Manchester United Gloom
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.”