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21/02/2012

MEDIA RELEASE: MUFC Q2 results - Glazers have spent all of the Ronaldo money buying their own debt

In response to the Manchester United Q2 financial results revealed today a Manchester United Supporters' Trust (MUST) spokesperson said:

"Manchester United revenues continue to grow strongly although costs are increasing just as quickly so pretty much negating that growth. However the key figures of interest to supporters show the Glazers have now spent every penny of the money received from the sale of Ronaldo, and more. That's now £92.8m spent on buying back their own bond debt that they loaded onto our club. So statements at the time that all of the Ronaldo money would be made available for reinvestment were clearly just spin."

"Since the sale of Ronaldo (30th June 2009) net transfers (not including Ronaldo) have totalled just £90m while they have taken out of the club £225m to cover their debt payments and interest. What could the club have done with that extra £225m? Cheaper tickets for loyal fans, investing massively in the squad and stadium, developing and retaining the best youth players, competing on an equal basis with the very best teams in Europe. This is the true cost to Manchester United of the Glazers ownership."

Results available here:
http://mufplc.com/
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