Man Utd and spiralling Debts

D

Dagnut

Octane Boostaholics
I don't know if anyone seen the Panorama special last night about the scumbag Galziers and UTD? If your a UTD fan and are worried about the club I'd advise you to watch it

http://www.bbc.co.uk/iplayer/episode/b00snmrj/Panorama_Man_United_Into_the_Red/

I know most of you are probably aware of the situation but just exactly how bad it is remains to be seen..the Glaziers have shipped 100's of millions out of the club and all of the "cash" they put into the club was from mortgages on a failing mall empire in the states, the have outstanding debts totalling 1.1billion!! far more than UTD is worth...the proposed RED nights buy out looks like it's going to fail.
This could also have a knock on effect for other clubs..namely Liverpool what if it is sold into similar circumstances? There is no legislation in place to protect any club..UTD as a club is extremely profitable and should be completely debt free and trying to lure the likes of Benzema and Kaka to old Trafford...but Ferguson has come out today calming he doesn't need to strengthen his squad!! read between the lines..we're broke trying to pay interest on our paper billionaires extensive loans
 
You can only play that link from a Uk IP Dave.. Any other link you can find?

And i completely agree, fergie saying he doesn't need to strenghten is complete bull, he has no money to strenghten... People are still claiming that mourinho will be at old trafford once he has finished at madrid... bullsh!t as well, no way we could afford him the way things are... The glazers have already turned down numerous buyout attempts so I can only see the club going downhill until they finally sell when we are in complete and utter sh!te.. At which point i wonder will anyone even be interested in buying the club..
 
The galzers can't sell the club..its like the last stable block in their wobbly Jenga tower..if they pull it out the whole thing collapses. All their loans are secured against the club with that asset to offset they are fooooked....so utd are too.

No other links sorry someone might put it up on youtube
 
Some middle eastern crowd offered them 1.5billion and the they turned it down.. That would be enough to cover the loans and still put some money in their pockets... Or are you saying they can't sell it because they have other aspects of their business secured against the club? And those other business' would then collapse if the club was sold?
 
[quote author=Sweetcakes link=topic=24209.msg287692#msg287692 date=1276087559]
Some middle eastern crowd offered them 1.5billion and the they turned it down.. That would be enough to cover the loans and still put some money in their pockets... Or are you saying they can't sell it because they have other aspects of their business secured against the club? And those other business' would then collapse if the club was sold?
[/quote]

exactly that
 
Watched the programme and was shocked to find the dept involved, dont get me wrong i knew there was massive depts involved but the 1.1 billion was news to me.

I have been saying for a while now that United are in serious trouble but after watching that last night its even worse than i imagined and been honest i think it worse than just about anyone imagined.

How David Gill can come out and say all is well with Manchester Uniteds Business Plan is beyond me, a child can see the numbers just dont add up.

And as Robbie already said Fergie saying we dont need to strenghten is just a joke :icon_cry:

Love United Hate Glazier
 
I see said the blind man :thumbsup:

So did the documentary foresee any way out of it for united? If the Glazer's debt keeps rising, then what happens to the club... Do the banks take it over? Does it go into administration? Or do the banks keep taking interest payments while the club is profitable enough to pay them? Then what happens a couple of years down the line when our on field success is a thing of the past and profits start falling?

Gonna search youtube for the clip when i get home, cant view any youtube clips in work... :icon_rolleyes:
 
You know what it's like with the super rich..their all in the same club..the Glaziers are proper old school blue blood american rich..doubt if any banks will pull the plug on them..I'd say they are trying to sit out for a massive offer
 
Thanks for the link Dagnut. Just watched it.

Shocked at the amount of debt to be honest. Those statements from David Gill are quite obviously rehearsed. In my opinion he tries to hard to make it look like he is telling the truth.

I can only see UTD being in this much debt for many years to come. :icon_cry:
 
Dont think youse are in as much shite as we are.

No manager
No money to buy players
Sale of 3-4 players would finance yankie netball team of some other project they have.

Only bonus we have is trying to get one cnut to sell and other will follow like the hole licking good old usa boy thast he is :hjtwofinger:

:smokin:
 
[quote author=Dagnut link=topic=24209.msg287648#msg287648 date=1276078561]
This could also have a knock on effect for other clubs..namely Liverpool what if it is sold into similar circumstances? [/quote]

We're living your nightmare Dave!
 
[quote author=nodge link=topic=24209.msg287864#msg287864 date=1276118452]
[quote author=Dagnut link=topic=24209.msg287648#msg287648 date=1276078561]
This could also have a knock on effect for other clubs..namely Liverpool what if it is sold into similar circumstances? [/quote]

We're living your nightmare Dave!
[/quote]

Liverpool will be bought out, the debts are manageable at the moment and not sop massive as to put a potential buyer off..I don't want to see liverpool go under either..I mean fcuk Portsmouth they paid way over the odds for average players and had huge wages with a tiny fan base..
 
[quote author=Dagnut link=topic=24209.msg287877#msg287877 date=1276120169]
Liverpool will be bought out, the debts are manageable at the moment and not sop massive as to put a potential buyer off..I don't want to see liverpool go under either..I mean fcuk Portsmouth they paid way over the odds for average players and had huge wages with a tiny fan base..
[/quote]

From a purely footballing point of view though, we've already had the sh*t american owners who piled debt on the club, failed to deliver on any of their promises (cash investment, stadium etc) and we're looking at the Europa league next season with no manager and our best players glancing at the Exits!!
Far away hills are greener and all that but at this point I'd swap for the cash-milking American owners who piled debt on the club and have (prob more by accident than design in fairness) overseen league titles, domestic cups and a European Cup!
 
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