Manchester United's gross debt was down yesterday after a report published by Deloitte revealed their revenues topped 300 million euros. Publishing financial results to end of 2009, gross debt at the club fell to £507.5 million (559 million euros).
Despite earning large revenues, fans remained concerned and a consortium of city traders are believed to be interested in raising £1 billion to takeover the company. "We as Manchester United have always been run professionally and will continue to be run professionally." said David Gill to the media today in response to the 'Red Knights' takeover consortium.
The Glazer family, who bought the club by amassing over £700 million debts in their holding company, Red Football Ltd, face renewed protest from fans in the face of this takeover bid. Despite this, Manchester United continue to perform to extraordinary success on the pitch, winning the Champions League in 2007/8 and the Premier League the every year the Glazer family have been at the club.
The level of debt at the club though continues to cause concern. The figures for club show turnover up 19 pct, media revenues up 33 pct and commercial revenues up 16 pct, however debt used to finance the club's takeover still remains high.
The Glazer family, have managed to decrease this figure, but their own debt still remains high. In the latest development, Manchester United Supporters' Trust (MUST) who are backing takeover of the club, issued a statement saying an 'extraordinary' amount of growth to their membership had occured over the last 24 hours.
"An incredible first 24 hours means we are well on our way and we are now appealing to the millions of United supporters around the world to come together, and show the Red Knights there is a passionate desire to see a better ownership model for Manchester United." they said.
No comments:
Post a Comment