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Post by Scott on Jun 13, 2006 16:43:16 GMT
From Accountancy Age:
The Glazer family are set to refinance the £540m of debt they loaded onto Manchester United when they bought the club in controversial circumstances last year.
The Glazer's used a very expensive form of debt, known as payment-in-kind loans, to fund the takeover. The prospects of a refinancing, however, could reduce the costs of this debt substantially.
The Times reports that United has been able to refinance thanks to a new shirt sponsorship from AIG and a new premiership TV deal. These revenue streams will boost earnings by £19m and have come in ahead of the Glazer's expectations.
The timetable for the refinancing is unclear, but it is certain that the advisers who helped the Glazers with the takeover, NM Rothschild and JP Morgan, will be involved again and work closely with the club's finance director Nick Humby.
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Post by sahahaha on Jun 13, 2006 16:45:42 GMT
Well that's great news! Hopefully the Glazers can really use their bisness brains and take our marketing to neW hights. They pinched the marketing man who put Madrid on top as the richest club so I guess things seem to be going in the right direction!
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Post by Red Yank on Jun 13, 2006 17:11:38 GMT
I'm glad to hear that the debt's going to be lowered and with the new sponsorship and TV deal we'll be earning some money...don't want to see United in financial trouble, it's the last thing we need!
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Chris
United Bench Warmer
Posts: 968
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Post by Chris on Jun 13, 2006 17:14:58 GMT
Yeah sounds good, it is in their intrest to get it sorted after all.
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Post by Busby Boy on Jun 13, 2006 18:40:17 GMT
I sighed a bit of relief after that although there is still that little danger it could go horribly wrong, things are in our favour though. With this refinancing plus the fact we have Rooney, Ronaldo, Ruud, Saha, etc plus the greatest manager of all time we will always be achieving some sort of success on the pitch which will play some part in how we fare off the pitch.
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Post by moxdevil on Jun 13, 2006 19:12:00 GMT
I'm shit at economics; this means little to me. I'll have to take your word that it's good news. ;D
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Post by Scott on Jun 13, 2006 19:41:22 GMT
I mean, it's by no means the end of our worries, or close to the end, but it's just nice to see some gradual progression in the right direction.
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Post by Raving-Red on Jun 13, 2006 20:15:17 GMT
I'm shit at economics; this means little to me. I'll have to take your word that it's good news. ;D just so you dont feel like the only one ;D |
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Post by Busby Boy on Jun 13, 2006 20:17:59 GMT
I mean, it's by no means the end of our worries, or close to the end, but it's just nice to see some gradual progression in the right direction. It's come sooner than the Glazers expected so there must have been a lot of hard graft going on with the Glazers and David Gill. |
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Post by Red Yank on Jun 14, 2006 1:45:41 GMT
I sighed a bit of relief after that although there is still that little danger it could go horribly wrong, things are in our favour though. With this refinancing plus the fact we have Rooney, Ronaldo, Ruud, Saha, etc plus the greatest manager of all time we will always be achieving some sort of success on the pitch which will play some part in how we fare off the pitch. Well plan B is to just charge the debt to my American Express platinum card so no worries!  |
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chiff
United Reserve Player
Posts: 268
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Post by chiff on Jun 14, 2006 9:05:47 GMT
I sighed a bit of relief after that although there is still that little danger it could go horribly wrong, things are in our favour though. With this refinancing plus the fact we have Rooney, Ronaldo, Ruud, Saha, etc plus the greatest manager of all time we will always be achieving some sort of success on the pitch which will play some part in how we fare off the pitch. Well plan B is to just charge the debt to my American Express platinum card so no worries! How many air miles would you get for that? |
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Post by rewdie on Jun 14, 2006 12:13:00 GMT
At least things are moving the right way! hopefully they can sort us out and get us right on track and in a few season we will be on top again with a new group of players who love the club cos to be honest id rather lose with players who care than be like the chavs
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