timnufc 0 Posted June 7, 2010 Share Posted June 7, 2010 of course. We will see what they do when or if they actually stop investing and attempting to win the prizes though. erm...keep protesting? they will be screaming out for investment though. More like screaming for his head more than anything else because they know there isnt much money for players due to the way they have financed things? Link to comment Share on other sites More sharing options...
LeazesMag 0 Posted June 8, 2010 Share Posted June 8, 2010 of course. We will see what they do when or if they actually stop investing and attempting to win the prizes though. erm...keep protesting? they will be screaming out for investment though. More like screaming for his head more than anything else because they know there isnt much money for players due to the way they have financed things? who's head ? Fact is, when they stop winning trophies, they will be screaming out to spend money in keeping with being the biggest club in the country and should be winning trophies. If they have any sort of debt at all, it will be discounted, because they will think they should be winning trophies. Link to comment Share on other sites More sharing options...
Happy Face 29 Posted June 9, 2010 Share Posted June 9, 2010 Some scary shit like. Having won the Superbowl in 2003 their Buckaneers now have the lowest wage bill in the NFL. Link to comment Share on other sites More sharing options...
Guest alex Posted June 9, 2010 Share Posted June 9, 2010 Where's me buccaneers? [/Dad joke] Link to comment Share on other sites More sharing options...
Scottish Mag 3 Posted August 20, 2010 Share Posted August 20, 2010 Manchester United's owners the Glazer family have been hit with a steep rise in their annual debt payments after the club exceeded a limit on their overall borrowings which form part of their controversial PIK loans agreement. The Glazers used the high interest form of financing to help raise the funds for their £790m takeover in 2005. But the loans, originally worth £265m and taken out with three hedge funds - Citadel, Och Ziff and Perry Capital - but reduced to £138m as part of a 2006 refinancing, include strict covenants relating to net debt levels and the club's earnings. Failure to meet the borrowers' terms by 16 August meant the annual interest rose from 14.25% to 16.25%. Analysts predict the annual payment will now increase to about £38m, up from £25m last year. Because the interest on the loans is "rolled up" and added to the original sum borrowed the Glazers will owe around £267m on the PIK loans by 2011 - almost a £100m increase in only five years. And although Manchester United are not directly liable for the PIK loans as they sit on the accounts of the club's parent company, Red Football Joint Venture Ltd, the sharp rise will add to fans' concerns over the American family's ownership. It will also raise fears among supporters that the Glazers will soon use the club's revenues to start paying off the PIK borrowings. As part of a £504m bond refinancing earlier this year, the Glazers have an option to take £95m out of the club's cash reserves. According to the most recent set of accounts published by United they have £95.9m of cash available. Duncan Drasdo, a spokesman for Manchester United Supporters Trust (MUST), said: "The Glazers' PR people claim this PIK debt is nothing to do with Manchester United but we believe in the next 12 months accounts will start to show them taking even more money out of our club. "They've already wasted more on interest and fees than the total sum of all season ticket money paid by every supporter in their entire five year ownership. "On top of all that how much more will this extra interest cost us? A Chicarito per season? A Rooney over the term of the debt? Imagine what we could achieve if released from the millstone of the Glazers' ownership." In May the Red Knights group of wealthy fans announced they had put on hold any plans to bid for United, citing the Glazers' asking price of £1.5bn as too high Link to comment Share on other sites More sharing options...
Park Life 71 Posted August 20, 2010 Author Share Posted August 20, 2010 Glazers are complete chancers basically. Link to comment Share on other sites More sharing options...
Cid_MCDP 0 Posted August 20, 2010 Share Posted August 20, 2010 Some scary shit like. Having won the Superbowl in 2003 their Buckaneers now have the lowest wage bill in the NFL. I would tell you that fact is a bit relative with the NFL's parity via draft and salary cap, but they're playing without a cap this year (for the first time since the early 90's I think), so... nevermind. Ran across this on a quick google- http://content.usatoday.com/communities/th...hester-united/1 The BBC reported that the Glazer family's debt level had approached $1.5 billion. It also reported that the family had begun to borrow against several assets, including $95 million against the Buccaneers. Funny how that 95 mil figure keeps popping up. Link to comment Share on other sites More sharing options...
Park Life 71 Posted August 20, 2010 Author Share Posted August 20, 2010 You only have to look at those goggly eyes and those fake beards and you know Manure are in the shit. Link to comment Share on other sites More sharing options...
Cid_MCDP 0 Posted August 20, 2010 Share Posted August 20, 2010 You only have to look at those goggly eyes and those fake beards and you know Manure are in the shit. How likely do you think it is they could finish outside of the top 4 this year? I'm being totally serious, by the way. Obviously Chelsea are in there for sure, but Arsenal? I think City and Spurs both have a better shot at ending up top 4 than Liverpool, but how likely is it we see a top 4 without Man United? Link to comment Share on other sites More sharing options...
sniffer 0 Posted August 20, 2010 Share Posted August 20, 2010 You only have to look at those goggly eyes and those fake beards and you know Manure are in the shit. I wish we were in that shit with them. You know that shit...champion's league, shot at winning every domestic trophy and the liklihood of getting at least one...rather than our brand of shit. Link to comment Share on other sites More sharing options...
LeazesMag 0 Posted August 21, 2010 Share Posted August 21, 2010 You only have to look at those goggly eyes and those fake beards and you know Manure are in the shit. How likely do you think it is they could finish outside of the top 4 this year? I'm being totally serious, by the way. Obviously Chelsea are in there for sure, but Arsenal? I think City and Spurs both have a better shot at ending up top 4 than Liverpool, but how likely is it we see a top 4 without Man United? not a chance they will finish outside the top 4. They are really having a terrible time just now. I think Liverpools slide will continue btw. Top 4 will be Chelsea, ManU, ManCity and Arsenal [in no particular order] Link to comment Share on other sites More sharing options...
Cid_MCDP 0 Posted August 22, 2010 Share Posted August 22, 2010 You only have to look at those goggly eyes and those fake beards and you know Manure are in the shit. How likely do you think it is they could finish outside of the top 4 this year? I'm being totally serious, by the way. Obviously Chelsea are in there for sure, but Arsenal? I think City and Spurs both have a better shot at ending up top 4 than Liverpool, but how likely is it we see a top 4 without Man United? not a chance they will finish outside the top 4. They are really having a terrible time just now. I think Liverpools slide will continue btw. Top 4 will be Chelsea, ManU, ManCity and Arsenal [in no particular order] I think Hodgson's a great manager, but I don't see how Liverpool's slide can't continue. Tomorrow's match should be interesting nonetheless. Think City will outplay Spurs? Seems like a safe bet to me. Link to comment Share on other sites More sharing options...
Sonatine 11565 Posted August 25, 2010 Share Posted August 25, 2010 Glazers fail to pay mortgage on four shopping malls * guardian.co.uk, Tuesday 24 August 2010 23.35 BST Manchester United's owners, the Glazer family, have suffered further embarrassing financial difficulties after four more of its US shopping malls recently fell into default on their mortgages. With the interest rate charged on United's enormous "payment-in-kind debts" rising from 14.25% to 16.25% this month, the news could hardly come at a worse time. An investigation by the Guardian in conjunction with the BBC's Panorama programme and the investment analyst Andy Green in June found that of the 68 shopping malls owned by the Glazers' US-based First Allied Corporation, four had gone bust and one more had defaulted on its mortgage. An analysis of the malls' most recent financial disclosures has revealed that four more have since failed to pay their mortgages and become classified as "delinquent", with two falling into default this month. The four malls are in Houston, Texas; Denver, Colorado and two in Ohio. That means nine, or 13%, of the Glazers' malls are now "delinquent" or insolvent, and a further 29 centres, 43%, have so many units empty the rental income does not cover the mortgage payments. First Allied is the only significant business the Florida-based family runs besides Manchester United and the Tampa Bay Buccaneers NFL franchise, and the bank disclosures show it making income above the malls' running costs of only US$9m a year. These disclosures come at a particularly sensitive time considering United's own debts. The interest rate increase took effect this month, according to the most recent accounts filed by one of the Glazers' United companies. According to Red Football Joint Venture Limited, the accounts for the year to 30 June 2009 recorded that United's total bank and other borrowings had swollen to £716m, all of it derived from the Glazers' original personal borrowings to buy the club in the first place in 2005. Of that, around £500m was owed to banks and refinanced in January with the issue of bonds at an average around 8.5% interest "yield" annually – £42.5m this year. The payments in kind, originally owed to three hedge funds, had risen to £202m by 30 June last year, so at 14.25% have accrued a further £34m interest since. That interest is not paid but accumulates, so the Glazers' United companies now owe £236m to the hedge funds. The increased interest rate to 16.25% means that over the next year a further £38m will be added, swelling the total to £274m, unless a proportion of the hedge fund debt is paid off. No public United documents explain why the interest rate has increased, but it has been reported that United were hit with it as a penalty clause because their debts have risen to more than five times the basic profit they make. The club's chief executive, David Gill, has maintained that the payment-in-kind debts at these credit-card rates of interest are not the club's responsibility, but fall on the family to repay. However, it is not at all clear the Glazers have the resources from First Allied or elsewhere to meet these liabilities, and the bond document issued by United provides the right to take almost £130m out of the club. That can be used to pay towards the payment-in-kind debt if necessary. Gill and the Glazers argue the club is unaffected by these debts, by far the largest external borrowings ever owed by an English football club, and that funds are available for the manager Sir Alex Ferguson to spend. The manager has said the transfer market is over-priced and it is his own choice this summer to have signed only Chris Smalling from Fulham, Javier Hernández from Guadalajara and the deal which has stunned football, the 20 year old Portuguese striker, Bébé, for £7.4m. Yet Green – an investment analyst and United supporter who writes about the club's finances in his blog www.andersred.blogspot.com – said the latest disclosures from First Allied were a cause for further concern. "They show that the Glazer family's only significant other business is making almost no money, and certainly not generating the cash to reduce United's massive debts," he said. "The family's shopping malls are afflicted by low occupancy rates, more have fallen into default, and whatever David Gill says, there appears no doubt that Manchester United itself will be made to service these useless debts and pay huge interest payments, all money which could have been spent signing players." Neither the spokesman for Manchester United nor the Glazer family were available for comment yesterday. Link to comment Share on other sites More sharing options...
JawD 99 Posted August 25, 2010 Share Posted August 25, 2010 Scary that like. Link to comment Share on other sites More sharing options...
ewerk 31221 Posted August 25, 2010 Share Posted August 25, 2010 I still don't understand why they're so against selling the club at a profit, is it a pride thing? Link to comment Share on other sites More sharing options...
wykikitoon 20767 Posted August 25, 2010 Share Posted August 25, 2010 I wouldnt wish it against anyone but pride comes before a fall. My old boss used to tell me that when I was bragging about the Toon v Leeds. Link to comment Share on other sites More sharing options...
Park Life 71 Posted August 25, 2010 Author Share Posted August 25, 2010 I can't see anything else but this going very wrong and Liverpool will be there if they aren't careful as well. Geared or heavily financed buying of football clubs should be outlawed. Man U are basically paying themselves for the glazers ownership of the club, how can that be right?? Link to comment Share on other sites More sharing options...
Guest alex Posted August 25, 2010 Share Posted August 25, 2010 I think that fit and proper ownership test could probably be a little more rigourous like. Or just panned altogether. Look at Portsmouth ffs. Link to comment Share on other sites More sharing options...
FCUM 1 Posted August 25, 2010 Share Posted August 25, 2010 This could get even more scarier than a lot of Man Utd supporters realise. If Man Utd go bust then everybody knows the FA will pretty much roll over as they have done with other clubs, it will be a 10-20 point deduction which would probably mean no European football for a season but then they come back completely debt free under new owners the following season. Result really!! However, from what I'm led to believe, if the Glazers go bust in the USA then the US government can basically seize all their worldwide assets, including Man Utd, and do as they want with them. They won't give a shit what the FA or anybody else wants, they could offload players in their own time at their own price and if Man Utd don't have new owners or enough players to start a new season or fulfil their fixtures then tough shit. Scary stuff indeed. Link to comment Share on other sites More sharing options...
Rob W 0 Posted August 25, 2010 Share Posted August 25, 2010 my heart bleeds Link to comment Share on other sites More sharing options...
Giraffidae 0 Posted August 25, 2010 Share Posted August 25, 2010 I can't see anything else but this going very wrong and Liverpool will be there if they aren't careful as well. Geared or heavily financed buying of football clubs should be outlawed. Man U are basically paying themselves for the glazers ownership of the club, how can that be right?? isn’t the finance sourced by the Red Knight Group to buy out Man U basically the same thing though? Link to comment Share on other sites More sharing options...
Guest Tuco Ramirez Posted August 25, 2010 Share Posted August 25, 2010 my heart bleeds I'd rather it happened to Liverpool than them. Man Utd are a proper club, with a proper local fanbase like us, unlike them. Link to comment Share on other sites More sharing options...
Park Life 71 Posted August 25, 2010 Author Share Posted August 25, 2010 This could get even more scarier than a lot of Man Utd supporters realise. If Man Utd go bust then everybody knows the FA will pretty much roll over as they have done with other clubs, it will be a 10-20 point deduction which would probably mean no European football for a season but then they come back completely debt free under new owners the following season. Result really!! However, from what I'm led to believe, if the Glazers go bust in the USA then the US government can basically seize all their worldwide assets, including Man Utd, and do as they want with them. They won't give a shit what the FA or anybody else wants, they could offload players in their own time at their own price and if Man Utd don't have new owners or enough players to start a new season or fulfil their fixtures then tough shit. Scary stuff indeed. Pair of evil cunts you've landed there unfortunately. Beginning to think worse than MA who's actually spent his OWN cash. Link to comment Share on other sites More sharing options...
Papa Lazaru 0 Posted August 25, 2010 Share Posted August 25, 2010 Speaking of manu, just saw bobby charlton on SSN regarding the world cup bid. Basically saying manchester is the centre of the universe for football and as good as saying that city and region (lancashire) has themost football daft/best fans. I always forget he's actually related to Jack and technically a geordie as he hides it brilliantly whilst residing up manu's backside. Even Bruce who had his hissy fit that time we beat manu 5-0 and manages the mackems still ackowledges this region as the football obsessed place it is with fans who live for the game. Just like Weenger appriciated in his comments on a thread elsewhere. Link to comment Share on other sites More sharing options...
Rob W 0 Posted August 26, 2010 Share Posted August 26, 2010 my heart bleeds I'd rather it happened to Liverpool than them. Man Utd are a proper club, with a proper local fanbase like us, unlike them. ManU are, and always have been, one of the worst influences in football Most of their fans have never lived in Manchester and they are so cocky and arrogant its unbeleivable at least the scousers belong there and they have a sense of humour Link to comment Share on other sites More sharing options...
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