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  • jim w jim w Mar 25, 2011 03:23 Flag

    Debt and the Glazers

    I tend not to look at links , I prefer obtaining information at source.
    I think you know exactly what I meant by my comments.
    As United will be easily the most profitable club at Operating level this year as has been over many recent years I find it difficult to give much credence to your views. The 'huge debt' is a £500m Bond with a fixed coupon representing less than 40% of OP. Where exactly is the onerous burden? The Bond will never need to repaid in cash it will be rolled over into a new 7year Bond, probably with the majority of the same holders. As I tire of repeating, its probably less than what would be paid in dividends to stockholders of an entity valued at over £1bn.
    United are increasing commercial revenue faster than any other EPL club, you try to make that sound 'bad'. As the TV income is more or less fixed , the ground is not being increased in size, and its rather difficult for the club to gain more 'success fees' from winning things, unsurprisingly its the commercial revenue growth which is the current driver. Now if TV rights became individually negotiable, as perhaps the ex-UK ones may soon become, guess which club would exceed all others by a significant margin? More wailing and knashing of teeth from the ABUs.