Manchester United reveal financial loss
Revenue rose 21 percent to $409 million but the team owes $1.5 billion to creditors, including $109 million in transfer fee installments on players signed by Alex Ferguson, according to accounts released this week by Red Football Joint Venture Ltd.
The latest figures from the team’s holding company cover a period that included a refinancing in 2006 that followed Malcolm Glazer’s takeover the previous year. The team owes $296 million to hedge funds at a 14.25 interest rate.
The holding company was upbeat about Manchester United’s prospects for 2007-08, saying a record 64,500 season tickets had been sold before the start of the season and that the club was to benefit from an increased share of TV revenue from the Union of European Football Associations.
The current season also marks the first year of the Premier League’s three-year television deal that was to increase domestic media revenue by more than 50 percent.
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