the andersred blog

In the decade since the purchase of Manchester United by the Glazer family, the debt placed on the club has been “refinanced” four times. This week marked the latest of these refinancings.
A refinancing is where old debts are swapped for new debts. They are the corporate equivalent of switching mortgages or consolidating credit card debts into a single loan. The aim is usually to make the debt more affordable, sometimes by locking into...

Work and family commitments have prevented me from blogging for almost a year for which apologies.
I haven’t given up and intend to post the occasional blog as and when there is time.
Thanks for your patience!

This post is a brief apology for bad maths.
Earlier this week I noticed Manchester United had made a "13G filing". This is an American regulatory declaration required when an investor has taken a significant stake in a quoted company.
The filing said that Baron Capital Group Inc and various related companies and funds now own 9,581,636 "A" shares in Manchester United, 24.07% of the total number of "A" shares in issue....

It’s crystal clear that a Champions League place, that sad modern non-trophy victory we’ve watched Arsenal "win" in recent years, is the most Manchester United will achieve in the league this season.
But what if even a top four finish or, whisper it, the Europa League, prove out of reach? How much would United’s profitability be harmed?...