Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Accounts for United and the club's parent companies published this morning reveal that the club's ultimate parent company Red Football Joint Venture Ltd made a pre-tax loss of £44.8m in the year to June 2008.
Manchester United chief executive David Gill was paid £1.7m during the year and the club paid an astonishing £470,000 to former commercial director Lee Daley who was at the club for just five months.
The company made interest payments of £68.8m on loans totalling £687.4m in 2007-08. The level of debt increased by £24m in the year as interest on “Payment in Kind” loans worth £152m at the start of the season was rolled over.
United's complex ownership structure means the total debt is split into two strands. The senior debt of £511.6m, which is secured against the club and its assets, cost £45.5m in interest. The PIK loans, now worth £175.5m and accruing interest charged at 14.25 per cent, are secured against the Glazer family equity.
Thanks in part to the heavy debt burden the club's immediate parent Red Football Ltd made a loss of £21.4m for the year. Profit before tax and other charges was £80.4m.
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Marc
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Registered: 11th Aug 02
Location: York
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Do you really care though!
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Im pretending last night didnt happen and this is helping 
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Marc
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Registered: 11th Aug 02
Location: York
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pmsl
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Nath
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Registered: 3rd Apr 02
Location: MK
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 You gayer
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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Everytime I think of last night I come into this thread and have a little laugh to myself.
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Nath
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Registered: 3rd Apr 02
Location: MK
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 How sweet
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PhilC
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Registered: 21st Jan 06
Location: Lancs, UK
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The debt is gonna bring us 5/6 honors this year...
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by PhilC
The debt is gonna bring us 5/6 honors this year...
So you cant afford a whole one - 5/6ths?
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Marc
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Registered: 11th Aug 02
Location: York
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quote:
Originally posted by Cosmo
Everytime I think of last night I come into this thread and have a little laugh to myself.
I laugh when I see your result from last night too
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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I laugh when I see you drew at home to a second rate team.
Still though
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