Football Clubs News | Football Finance News
The amount of debt at Manchester United's parent company Red Football Joint Venture (RFJV) increased to £716.5 million in the year ending June 2009, according to the latest figures from the Glazer family-owned organisation.
It is the first time the club, which is used to secure the debt, has seen the figure rise above the £700 million mark and the announcement follows last week's revelation that the Glazers are considering refinancing the money the business owes through a £500 million bond issue.
The Guardian quoted a spokesperson for the family as saying that the operation of Manchester United has not been affected by RFJV's financial position, stating: "The club has a £50 million surplus to work with once the interest payments have been made."
However, the remarks are unlikely to reassure fans of the team, many of whom have been vocal in their opposition to the Glazer family during recent matches.
Earlier this week, the Independent Manchester United Supporters Association called on people to sign a petition asking the government to "take action on behalf of all football supporters to prevent Manchester United Football Club ... being destroyed by corporate greed".
Written by Tom Jenkins
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21 October 2010
21 October 2010
21 October 2010
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20 October 2010
