United debt rises to new high

20 January 2010 03:36
Manchester United's finances are back in the spotlight after the latest accounts of the club's parent company showed that its debts have increased to £716.5million. Red Football Joint Venture, which is owned by the Glazer family, filed reports which revealed that the level of the debt has risen past the £700million mark for the first time. The figure has risen £17million for the year to June 2009. The accounts also highlight that £68million was paid in interest to service the debts which were placed on the club following the takeover of the club by the Glazers in 2005. But despite the alarming figures, the parent company of the Premier League champions still returned a slight profit of £6.4million. The Glazers' already controversial ownership of the Old Trafford club has returned to the fore in recent weeks. Earlier in the month, United revealed a plan to raise £500million in order to refinance their debts through the sale of bonds.

Source: ESA

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