davieG Posted 7 June 2010 Posted 7 June 2010 Manchester United's Glazer family owners carrying £1.1 billion of debt The Glazer family were hit by more revelations over the state of their finances last night after it emerged the Manchester United owners' business empire is saddled with £1.1 billion debts. According to an investigation by BBC's Panorama programme, to be broadcast tonight [Monday], the Americans are carrying £392 million of previously unknown debt relating to mortgages taken out on 63 of the 64 shopping malls owned by their company First Allied Corporation across the United States. Four First Allied shopping centres have recently fallen insolvent due to low occupancy, while the report also suggests the malls do not make enough money to fund the mortgages. The findings suggest that the Glazers' other business interests are unlikely to be able to pay off Manchester United's £717 million debts and cast further doubt on on whether the club will have funds to spend on transfers this summer. United have always insisted Sir Alex Ferguson will be given cash in this transfer window but the Scot has suggested he will keep new arrivals to a minimum. The research for the programme was carried out by Andy Green, a City analyst and United supporter who is a keen backer of the 'Green and Gold' campaign to oust the Grazers. "The Glazers have called the US property market appallingly bad," he said. The borrowed money at inflated valuations right at the top at the top of the cycle. In their core business in the USA they got is absolutely wrong." The Glazers' spokesman declined to comment about First Allied but did confirm their debts totalled £1 billion. From the Telegraph
Jimothy Posted 7 June 2010 Posted 7 June 2010 Been moved to tomorrow at 10:35. Panorama is about the Cumbrian shooting tonight instead.
vjbapu Posted 7 June 2010 Posted 7 June 2010 Been moved to tomorrow at 10:35. Panorama is about the Cumbrian shooting tonight instead. cheers for the info. Before I see the program, my view very quickly ... its a f*****g joke right? How is this allowed to happen at clubs like pompey and man u where debts arent properly accounted for!!!
poopbutt Posted 8 June 2010 Posted 8 June 2010 the man u fans really need to force their hand. the glazers need to do one.
davieG Posted 8 June 2010 Author Posted 8 June 2010 From the BBC- http://news.bbc.co.uk/1/hi/business/10249101.stm Soaring wages are threatening the stability of Premier League clubs, a report into football finances has said. Premier League clubs spent 67% of their revenues on player wages during the 2008/09 season....... .....And he said that the wages ratio in the Football League was 86% as a whole and 90% in the Championship.
dandannieldanok Posted 8 June 2010 Posted 8 June 2010 I like the Glazers, and wish them every success in dragging that club further into the mire of debt.
Samilktray Posted 8 June 2010 Posted 8 June 2010 I like the Glazers, and wish them every success in dragging that club further into the mire of debt. What a prat.
Mikey Posted 8 June 2010 Posted 8 June 2010 I like the Glazers, and wish them every success in dragging that club further into the mire of debt. Oh dear. Shut up.
poopbutt Posted 9 June 2010 Posted 9 June 2010 I like the Glazers, and wish them every success in dragging that club further into the mire of debt. yes, it would really benefit the game of football to have one of the most prestigious clubs in the world in financial difficulty
Jon the Hat Posted 9 June 2010 Posted 9 June 2010 Meaningless numbers. All business use a mix of debt and equity to fund their operations. Without knowing the value and turnover of these businesses we have no idea whether this is too little or too much. 67% of Revenue on wages is however pretty high. Although many business also havevery high labour costs. Although generally they don;t have to actually buy their labour.
purpleronnie Posted 9 June 2010 Posted 9 June 2010 Does anyone know what the green & gold protest want to achieve? Do they think the glaziers give a shit? Surely not. Or is it just a simple way of showing the glaziers what they think of them which if it is I can't see the point of.
FoxyPV Posted 9 June 2010 Posted 9 June 2010 Does anyone know what the green & gold protest want to achieve? Do they think the glaziers give a shit? Surely not. Or is it just a simple way of showing the glaziers what they think of them which if it is I can't see the point of. Local Liverpool/ Man City fans are the ones selling these on the stalls outside Old Trafford and are making a fortune off these protests
purpleronnie Posted 9 June 2010 Posted 9 June 2010 Thats what I thought, just seems like a money making project.
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