graphic border
Old 3rd September 2011, 11:31   #1
The Forum Mistress

TanyaT's Avatar
Join Date: Mar 2003
Location: Cornwall
Posts: 130,989
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.
Our lives begin to end the day we become silent about things that matter. Martin Luther King
TanyaT is offline   Reply With Quote


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
United Captains - Gary Neville tomclare Tom Clare's History of Manchester United 0 7th December 2010 12:57
Manchester United fans ready to make club ownership key issue of General Election Paul Brooks WHAT THE PAPERS SAY 0 14th February 2010 00:35
United fans hurt as violence flares in Rome chriselkins WHAT THE PAPERS SAY 0 5th April 2007 08:35
Is it time for United fans to concede they owe a small debt of gratitude to Glazers? TanyaT WHAT THE PAPERS SAY 0 12th April 2006 09:07
FC United geeft fans goed gevoel terug TanyaT WHAT THE PAPERS SAY 0 6th January 2006 09:32

All times are GMT +1. The time now is 14:35.

Powered by vBulletin® Version 3.8.2
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.

The views and opinions expressed on this website are those of individual members and guests of the MUST forum and not the official policies of MUST unless explicitly stated. MUST is not responsible for the content of links to external websites.

We are the official MUFC Trust, but please don't confuse us with the Glazer-owned United. Click here to understand what this means.