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Red Knights ready to play waiting game in pursuit of Manchester United
Recession fears could prompt sale further down line...
| Bet: | Returns: | Ajax £34.00 | Draw £33.00 | Manchester United £20.00 |
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| Bet: | Returns: | Ajax £33.00 | Draw £34.00 | Manchester United £19.10 |
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| Bet: | Returns: | Ajax £34.00 | Draw £33.00 | Manchester United £20.00 |
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| Bet: | Returns: | Ajax £36.00 | Draw £35.00 | Manchester United £20.00 |
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| Bet: | Returns: | Ajax £35.50 | Draw £32.00 | Manchester United £19.70 |
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8 Sep 2010 08:54:00
By Zack Wilson
The Red Knights are adopting a patient approach when it comes to the consortium's potential purchase of Manchester United.
The consortium, a group of wealthy City financiers who are also United fans, believe that fears of a 'double dip' economic recession could yet force owners the Glazer family into selling, as interest on the club's debts mounts.
The club are saddled with huge debts as a result of the Glazer's purchase of the club, with the club’s accounts for the year ending June 2009 revealing the figure to be £716.5m.
A percentage of that figure consists of the Payment In Kind (PIK) loans for which the Glazers are personally responsible.
United are currently shelling out £45m a year in interest on their £504m bond issue and the PIK debt rolling up at an annual interest rate of 16.25 per cent. And the Knights are ready to wait for the Glazers' situation to deteriorate further before stepping in.
“The potential funding that we have uncovered is much more than we expected,” Paul Marshall, the co-founder of the Marshall Wace hedge fund and one of the original Knights, told Prospect magazine.
“We are delighted to wait while the Glazers acclimatise themselves to a double dip.”
The consortium, a group of wealthy City financiers who are also United fans, believe that fears of a 'double dip' economic recession could yet force owners the Glazer family into selling, as interest on the club's debts mounts.
The club are saddled with huge debts as a result of the Glazer's purchase of the club, with the club’s accounts for the year ending June 2009 revealing the figure to be £716.5m.
A percentage of that figure consists of the Payment In Kind (PIK) loans for which the Glazers are personally responsible.
United are currently shelling out £45m a year in interest on their £504m bond issue and the PIK debt rolling up at an annual interest rate of 16.25 per cent. And the Knights are ready to wait for the Glazers' situation to deteriorate further before stepping in.
“The potential funding that we have uncovered is much more than we expected,” Paul Marshall, the co-founder of the Marshall Wace hedge fund and one of the original Knights, told Prospect magazine.
“We are delighted to wait while the Glazers acclimatise themselves to a double dip.”
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