, author of the andersred blog, has called on Manchester United’s chief executive David Gill to reveal the truth about the club’s debt tonight. In an open letter to the United boss, Green asks whether United will now pay down the so-called Payment-in-Kind (PIK) debt that stands at £225 million, rather than club’s American [...]
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Wednesday, March 23, 2011
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