Behind the windows of Manchester there is an insane love of football, of celebration
Glazers bring on the spinners
19th May 2010
On the day it becomes clear that the Glazers are to waste even more tens of millions on interest charges David Gill tells us that all is well and SAF explains away our lack of transfer activity
Interest rate rise increases fans' fears over Glazer debt at Manchester United
Helen Power, James Ducker , The Times May 19, 2010
Manchester United are facing a hefty interest rate of 16.25 per cent as of August after breaking financial rules governing their loan.
The 2 per cent rise will strengthen fears that the Glazer family, United’s unpopular owners, will try to pay off the high-interest loans rather than spend money on the team, a move that would infuriate supporters.
With the season over, it is almost certain that United will breach the financial rules set out in the Payment in Kind (PIK) loan taken on by the Glazers to fund their investment in the club.
The rate hike means that United will owe an extra £75 million in interest on an already ruinous £138 million loan taken out in 2006. That total will have ballooned to £662.6 million by the maturity date of 2017.
"We're very confident the business model we have in place will ensure the club can continue to compete at the top of football for many years to come.
The owners have been true to their word since they took over the club in 2005. They've brought commercial expertise and commercial benefit to us in a numbers of areas"
David Gill, Chief Executive, Manchester United 18th May 2010
"In the market today it's very, very difficult and the structure of our squad is good in terms of ages, the balance, the numbers and there's a lot of good young players."
"Sometimes you have to trust in all the development of the last few years and I'm going to stick with that, or most of it.
Sir Alex Ferguson, 18th May 2010
"Our ownership [The Glazers] has shown a history of buying players... It may seem the other way where it's just being cheap and they don't want to be involved and they're just trying to save the money.
For me, when I got this opportunity and we sat down and I talked about what I envisioned for this football team, we wanted to build this football team with the youth and the draft as we did in years past.”
Mark Dominik, General Manager, Tampa Bay Buccaneers, 23rd March 2010