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Old 3rd September 2011, 11:31   #1
TanyaT
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Default United fans demand Glazers clear debt

United fans demand Glazers clear debt
By ESPNsoccernet staff
September 1, 2011




The Manchester United Supporters Trust (MUST) has repeated calls for the Glazer family to clear the club's debts with money raised from floating United on the Singapore Stock Market, insisting that the record profits announced on Thursday should be reinvested.

Reports abound that the Glazers are ready to offer up a stake of 30% to the Singapore Stock Market, which it is believed would raise in the region of 600 million.

And after posting record operating profits of 110.9 million, the Premier League champions' finances are looking increasingly healthy.

United's American owners have consistently come under attack since they took control in 2005, with fans upset at the massive debts racked up, chiefly from high interest charged on the loans the Glazers used to purchase the club.

MUST has been fervently opposed to the Glazers' ownership over the past six years, though it has admitted that the record-breaking profits posted on Thursday were impressive.

However, MUST was keen to credit Sir Alex Ferguson for the admirable financial figures and insisted that the money must be put back into the club rather than used to service the Glazers' debts.

"The commercial team at United are clearly smart operators and we welcome continued growth in the business but to be fair we've seen growth consistently year after year long before the Glazers took over,'' a MUST statement said.

"There is only one man who is responsible for that consistent success - the same one responsible for success on the pitch - Sir Alex Ferguson.

"Without the incredible performance on the pitch and the fantastic loyal support of thousands of match-going fans, as well as millions more around the world, there would be no platform on which to build the growth of the business.

"So while the financial results are strong, they also show that the Glazers have taken another 51 million out of the club in the last 12 months as well as using an even bigger chunk (64 million) of the club's money to pay down part of their bond debt.

"This is money that the club has generated and money that should stay in the club rather than go to Florida or to pay down the Glazers' debt and interest. That's why we're calling on the Glazers to use any share sale in Singapore to clear all of the club's debt - debt that they put on the club and they must take responsibility for.''

The Singapore venture provides the backdrop to United posting record operating profits of 110.9 million. This comes from record revenue of 331.4 million - an increase of 45 million from last year and passing 300 million for the first time.

Commercial turnover for the Premier League title winners and Champions League finalists reached 103.4 million, with matchday turnover (108.6 million) and media (119.4 million) also up. Net debt, meanwhile, is down to 308.3 million due to the club's vast cash reserves.

http://soccernet.espn.go.com/news/st...-debt?&cc=5739
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