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Red Devils report 48m profit

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11 Jan 2010 11:27:40

Red Devils report 48m profit

Manchester United have reported pre-tax profits of £48.2million for the year to June 30, 2009.

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.

The figures were released on a morning when United officially confirmed their intention to raise £500million 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, the Red Devils would have been reporting a loss of £31.8million, 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 £500million 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."


PA

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