Manchester United Gloom

David Gill

Accord­ing to the latest news­pa­per reports, the hold­ing com­pany of Manchester United lost almost £110 mil­lion over the last fin­an­cial year to June 2010. Manchester United are said to have been milked of around £400 mil­lion in interest pay­ments and charges since the Glazers took full con­trol over The Reds in the sum­mer of 2005. The actual loss is made by Red Foot­ball Joint Ven­ture which is the par­ent com­pany of the Americans.

David Gill: “We have money in the bank so there is no pres­sure on that, no pres­sure what­so­ever to sell any of the star play­ers. We have a long term fin­an­cing struc­ture in place, excel­lent rev­en­ues that are grow­ing, we are con­trolling our costs, total wages are 46 per cent of turnover, and we can afford the interest on our long term fin­ance. The club´s philo­sophy is to retain and attract the best play­ers to Old Traf­ford. A lot of Manchester United sup­port­ers want to ensure that there is money to be spent on the team and that the club play attract­ive foot­ball. And I think we have delivered on those accounts.”

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