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Manchester United Supporters Trust slam Glazer family for using increased revenues to buy back bond debt
MUST are unhappy that a 16.5 per cent rise in turnover is not going to manager Sir Alex Ferguson to bring in players, on top of millions that has already been wasted
16 Nov 2011 08:12:00
By Joel Lamy
The Manchester United Supporters Trust (MUST) have hit out at the Glazer family once again despite the club boasting an increase of 16.5 per cent on first-quarter turnover to £73.8 million.
The Glazers have spent some of the turnover buying back bonds which they purchased earlier in the year to refinance the club and United spent a great deal of money in the summer, bringing around £50m of talent to Old Trafford in the form of David de Gea, Phil Jones and Ashley Young.
Several players such as Javier Hernandez and Chris Smalling have been tied down to new contracts, but MUST are unhappy with the amount of lost revenue which could have been used by Sir Alex Ferguson to bolster his squad, which is five points behind rivals Manchester City in the Premier League and having a few difficulties in the Champions League.
MUST chief executive Duncan Drasdo said: “Revenue continues to grow building on the platform laid down by Sir Alex Ferguson over 25 years of unparalleled success.
“However, a key concern for supporters is that on top of the hundreds of millions lost in interest and fees resulting from the Glazers' ownership, we are now seeing huge amounts of additional money being paid out of the club's cash reserves being spent on buying the bond debt incurred by the Glazers.
“That is the Glazers' debt, that they dumped on our debt-free club and they are now using club funds to pay for it.
“A sum exceeding 'the Ronaldo money' they claimed would remain available for transfers has now been spent and this is on top of the hundreds of millions in interest and fees already wasted."
However, speaking last month, commercial director Richard Arnold countered the view of MUST after conducting a number of deals, such as the £40m training kit sponsorship deal with DHL and complete selling out of hospitality boxes for the season, which he believes are leaving the club in a strong position for the future.
“There is only one Manchester United,” he said.
“Whilst a lot of the strategy is public knowledge, I am very fortunate to be with the club I am with and able to do these deals.
“A lot of hard work has gone into getting to the position we are in now and we are already looking to the future.
“If people want to recreate what we did five years ago that is up to them. It isn't other clubs that I worry about; it is what we are going to be doing in the future.”
The Glazers have spent some of the turnover buying back bonds which they purchased earlier in the year to refinance the club and United spent a great deal of money in the summer, bringing around £50m of talent to Old Trafford in the form of David de Gea, Phil Jones and Ashley Young.
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Several players such as Javier Hernandez and Chris Smalling have been tied down to new contracts, but MUST are unhappy with the amount of lost revenue which could have been used by Sir Alex Ferguson to bolster his squad, which is five points behind rivals Manchester City in the Premier League and having a few difficulties in the Champions League.
MUST chief executive Duncan Drasdo said: “Revenue continues to grow building on the platform laid down by Sir Alex Ferguson over 25 years of unparalleled success.
“However, a key concern for supporters is that on top of the hundreds of millions lost in interest and fees resulting from the Glazers' ownership, we are now seeing huge amounts of additional money being paid out of the club's cash reserves being spent on buying the bond debt incurred by the Glazers.
“That is the Glazers' debt, that they dumped on our debt-free club and they are now using club funds to pay for it.
“A sum exceeding 'the Ronaldo money' they claimed would remain available for transfers has now been spent and this is on top of the hundreds of millions in interest and fees already wasted."
However, speaking last month, commercial director Richard Arnold countered the view of MUST after conducting a number of deals, such as the £40m training kit sponsorship deal with DHL and complete selling out of hospitality boxes for the season, which he believes are leaving the club in a strong position for the future.
“There is only one Manchester United,” he said.
“Whilst a lot of the strategy is public knowledge, I am very fortunate to be with the club I am with and able to do these deals.
“A lot of hard work has gone into getting to the position we are in now and we are already looking to the future.
“If people want to recreate what we did five years ago that is up to them. It isn't other clubs that I worry about; it is what we are going to be doing in the future.”
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| Open an account with Sportingbet today and get up to £50 in free bets! |
|
| Sign up with William Hill for a free bet up to £25 |
|
| Sign up with bet365 for a free bet up to £200 |
|
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