Source: Telegraph
Manchester United announce £48.2 million profit
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.[LNB]Turnover was also up, from £80.4m in 2008 to £91.3m a year later.[LNB]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. [LNB]While United are at least in profit once more, the figures merely emphasise what a drain on resources their debt position is. [LNB]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. [LNB]"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. [LNB]"The notes, whose proceeds will be used to refinance existing debt secured against the club, will be issued by MU Finance plc." [LNB]
