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Quick_newsUnited profits soar due to Ronaldo sale as Glazers seek debt financing

United profits soar due to Ronaldo sale as Glazers seek debt financing

by

11 January 2010

Manchester United’s holding company, Red Football Ltd, today announced pre-tax profits of £48.2m for the financial year to the end of June 2009, a year-on-year turnaround from comparable losses of £21.4m in the year to June 2008. The £80m sale of Cristiano Ronaldo to Real Madrid in the summer underpinned the latest results.

Group turnover rose nine per cent to £278.5m from £256.2m, and operating profit before depreciation and amortisation of intangible fixed assets for the year was £91.3m. United paid £41.9m in interest on debts of £699m in the year.

The club hopes to refinance its debt with a £500m bond sale. United posted the news of their results here.

The Manchester United Supporters Trust, who can be found here, responded to news of the £500m bond issue by calling for the Glazer family to go. The MUST chief executive, Duncan Drasdo, said “Now is the time for the Glazers to go. This bond issue is just rearranging the deck chairs and still leaves the club with huge debts which they expect supporters to continue to fund. The day the Glazers put the club up for sale you can expect celebration on the streets of Manchester. Most supporters have had enough.

“Under their ownership the club has become liable for more than £260m in interest payments alone and the latest trading statement would have shown a substantial loss were it not for the sale of Ronaldo”.

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2013-05-28 11:34:43