Man U's 'debt falls below 400 million pounds' for first time ever
Manchester United's debt has reportedly fallen below 400 million pounds for the first time since the Glazer family took over the football club in May 2005.
The club will announce its figures for the first quarter of the financial year on Wednesday, the gross debt that stood at 436.5 million pounds in June 30, 2012, is due to have been reduced with the proceeds of July’s partial flotation on the New York Stock Exchange, which raised 68 million pounds, the Telegraph reported.
The figures, which cover July, August and September of this year, will also be reflecting recently-struck sponsorship agreements with Bwin, Toshiba Medical Systems, Yanmar, Fuji TV, Santander, Shinsei Bank and MBNA, the paper reported.
However, player wages are expected to show an increase as a result of the summer acquisitions of Robin van Persie and Shinji Kagawa.
United’s Florida-based owners the Glazers borrowed 515 million pounds to complete their 790 million pounds takeover of the club seven years ago and have since re-financed the debt through a bond issue and the Initial Public Offering (IPO) in New York.
Sign up for all the latest news, top galleries and trending videos from Mid-day.comSubscribe
Dhanraj Pillay relives Indian Hockey's dream run of 1998!