Monday, January 18, 2010
The Financial Mess at Manchester United
Recent revelations have shown the takeover by the US based Glazer family has been disastrous.
The family bought the company via credit and saddled the club with the bill. The debt is £700 million and interest is paid at 10%. On one part the pay a hedge fund 14%.
The £80 million Real Madrid paid for Cristiano Ronaldo is being used to pay the debt.
To try to bring down the debt, the Glazers want to sell Old Trafford & the training ground and lease it back.
Unrest amongst supporters can only increase...