Richest Club on the Planet

[Filho]

Is ManU really the richest club on the planet?

http://sportsillustrated.cnn.com/2008/writers/gavin_hamilton/05/06/glazer.united/index.html?eref=T1

This week it was revealed that the club suffered a £58 million loss last year and now owe a total of £764 million to their various creditors. The accounts for the year ending in June 2007 also disclosed that United owe £56 million in outstanding transfer fee instalments to other clubs.

Most worrying for the Glazers is the news that they still owe £152 million to hedge funds at a rate of interest of 14.25 percent. With a recession threatening to engulf the world's financial markets, the Glazers cannot find anyone willing to take on the debt at a more reasonable interest rate. The hedge fund loans were the most controversial element of the financial package used by the Glazers to fund their takeover of United. This "leveraged" buyout loaded liabilities onto a club which had previously been debt-free. Now the Glazers are struggling to re-finance.

[jai john]

filho rememeber that little discussion we had about the pendulum shift from Europe back to south America ?? Well when i see things like this I wonder if the move wont happen sooner than later.