United make £100m -- but still post loss
MANCHESTER UNITED today became the first English club to crash through the £100m barrier when they announced their latest operating profit.
The Glazer family, United's controversial owners, have instigated a revolutionary 'territory specific' approach to their commercial deals.
It means they have individual telecommunications partnerships in different parts of the world -- the latest being in Hong Kong with PCCW.
By adopting this stance, under the guidance of commercial director Richard Arnold, United have been able to make greater use of their instantly recognisable name and the club's enduring popularity across the planet.
Yet the good news of the headline profit figure is bound to be overshadowed by the detail, which confirms an overall £60m loss.
There could be various reasons for this figure being reached, including the depreciation in the value of Alex Ferguson's first-team squad. However, it emphasises the huge sums leaking out of Old Trafford as a result of the Glazer takeover in 2005, to which many fans are still vehemently opposed.
A hefty one-off cost was incurred following what turned out to be a successful £500m bond issue earlier this year, but fans will be interested to discover whether the Glazer family withdrew cash themselves, as the bond prospectus indicated was a possibility, to pay off part of the £200m-worth of PIK notes, which are attracting interest at an eye-watering 16.25pc.