A Manc of my acquaintance has been telling me their debt is only about £200 mill.and even that carries a lower rate of interest than normal because the club owes it to the Glazers. Is that right or sh!te?
F.a.o.Rosco
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The last figure heard was just shy of 500m comprising of bonds That were sold to investors and Also placed upon the clubs assets
So I think your Manc mate is underestimating
Although I did read that they had 8 years to pay off the bond debt so I suppose the terms probably are quite reasonable.
So I think your Manc mate is underestimating
Although I did read that they had 8 years to pay off the bond debt so I suppose the terms probably are quite reasonable.
There's rumours that quatar have bailed them out & that's why they have so much to spend, & the rest of the club will be there's soon. Sounds like BS to me though.
Andersreds blog is the place to look, if he says it then it's more than likely to be true. I tend to believe there has been some form of investment, possibly by the Glazers themselves, but they did move their accounts to Delaware to muddy the waters a little so it's difficult to know.
[quote author=Hardcastle link=topic=46231.msg1370180#msg1370180 date=1311670576]
The last figure heard was just shy of 500m comprising of bonds That were sold to investors and Also placed upon the clubs assets
So I think your Manc mate is underestimating
Although I did read that they had 8 years to pay off the bond debt so I suppose the terms probably are quite reasonable.
[/quote]
That seems to be the case according to Andersred - 478m of debt. Mystery surrounds how they managed to refinance the PIK's , but that's what has given them a bit of flexibility. Andersred mentioned they had a cash pile of 180m which he presumed was for the PIK's but it remained untouched after the refinancing and it's out of that their transfers have been financed. He reckons there's still 122m left !
But he reckons they're trying to cut the wage bill and have managed that with the five contracts now off the books this summer.
The last figure heard was just shy of 500m comprising of bonds That were sold to investors and Also placed upon the clubs assets
So I think your Manc mate is underestimating
Although I did read that they had 8 years to pay off the bond debt so I suppose the terms probably are quite reasonable.
[/quote]
That seems to be the case according to Andersred - 478m of debt. Mystery surrounds how they managed to refinance the PIK's , but that's what has given them a bit of flexibility. Andersred mentioned they had a cash pile of 180m which he presumed was for the PIK's but it remained untouched after the refinancing and it's out of that their transfers have been financed. He reckons there's still 122m left !
But he reckons they're trying to cut the wage bill and have managed that with the five contracts now off the books this summer.
The same Manc I quoted at the top of the thread has referred me to a blog by the name of Swiss Ramble, which he claims is the dog's as far as footy finances are concerned. Appaz.that says that, apart from their debt, ManUre's finances are very good - highest revenue in the Prem, strong cash generation plus low wages-to-turnover ratio. Last year's poor figures were largely due (this blog says) to interest payments and "exceptional items" to do with debt restructuring, which they have largely completed, so such payments will be lower this year, albeit not as low as the fans would like. Comments?
EDIT: just checked the relevant article myself and, surprise surprise, the account above is not complete. There are also statements there to the effect that (a) the business model isn't sustainable without selling players and (b) their sizeable cash balance is earmarked for repayments to the Glazers, as andersred suspected.
EDIT: just checked the relevant article myself and, surprise surprise, the account above is not complete. There are also statements there to the effect that (a) the business model isn't sustainable without selling players and (b) their sizeable cash balance is earmarked for repayments to the Glazers, as andersred suspected.
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