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Manchester United announce 48.2 million profit
Published : 11 Jan 2010 11:18:31Rss feed
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."
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