United announce big profits

11 January 2010 11:31
Manchester United have revealed pre-tax profits of almost £50million for the latest financial year. The Red Devils have attributed the rise in profits to £48.2million on the continued success of the club on the pitch and also the world record £80million sale of Cristiano Ronaldo to Real Madrid. United won the Premier League for a third successive season and reached the final of the Champions League last term. However, without the sale of Ronaldo last summer, the Old Trafford club would have lost around £30million as £41.9million was paid out to service the loan on the club taken out following the controversial takeover by American businessman Malcolm Glazer. Meanwhile, United have revealed a plan to raise £500million in order to refinance their debts through the sale of bonds. "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," read a club statement. "The notes, whose proceeds will be used to refinance existing debt secured against the club, will be issued by MU Finance plc."

Source: ESA