Manchester United’s Future Uncertain Due to Debt Problems
Jan 20, 2010 | Posted by bryan | 0 Comments
Manchester United Debt Problems Make Future Uncertain
British soccer team Manchester United are £716 million ($1,166 million) in debt, according to new figures.
Latest accounts show the club’s parent company Red Football Joint Venture, which is owned by the Glazer family who’s other sporting equity includes NFL’s Tampa Bay Buccaneers, are in the red despite sell-out crowds and the £80 million sale of Cristiano Ronaldo to Spanish giants Real Madrid.
The news comes despite the company turning over a profit of £6.4 million last year, a figure which was a marked improvement on the £47 million loss reported at the end of the 2007-08 soccer season.
Fans of the club, which are nicknamed The Red Devils, are growing increasingly frustrated at the off field events as they are beginning to have an effect on the team’s performances.
The club is usually seen to dominate proceedings on the domestic soccer scene but the financial worries as well as a series of high-profile injuries have lead to a string of poor results.
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