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Glazer goodwill means a loss at Manchester United
England - 06 May, 2008
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Red Football Joint Venture Ltd, the holding company which owns English Manchester United, absorbed a pre-tax GBP 62.5 million loss, with much of that coming due to a GBP 34.9 million goodwill write-off following the Glazer family takeover in May 2005.
Since the Glazers took control, GBP 74 million has been written off in goodwill.
Interest payments on loans and overdrafts totaled GBP 42 million. The holding company's net debt grew to GBP 604 million, a GBP 7 million rise.
Operating profit, after depreciation and amortisation, including the falling value of players, rose to GBP 7.1 million after a GBP 37.2 million loss the previous fiscal year.
Red Football's accounts also show the club made a GBP 11.7 million profit on the disposal of players in the year. Profits have grown in recent years and club officials believe that trend will continue.
Since the Glazers took control, GBP 74 million has been written off in goodwill.
Interest payments on loans and overdrafts totaled GBP 42 million. The holding company's net debt grew to GBP 604 million, a GBP 7 million rise.
Operating profit, after depreciation and amortisation, including the falling value of players, rose to GBP 7.1 million after a GBP 37.2 million loss the previous fiscal year.
Red Football's accounts also show the club made a GBP 11.7 million profit on the disposal of players in the year. Profits have grown in recent years and club officials believe that trend will continue.
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