Source: Daily_Mail
United launch attempt to raise £500m as debt mountain bites champions
Big money: Ronaldo was sold for £80million[LNB]Manchester United have responded to Chelsea and Manchester City seeing their debts written off by launching a bid to raise £500million. [LNB]The Barclays Premier League champions intend to sell bonds worth half a billion pounds in the hope of restructuring their near-£700m debts. [LNB]United are under pressure from the likes of UEFA to tackle their financial burden, particularly after City owner Sheik Mansour followed Chelsea chief Roman Abramovich in wiping out what the clubs owe. [LNB]The Old Trafford side do not have the luxury of a benevolent owner,but have announced they made a £48.2m profit for the year ending lastJune, compared to a £21.4m loss a year earlier. [LNB]But the most of the £70m turnaround in fortunes was down to the world record £80m sale of Cristiano Ronaldo to Real Madrid. [LNB]United revealed a profit of £80.7m on transfer dealings compared to £21.8m a year before. [LNB]Interest on bank loans was down £3.6m, but still cost the club £41.9m on a borrowing of £509.5m. [LNB]The club have now brought in more than £100million profit on players going in and out of Old Trafford, though Sir Alex Ferguson insists he has the ability to spend. [LNB]The United boss said last week: 'I have got all the money I need. The money is available and, if I wanted to buy someone, I could get the money. [LNB] Dropped points: United were held to a 1-1 draw at Birmingham on Saturday[LNB]'I could easily have spent the Ronaldo money but I didn't want to do it because I couldn't see any value in the market. Believe me there is no impact (on the transfer fund). [LNB]'I don't have any concerns about the financial situation. There is absolutely no issue at all with the club's finances. [LNB]'There is debt there, but it has never interrupted my plans for the team at any stage. [LNB]'I have no issue at all. There has been talk about a bond issue and I think that's a good thing for the club. Anything that helps with the repayment of the debt is a good thing.' [LNB] PICTURE SPECIAL: Snow? What snow? Sir Alex Ferguson and his Manchester United stars arrive in Qatar for some winter sunshineManchester United boss Sir Alex Ferguson in row with refs againUnderfire Mark Clattenburg stands his ground in row with Manchester United boss Sir Alex FergusonStoke City make move for former Manchester United hitman Ruud van Nistelrooy MANCHESTER UNITED FC
