Manchester United emission of bonds to pay debt
Credit and Loan December 15th, 2009
Manchester United (MU) plans to issue bonds worth 500 million pounds (U.S. $ 806 million) in line with club owners plan winners 18 times English League to refinance its debts.
This club will sell bonds with a guarantee that berjatuh due 2017. Manchester United spokesman Philip Townsend declined to give further details.
Plan for faster issuance of bonds because the value of MU debt also increased. Glazer family who came from the United States, who bought the club in 2005 valued at 790 million pounds, plans to retain ownership of 14.25% shares. This was disclosed Sunday Times newspaper and the Financial Times.
“This sounds like the type of investment that is quite a risk when considering the amount of debt owned by U.S. investors,” said Jean-Luc Petit, manager of fixed interest bonds at BT Investment Management Ltd, in a telephone interview from Sydney.
During under Glazers ownership, United has become the most successful soccer teams in Europe and has won 3 Premier League titles since 2007 and the European Cup in 2008. Alex Ferguson became manager since 1986.
The club was a chance to collect his 19th title this season after a question of letting the world’s best players last year Cristiano Ronaldo move to Real Madrid and Carlos Tevez to join Manchester City sekota competitors.
British media speculated Ferguson, 68, could not interfere in the process of moving Ronaldo worth 80 million pounds transfer because the owner wanted the funds will be used to pay their debts.
Ecuador winger Antonio Valencia, who bought 17 million pounds from Wigan, the recruitment of the most expensive, while striker Michael Owen and Gabriel Obertan to join for free. United states fund Citadel is plentiful but Ferguson refused to use it.
Manchester United currently ranks second in the Premier League standings after two days and then failed to take advantage to get past the Chelsea pemuncak standings. Chelsea were held 1-1 by at Birmingham.
Last week, worse, actually failed at United the FA cup after a third division team dikandaskan Leeds United, which is 43 levels below the club based at Old Trafford it. The defeat was a first for Chelsea since 1984.
Petit said the loss of key players such as Ronaldo is not the main thing for the football club investors.
“Against a player, you buy and sell them as trade. If you get the best price for shareholders, it is financial security,” said Petit.
He added even more to see the strength and ability finasial club funds than anyone who played in the game.
Red Football Joint Venture Ltd., Manchester United Parent company, said in a report as of April 2009, losses reached 43.2 million pounds, or down from 57.8 million pounds in June 2008. The company paid 68.8 million pounds of interest.
MU planned bonds will be used to refinance debts and the club will be issued through the MU Finance Plc.
