7 May 2008United were in the red last year

Football Clubs News | Football Finance News

Newly-released figures show that Manchester United were in the red last year.

The Red Devils had borrowings of £666 million in the year ending June 30th 2007, by far the highest of any English football club ever.

The total debt run up by the holding company that the Glazer family use to own United was £764m and £54m of it is outstanding transfer instalments on players signed by Sir Alex Ferguson.

Only last year the Glazers tried to refinance but could not strke a deal with financial institutions.

There is bound to be anger among supporters' groups that much of the debt originates from debts belonging to the Glazers which they loaded on to the club when they took it over.

The accounts reveal that United's best hope of getting their books in order is by continuing to generate money from home match days, which raised £92.5m in the period that the figures cover.

"It is outrageous that supporters are paying the huge interest on these borrowings, which are worrying for the club's future," Sean Bones of the Manchester United Supporters Trust was quoted as saying in the Guardian.

"Our money is pouring out to pay the Glazers, while they have not put a penny into the club."

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