Saturday, 9th October 2010


The task of Manchester United in servicing the club’s debt and counting the cost of one-off financial transactions has been laid bare by their latest annual accounts. A pre-tax loss of £79.8M has been reported for the year up to the 30th June, despite turnover rising to £286.4M.

The loss for the last 12 months compares unfavourably to a profit announced in the previous year’s figures of some £48M. That amount though was boosted by the £80M United received for selling Cristiano Ronaldo to Real Madrid.

Chief executive David Gill however, has confirmed that despite the loss, there is no need for United to sell players.

"We have money in the bank, so there is zero pressure on that, no pressure at all to sell any star player whether it is Wayne Rooney or X, Y or Z."

Gill believes that, having seen turnover rise across the board, the club’s losses, which relate to one-off finance charges of £67M and interest payments of £40M, United fans should not be concerned.

"I can’t speak for any other clubs, but the United fans should not be concerned. We have a long-term financing structure in place, excellent revenues that are growing, we are controlling our costs – total wages are 46% of turnover – and we can afford the interest on our long-term finance."



 

 



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