Manchester United parent company records significant losses
The holding company set up to acquire Manchester United football club some years ago has reported increased losses all £44.8 million for the year to June 2008. As a consequence of the debt laden transaction to acquire Manchester United football club, "Red Football Joint Venture" has also reported a significant increase in debt to almost £650 million. The results have angered many United fans who were sceptical of their American owners after the initial takeover was concluded.
While the Glazier family, who ultimately own Manchester United football club, have been very proactive in allowing manager Alex Ferguson to acquire highly prized and highly priced players in the past, there are concerns that the increase in debt could affect transfer dealings in the future. Against a background of increased losses and increased debt, Manchester United has had a record year with turnover rising substantially as the club continues its quest for silverware across the world.
While on the surface these figures may be disappointing, Manchester United fans are well aware that since the Glazier family acquired the operation they have been very supportive of Manchester United football club directors and management. Whether we see any short-term adjustments in light of the increased debt remains to be seen but Manchester United as a football team has never been stronger.
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