NOTE: Stop glowing over web traffic and cut the debt! Man United leaders must end their obsession with Twitter interactions and concentrate more on the £ 391 million they owe
- Group director Richard Arnold gloated about the web traffic of Man United
- However, they may have to invest more in resolving their huge debts
- United has spent nearly £ 1 billion since 2013 and has only won three trophies
The top managers of Manchester United seem to have an unquenchable obsession with how much internet traffic the club generates.
Richard Arnold, group director, told investors on Tuesday that the arrival of Odion Ighalo had surpassed the accusation of Donald Trump and the Brexit on Twitter.
He failed to say that 14,000 interactions came from a Gary Neville tweet on the subject.
Richard Arnold, group director, promised investors about the web traffic of United
However, the club has built up a terrible debt since the buy-out of the Glazers of United
These fripperies mask the real financial scandal that is central to United’s second quarter financial results: the level of debt.
It has risen – by £ 73.6 million – because United other clubs owe larger outstanding amounts to players, do not participate in the Champions League and have encountered obscure issues with the US currency and taxes.
But it’s the total debt figure – £ 391.3 million – that’s the terrible one. The leveraged buy-out of the Glazers from United, 15 years ago, provided £ 540 million in loans to the previously debt-free club.
The commercial income over those 15 years is nearly £ 7 billion – comfortable enough to pay off the debt.
Former manager Sir Alex Ferguson protected the club until 2013 against the worst Glazers
But only £ 149 million has been shaved from the figure, which continues to pump money away in interest payments. Sir Alex Ferguson and David Gill protected the club until 2013 against Glazer’s worst mismanagement.
But since then, United has spent nearly £ 1 billion on players and has won the total of a FA Cup, a League Cup and a Europa League. They are 38 points away from Liverpool and signed Ighalo in despair on loan from China on the deadline day.
The Glazers would rather pay themselves than the debt, which cost more than £ 1 billion in interest costs and refinancing fines.
The last dividend from United paid out £ 23 million, of which the five Glazer children shared around £ 18 million. It is a normal routine.
These are the numbers that United does not want to see on Twitter trending.
Since 2013, United has spent nearly £ 1 billion on players and won only three trophies