United announced today that the Glazers are going to fully pay off the club's payment in-kind loan on November 22nd to the tune of £220 million, cutting the club's overall debt level by over one third. They say they're not taking money out of the club to pay off the loan.
Can't say their financial worries are over by any means but this is an encouraging step.
£220m? We're going into administration over a £600,000 tax bill!
http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9192325.stm
Here's a comment on the BBC's 606 board from a fellow Wednesdayite, who says it much better than I ever could
Nuff saidcomment by presto_west_end (U7998568)
posted 11 Hours Ago
Its easy to forget that were one of the first established Premier League clubs to drop from the cosy protection of Murdoch's Money League, without any contract break clauses for expensive players, and without any idea of the damage relegation and the collapse of ITV digital might cause. Naive? Perhaps, but hindsight is a wonderful thing.
Since then we've struggled along, enduring three relegations and three thousand loan players, trying to pay not just our football creditors, but everyone (including the tax man). This has continued for over 10 years whilst, in the meantime, others have entered into administration quicker and in some cases twice.
Those posters who are quick to comment on this board should have a look at exactly who presided over the period that caused this club so much harm (1989 - 1999) (Dave Richards, current Preimer League chairman) and take note of where he is now. He is the one that should be stepping in here, not Nick Clegg and not the fans who have paid good money in good numbers to support a team with its hands behind its back.
The Premier League rewards clubs outrageous amounts of money simply for finishing 17th in the Premier League. It now even rewards those clubs that are relegated (NB we never received any parachute payments). Therefore, for clubs in the championship and lower divisions to try to compete on a level playing field, they have to gamble, which will inevitably exacerbate these sorts of problems.
The reason that Manchester United Plc is a going concern is that the Premier League and the Champions League will plough millions into that club each year because they will succeed in those competitions. Any why will they succeed? Is it because they are much better run, or is it because they are given much more money?
The rich get richer (or should that be Richards), the Poor get Adminstration and a 10 points deduction.
But screw that eh, we'll concentrate on a 39th game instead. Bah.