Man U registers record loss of 83.6 million pounds
By ANISaturday, October 9, 2010
LONDON - Figures released by Manchester United have revealed that the club has registered a loss of 83.6 million pounds in the year to July.
The tumble was down to costs related to managing the club’s mammoth debts.
According to the Sun, interest payments on debts run up by United’s American owners, the Glazer family, totaled 40 million pounds.
The club was left with a further 65 million pound bill for re-arranging loans.
Experts have said that without the Glazer family debts, the Old Trafford outfit would have made a profit.
“Without the debt costs the club would have something like 50 million pounds more for transfers, but after mistakes early on, the Glazers are actually managing the business quite well,” said Chris Brady, dean of BPP Business School.
Last year, United had registered a 25.5million pound profit following the sale of Portuguese star Ronaldo. (ANI)
