OK, not quite. But we have a new parent company, Red Football LLC. I'll try to summarise what has happened, it all relates to the PIK debt which was 'paid off' in November. To 'pay off' that ÃÆââ¬Å¡Ãâã250m debt two new shares were issued in our UK parent company Red Football Shareholder Limited. RFSL then 'bought' two shares (for ÃÆââ¬Å¡Ãâã250m) from the holding company Red Football Joint Venture Ltd (the company which held the PIK debt), RFJV then paid off the PIK debt. Now, a new 'ultimate parent company' has been formed, Red Football LLC. This new company now has 100% ownership of Manchester United. And it is within this new company that the 'New PIK' debt will be held. [the previous ultimate parent company was Red Football Limited Partnership, incorporated in Nevada] The new parent, Red Football LLC, is registered in Delaware, USA. This has been chosen because state laws allow complete corporate financial secrecy. It's the most financially secretive location on the planet for businesses. What does all this mean? (1) the Glazers have not sold a stake in United (2) the PIK debt has been refinanced, not 'paid off' (3) it's going to be near impossible now to see what's happening to the 'new pik debt' because the company that holds that debt is now in Delaware 4) the Glazers still have the facilty to extract huge sums of money by way of dividends from United to pay any debt held within the holding/parent companies, and I expect a carevout of at least ÃÆââ¬Å¡Ãâã50m this financial year (we know they were planning this in November last year), and likely an ongoing ÃÆââ¬Å¡Ãâã25m pa thereafter. As I said when news came out that the PIK debt was being 'repaid', it wasn't a repayment at all, just a shuffling about of deckchairs. New finance has been raised, new shares issued to carry that finance through the corporate structure, and a new parent company set-up to keep the new debt away from prying eyes. ======================================== Article courtesy of red66 and andy green.
theyre ****ing greasy slimeball ****bags. paying it off my ass. this was mine and others fears. just a refinancing job. worrying.
Let's be 100% honest, the Glazers are financially ****ed and will do everything they can to keep from people finding out the truth about what is going on. The sooner Malcolm has a heart attack and dies and his kids lose interest in the club the better.
Rearranging the deckchairs on the titanic. It was just done so that they could hide the details from the fans. Hopefully its in preparation for a sale but I very greatly doubt that
Never really know what to think due to the secretive nature of the owners but I don't trust them at all and still think our lack of investment in anything even remotely proven at a reasonably high level in recent windows is strange. Since when did Fergie ever give 2 ****s about resale value, honestly?
you have missed out the key elements in the article, maybe the ones in bold from andersgreen We don't know who the directors of Red Football LLC are, who its shareholders are or how it obtained the ÃÆââ¬Å¡Ãâã249.1m. This matters because there are really only two explanations for the repayment of the PIKs; either the Glazers have found some sort of equity to repay them (even though nobody can identify where that could have come from) or Red Football LLC has borrowed the money to repay the debt and the threat of the club's cash being used to service this new debt is still there. If it's the former then United are in a strong financial position despite the wasted ÃÆââ¬Å¡Ãâã45m spent annually on bond interest. If it's the latter then the there is a high chance of the Glazers taking the ÃÆââ¬Å¡Ãâã100m+ (and rising) of dividends to which they are "entitled" at some point in the future. so there you go even he does not know how this has been financed or what has happened red66 just exaggerated it to fit his opinion and hatred, last season all these protest affected the players and club and vidic came out and said it made the players lose focus. Please can we get on with the season in hand
We are actually strong financially and goodness sake why is that hard to understand, after paying bond replayments Utd will now make around 60m cash in excess and this is after paying costs. That is 60m a yea profut after bond repayments and we are unlikely to spend that yearly because we don't need to. Also the accounts have not been touched for 2 years proving that no money to the extent the g&G and luhg crew have stated and the books are proving this. 60m a yea added to the already 163.8m a year bank balance at Utd is very healthy. We have money and I don't think that should be doubted. As for the Glazers they need Utd to be successful and attractive for a potential sale in the future so have to invest for Utd to do well. Why is that hard to grasp? Also should our manager really be questioned? Can you really call him a liar?
Because the last time I checked since the Glazers have arrived Utd have won the champions league been in 2 finals won the premier league 3 times won the carling cup 3 times, world club cup been in the fa cup final and semi. If you don't consider that successful then you are stupid. If we were Arsenal then yes there would be an uproar but with this so called "****e team" we are 5 points ahead of the 2nd placed team and unbeaten. Ferguson is the one who decides what is what and if you are for a second suggesting he is covering up for them in some crazy scam then you clearly are not a utd fan and don't know anything about our manager. Don't say he has never voiced his concerns because that is lie. When he was refused transfer money he had a major row with the shareholder back in 2002. Ferguson is a proud winner and would only take on this Utd side with full belief he could win things. Your claims are that the Glazers will take money out but since Ronaldo left NO money has been taking out which is near 2 years now. In fact Utd have spent in excess of 40m since Ronaldo left which is btw more than Arsenal have spent in that time and they have been lagging behind us. If the Glazers were so desperate they would have taken as much cash as they could have now but once again they have defied peoples predictions. In fact all we know about the PIK being paid off is that NO utd cash reserves where used which can only be a good thing. With Utd making in excess of 60m profit after costs and with 163.8m in the bank where is the problem? As we know football is a expanding sport and Utd are a big team and the popularty of Utd in regions which is rife only means a increase in revenue which is evident in figures. I have faith and trust is our manager and show should all Utd fans.
IUm sorry but if anyone isnt a fan here nolhman it is you. After you wrote that rubbish I merely couldnt be assed to read the rest. You talk too much nonsense.
I agree this summer we need investment, and Ferguson has said this to. Do you think the man is stupid? We need to change a few faces and improve our weakness and I am sure our manager will buy the right players for this and we will have a squad good enough to challenge. People are so stuck up in their hatred for the owners they have lost support of Utd and rather we fail for proof of something. The Glazers have a plan which started in 2005 to stay for 10 years so on my account they have another 5 years here and to get value they need Utd to do well. Who would buy a unsuccessful club for a billion pounds and more with a poor squad? The glazers are self made billionaires in terms of property so they are not stupid but have been hit by a big recession.
No a fan of Utd would support Utd and trust their manager especially with the pedigree of Ferguson. When we do spend the fickle will start screaming with happiness and forget about the Glazers. That is all it takes as there will be need for change.
Stretty your messiah Rooney had a chat with the Glazers about future signings and this is what he said "I’ve spoken with the manager, David Gill and the owners and all of them have confirmed to me that this is the right club for me to be at, and that the club is going to continue to be successful and win things. So is he lieing to for a bigger wage or has he been reassured about transfer money. You decide
Please stop repeatedley commenting on my threads when no one responds to you. I am sure your a hugely special child but on the internet I am afraid no one is able to give you the help you need.
Not sure if anyone posted this yet but: http://andersred.blogspot.com/ Obviously make up your own mind but I know what I think.
See you know I am right, you full of hatred and that is a distraction to the players as Vidic had said and foster "Personally I think the Glazers have always put money into Manchester United to buy players when needed. I don't think they need to buy too many players there anyway. They have a lot of very good young players coming up through the ranks who could do as good a job as anyone else they could bring in." Foster was then asked whether he thought the supporter protests against the Glazers were one of the reasons why United failed to win more silverware last season. "Yes, it's a bit of a distraction when the fans are doing the chants at every game and things like that," he said before appearing to backtrack on his comments: "It's not something the players worry too much about, once you're out on the pitch it's blinkers on and you're concentrating on playing football. I wouldn't have thought it contributed too much to only winning the Carling Cup. Last season the protest ruined our season
You have no proof it is refinancing and the great andersred said this. You have no proof of anything at all and it is just opinion and hatred and anything to get at the Glazers. No money has been taken out of the club. But it is their business so why should they not take out money? we are in the top 4 so where is the issue? They have the right redraw cash and that is business. But they have not used any of Utds cash reserves either so I can't see the issue. What I can see is a club making an excess of 60m profit after bond payments and 163.8m in the bank and to me this is a healthy sum of money. They have stated no cash will be used for the PIK so there you go. You can make assumptions all you like but there is no evidence for anything or the world media would have clocked on this not someone from a blog. Even he stated "We don't know who the directors of Red Football LLC are, who its shareholders are or how it obtained the ÃÆââ¬Å¡Ãâã249.1m.".
