Manchester United have published their financial report for Q2 and, surprise, surprise, they still owe absolutely tonnes of money.
Sharing the figures for the three months leading up to 31 December on Thursday as we approach the end of the tax year, the club revealed that, in total, the club still owe just shy of £1 billion in various outstanding sums.
Not only does this mark nearly 18 years of debt since the Glazer leveraged buyout in 2005, which immediately put them in over £500 million’s worth of debt, but it also means that the total amount has grown larger and the chances of an imminent takeover are now even more likely.
Breaking down the figures into different sections, Sky Sports News’ Kaveh Solhekol explained how although’s United principal debt remains at approximately $650m, a change in the exchange rate meant they owed £535.7m compared to £477.1m at the same point in the previous year. It’s still growing…
🔴 Breakdown of Manchester United's Q2 financial figures
📈 Debt up to £535m 📈 Borrowed £206m – totalling £741.9m ❌ Glazer family will not be taking a dividend in this quarter 📉 Wage bill is down 21% – decrease of £20.4m
In case you weren’t aware of just how much United still owe…
Through a combination of gross debt, bank loans and transfer costs with associated fees still yet to be paid, the club owe a whopping £969.6m in outstanding sums. Crikey.
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On top the flat rate of debt, £206.2m has been taken from a rolling credit facility (various loans), with another £227.7m owed in outstanding transfer fees, having spent £211.5m on incoming players last summer and a further £49m in the January transfer window as well.
On the other side, despite an increase in debt has increased and overall revenue dropping by 10%, commercial revenue is said to have increased by 43.2% from just £6.3m to over £50m.
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The board have insisted to the BBC that figures are evidence of a “stretched” financial situation and that income such as ticket sales are looking as “impressive” as ever. However, it is also worth noting that wages have only gone down mainly because the team dropped out of the Champions League.
Furthermore, although none of the Glazer family members took out a dividend for the first time in six years, they also failed to have an investors’ call following the latest financial statement given the ongoing discussions with bidders looking to buy them out.
There are still said to be as many as eight candidates looking to buy the club, with Sir Jim Ratcliffe and the Qatari’s still leading the race — though new legislation on ‘fit and proper’ owners soon to be brought in by the Premier League could prove problematic for the latter given their human rights record.
Elsewhere, one of the other bidders is Finnish businessman Thomas Zilliacus, whose approach to buying the club is an interesting one, to say the least, and while potentially ‘debt free’, it would take some doing.
The proposal even involves an app where fans will 'control club decisions'.https://t.co/Im5qgDyyOC
Tickets go live as opening date is announced for Manchester City’s new ‘immersive’ museum experience
Emily Sergeant
Tickets to visit Manchester City’s new ‘immersive’ museum experience have officially gone live ahead of the grand opening.
Set to open in the heart of the £300m Medlock Square entertainment district at Manchester’s Etihad Campus next month, the Manchester City Museum Experience will be spread across 10 distinctive spaces – with visitors invited to take a trip down memory lane with nostalgic environments from throughout the club’s history.
Fans will also be able to take part in interactive media experiences, like posing with all 48 major trophies won by the club’s first teams or trying their hand at football punditry.
The experience will combine the latest immersive technology with physical memorabilia drawn from across the club’s history to do this.
Hidden details and surprising ‘did you know’ facts are set to be embedded across the experience, so that even the most devoted Man City fans will have the chance to discover something new about the club they love.
By combining interactive environments, technology, and authentic artefacts, the experience is aiming to appeal to a wide audience – from lifelong Manchester City supporters, to families and those with a broader interest in football, culture, and the city of Manchester.
“The Museum Experience has been designed as a destination that goes beyond just the pitch,” commented Jeremy Maxton, who is the Director of Visitor Attractions at Manchester City Football Club.
Manchester City releases CGIs and important details of its new ‘immersive’ museum / Credit: Manchester City / Ralph Appelbaum Associates (RAA)
“Whether you’re a lifelong supporter, visiting Manchester for a weekend, or simply looking for a unique day out, we’ve created an experience that offers something for everyone.
“From the recreated environments and original memorabilia to the interactive elements, there are different ways into the Club’s history throughout the Museum.
“We’ve also built in space for new stories to be added over time, so the experience can continue to evolve. It’s been a huge project to bring together and we’re looking forward to people seeing it for themselves later this year.”
The Manchester City Museum Experience officially opens on 14 December, and you can now book tickets to visit from that date here.
Featured Image – Credit: Manchester City / Ralph Appelbaum Associates (RAA)
Sport
Details released of Andy Burnham’s meetings with Manchester City owners while Mayor
Emily Sergeant
Details of Andy Burnham’s meetings with Manchester City owners during his tenure as Mayor of Greater Manchester have been released.
In case you need bringing up to speed on the situation a little first, Manchester City was found guilty back in September all of its charges related to the Premier League’s financial rules over a nine-season period, and on top of that, was also found guilty of the majority of charges in relation to its failure to co-operate with the League’s investigation.
According to the Premier League, the independent Commission found that Manchester City had arranged so-called ‘sham’ commercial deals with a number of its sponsors.
These were part of a disguised funding scheme – with those sponsors only required to pay a portion of the relevant sponsorship fees.
The remainder was then funded by Abu Dhabi United Group Investment & Development Ltd (ADUG), which owned the club.
The Commission also concluded, as quoted by the Premier League, that the club had ‘made concerted efforts to stop and frustrate the Premier League investigation’.
Within the past week or so, it has since come to light that now-Prime Minister Andy Burnham had dealings with Manchester City during his tenure as Greater Manchester Mayor, and Greater Manchester Combined Authority (GMCA) has now issued a public statement, giving details on the matter and what these ‘dealings’ entailed.
A spokesperson for GMCA confirmed that Burnham had a ‘formal meeting’ with Man City Chairman, Khaldoon Al Mubarak, back in October 2021.
The statement reads in full: “In October 2021, Andy Burnham, in his role as Mayor of Greater Manchester, had a formal meeting with Khaldoon Al Mubarak at the UK Government’s Global Investment Summit arranged by the Department for International Trade.
“In his capacity as Mayor, he was a guest of Manchester City FC at home matches on a small number of occasions, including attending Vincent Kompany’s testimonial match in September 2019, where he met the Chairman informally in the stands. These have been declared in the usual way.
“Also during his time as Mayor, representatives of Greater Manchester sporting clubs would routinely join business delegations as part of Mayoral international visits.
“This included representatives from Manchester United travelling to Austin and Dublin, Lancashire Cricket Club joining a delegation to India, and Manchester City FC staff supporting visits to China and Japan.”
Featured Image – Lauren Hurley / Number 10 Downing Street (Press Image via Flickr)
Danny Jones -
31st March 2023 
