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Old 23rd February 2012, 10:47   #1
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Join Date: Mar 2003
Location: Cornwall
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Default MUFC Q2 results - Glazers' have spent all of the Ronaldo money buying their own debt

In response to the Manchester United Q2 financial results revealed today a
Manchester United Supporters' Trust (MUST) spokesperson said:

"Manchester United revenues continue to grow strongly although costs are
increasing just as quickly so pretty much negating that growth. However the
key figures of interest to supporters show the Glazers have now spent every
penny of the money received from the sale of Ronaldo, and more. That's now
92.8m spent on buying back their own bond debt that they loaded onto our
club. So statements at the time that all of the Ronaldo money would be made
available for reinvestment were clearly just spin."

"Since the sale of Ronaldo (30th June 2009) net transfers (not including
Ronaldo) have totalled just 90m while they have taken out of the club
225m to cover their debt payments and interest. What could the club have
done with that extra 225m? Cheaper tickets for loyal fans, investing
massively in the squad and stadium, developing and retaining the best youth
players, competing on an equal basis with the very best teams in Europe.
This is the true cost to Manchester United of the Glazers ownership."

Results available here:
Our lives begin to end the day we become silent about things that matter. Martin Luther King
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