Glazers' debt more than £1billion

07 June 2010 09:28
Manchester United's problems are even worse than was originally thought after an investigation showed that the club's owners, the Glazer family, are £1.1billion in debt. It had been thought that the Americans owed £700million but it has now been revealed that the American Football team they own, the Tampa Bay Buccaneers are carrying over half-a-billion dollars in debt. An investigation by the investment analyst Andy Green confirmed that United are £717million in debt as a result of the Glazers' takeover. "They borrowed more money at inflated valuations right at the top of the cycle," concluded Green. "These are people who tell us not to worry about Manchester United debt because they are great businessmen but in their core business in the US they got it absolutely wrong. "Although we have always been told the Glazers are very successful business people, they do not have a business besides the Bucs and United - which they bought with debt - generating much money at all." However, United's chief executive, David Gill, continues to play down the club's financial difficulties, saying: "We're very confident the business model we have in place will ensure the club can continue to compete at the top of football for many years to come. "The owners have been true to their word since they took over the club in 2005. They've brought commercial expertise and commercial benefit to us in a numbers of areas and we've seen our revenues grow significantly."

Source: ESA

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