Manchester United have announced record profits for the year ending June 30th.
The club now claims to have reassumed its status as the richest in Britain, with the reported gross turnover of £242 million far exceeding the £202 million posted by Arsenal last year.
However, fans will point out that almost all of the £59.6 million pre-tax profits will go on servicing debt taken on by the Glazer family when it assumed control of the club.
When tax is accounted for, profits stand at £42,289,000 - fractionally more than the £42 million needed to service the eight per cent interest on a £525 million loan secured against the club's assets.
However, United's chief executive David Gill pointed out that the club was able to service the debt while still spending heavily on players such as Nani, Anderson and Owen Hargreaves.
He also allayed fears that the club might be tempted to part with Christiano Ronaldo in the wake of reported interest from Real Madrid.
"We don't produce financial results like we have done by selling players like Ronaldo. It doesn't make sense," he said.
Gill went on to predict a rise in profits this year, largely due to the new Premier League television deal.
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010
