Manchester United announce £48.2 million profit

11 January 2010 11:18
The figure includes the world record £80m fee collected from Real Madrid for the sale of Cristiano Ronaldo and also £41.9m paid out in interest on a mammoth loan of £509.5m.

Turnover was also up, from £80.4m in 2008 to £91.3m a year later.

US videogame sales fall for fourth monthThe figures were released on a morning when United officially confirmed their intention to raise £500m through bonds in order to refinance their debts.

While United are at least in profit once more, the figures merely emphasise what a drain on resources their debt position is.

Without the sale of Ronaldo, United would have been reporting a loss of £31.8m, a situation that clearly is unsustainable over the long term, hence the Glazer's refinancing plans.

"Manchester United today announced that it will be seeking to raise approximately £500m aggregate principal amount from an offering of senior secured notes due 2017," said a United statement.

"The notes, whose proceeds will be used to refinance existing debt secured against the club, will be issued by MU Finance plc."

Source: Telegraph