09:06 ET<\/span>
\n<\/span><\/p>\nManchester United’s parent company made a loss of \u00a3108.9m in 2009-10, according to newly released financial results.<\/p>\n
Red Football Joint Venture is the Glazer family parent company that owns the Old Trafford club.<\/p>\n
Its loss, for the year to July 2010, includes one-off costs from setting up a \u00a3526m bond scheme last January to replace outstanding debts of \u00a3509m. <\/p>\n
There was also a drop in player sale income, compared to the previous summer when Cristiano Ronaldo was sold.<\/p>\n
That Ronaldo sale had netted the club \u00a380m in the summer of 2009, and had contributed to a \u00a321m profit the previous year.<\/p>\n
Losses in 2010 included \u00a330.2m interest on their \u00a3220m payment in kind (PIK) loans which have now been repaid.<\/p>\n
Manchester United’s club accounts were published in October and revealed losses of \u00a383.6m.<\/p>\n
The club is currently top of the Premier League, in the FA Cup semi-final, and in the Champions League quarter final, all of which offer revenues in terms of prize money and television monies.<\/p>\n
Transfer<\/span><\/p>\nEarlier this month Manchester United chief executive David Gill told a Commons committee hearing into football governance that he was “comfortable” with the club’s financial situation, including debt and interest repayment levels.<\/p>\n
Mr Gill told the hearing that net debt of \u00a3370m and annual interest of \u00a345m was not hampering United. <\/p>\n
And he said that under club owners, the Glazer family, revenues had risen from \u00a340m in 2006 to more than \u00a3100m.<\/p>\n
In February it was revealed there had been a transfer of the ultimate parent company of the club, Red Football LLC, from Nevada to Delaware. <\/p>\n
That has raised fears about the ultimate ownership of the club, as companies’ beneficial ownership information is not registered in the small US state.<\/p>\n
But Mr Gill insisted that “the ultimate owners, 100%, are the Glazer family”. <\/p>\n<\/p><\/div>\n<\/p>\n
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