Source: Daily_Mail
Manchester United Supporters Trust slam the Glazer family despite revenue rise
The Manchester United Supporters Trust have continued their attack on the Glazer family despite the Red Devils posting a 16.5 per cent increase in first-quarter turnover to ?73.8million.[LNB]With plans for a partial floatation in Singapore on hold due to unfavourable Stock Market conditions, MUST have noted a continuing decrease in debt due to the club's continuing moves to buy back bonds that were sold as part of a ?500million refinancing exercise at the start of last year.[LNB]Whilst the club argue such moves make financial sense, fans feel the money being spent should be ploughed back into Sir Alex Ferguson's squad, which has fallen five points behind big-spending neighbours Manchester City in the Premier League title race.[LNB] Bright future: Old Trafford looks set for a record-breaking financial year [LNB]United have spent in excess of ?50million on David de Gea, Ashley Young and Phil Jones and got five players tied up on long term contracts, including new England international Chris Smalling and striking sensation Javier Hernandez.[LNB]However, they have failed to land thecentral midfield replacement for Paul Scholes many felt was essential to their hopes of retaining their Premier League title.[LNB]MUST chief executive Duncan Drasdo said: 'Revenue continues to grow building on the platform laid down by Sir Alex Ferguson over 25 years of unparalleled success.[LNB]'However a key concern for supportersis that on top of the hundreds of millions lost in interest and fees resulting from the Glazers' ownership we are now seeing huge amounts of additional money being paid out of the club's cash reserves being spent on buying the bond debt incurred by the Glazers.[LNB] 'That is the Glazers' debt, that they dumped on our debt-free club and they are now using club funds to pay for it.[LNB]'A sum exceeding 'The Ronaldo money' they claimed would remain available for transfers has now been spent andthis is on top of the ?100s of millions in interest and fees already wasted.'[LNB]The issue of what happens to the ?80million received from Real Madrid for Cristiano Ronaldo in 2009 has been of huge significance for United fans.[LNB]However, with the club's revenues continuing to rise, United would argue that funds for Ferguson's squad -which he has never complained about - are part of the on-going costs ofrunning the Old Trafford outfit, whose turnover in the last financial year exceeded ?300million for the first time, and whose performance off the field continues to be strong.[LNB]They reported growth in all areas in their first quarter figures, with the commercial side benefiting from the ?40million deal with DHL to sponsor their training kit helping it rise 22.3 per cent to ?29.6million.[LNB]Media revenues were up from ?19.4million to ?22.6million, largely thanks to United's status as Premier League champions ensuring they get a larger share of the Champions League pot, and a lucrative five-match tour of the United States.[LNB]Yet more success: United have grown matchday income and media revenue[LNB]In addition, matchday income has alsogrown 9.6 per cent to ?21.6million, thanks to the first complete sell-out of seasonal hospitality boxes since the plush Old Trafford quadrants were completed in 2006.[LNB]After posting profits of ?110.9million last year, the Old Trafford outfit clearly have no intention of resting on their laurels, although matching a campaign whenthey won the title and reached the Champions League final will not be easy given Manchester City's rise to prominence, including a 6-1 derby-day annihilation last month.[LNB] Big bucks: The coffers were swelled by a ?40m deal agreed with DHL to sponsor United's training kit[LNB]It places more emphasis on the commercial side, which has grown enormously thanks to a 'territorial' approach to marketing, which rival clubs may attempt to copy.[LNB]However, speaking last month, commercial director Richard Arnold was relaxed about that prospect.[LNB]'There is only one Manchester United,' he said. 'Whilst a lot of the strategy is public knowledge, I am very fortunate to be with the club I am with and able to do these deals.[LNB]'A lot of hard work has gone into getting to the position we are in now and we are already looking to the future.[LNB]'If people want to recreate what we did five years ago that is up to them. It isn't other clubs that I worryabout; it is what we are going to be doing in the future.'[LNB] United rake in ?73.8m turnover for first quarter thanks to new training kit sponsorsWelbeck misses out on first England start after injury sidelines striker All the latest Manchester United news, features and opinion[LNB]
