Football

United report £48m profit

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Football News
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Manchester United have reported pre-tax profits of £48.2million for the year to June 30, 2009.

The figure includes the world record £80m fee collected from Real Madrid for the sale of Cristiano Ronaldo and also £41.9m paid out in interest on a mammoth loan of £509.5m.

Turnover was also up, from £80.4m in 2008 to £91.3m a year later.

The figures were released on a morning when United officially confirmed their intention to raise £500million through bonds in order to refinance their debts.

While United are at least in profit once more, the figures merely emphasise what a drain on resources their debt position is.

Without the sale of Ronaldo, the Red Devils would have been reporting a loss of £31.8million, a situation that clearly is unsustainable over the long term, hence the Glazer's refinancing plans.

"Manchester United today announced that it will be seeking to raise approximately £500 million aggregate principal amount from an offering of senior secured notes due 2017," said a United statement.

"The notes, whose proceeds will be used to refinance existing debt secured against the club, will be issued by MU Finance plc."

Copyright (c) PA Sport 2009, All Rights Reserved.

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Topics:
Football
Premier League
Manchester United

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