Man Utd the meltdown continues !

United failed to reach their target of season ticket sales this summer, the club's chief executive David Gill has confirmed.

But Gill insisted the figure is still "pretty good" in the current economic climate and that the club is in good financial shape.

Gill said the number of season tickets sold was 51,800 compared to the target of 54,000, and that executive seat sales were "on track".

United's season ticket sales have been conducted against a backdrop of a campaign by fans' group the Manchester United Supporters' Trust (MUST) urging a boycott in the hope of persuading the American owners, the Glazer family, to sell the club.

Asked about the season-ticket protest, Gill told Press Association Sport: "I'll be clear on that. Last year our target was 54,000 season tickets, we've sold 51,800, which is pretty good in the current climate.

"We've sold more season tickets than the capacity of most Premier League grounds. Our executive seat sales are on track as compared with last year in a different market.

"I think the bare facts are that the club is in good financial shape. The ticket sales have held up. We sold out for Newcastle and West Ham but we are not complacent and we've got to keep working to make sure that we fill the ground for every game and we'll do that by playing great football, attractive football, exciting football that brings fans in."

The protest against United's owners surrounds the debts they took on to buy the club. These now stand at more than £700million - including a £500million bond scheme, and £202million in payment in kind (PIK) loans.
BBC's Panorama claimed earlier this summer the Glazers' shopping mall empire in America was facing problems but Gill would not be drawn on that, stating instead the club was very successful financially and were comfortable with the position.

Gill added: "I'm not going to comment on that [Panorama]. We've had another very successful year off the pitch when we announced our results for June 2010 they were excellent, generating cash.

Shortfall

"We have put in place a long-term financial structure for the club with the bond, obviously that's serviced on a regular basis.

"So no I don't think it impacts us at all. So I think we've got to be comfortable."

Duncan Drasdo, the chief executive of MUST, said the season ticket shortfall was "a tipping point" in the Glazers' ownership. He pointed out that other clubs had sold out despite the slump.

Drasdo said: "We have clearly reached a tipping point in the Glazers' ownership. Up until this season they increased ticket prices aggressively every year and could get away with it because the loyal fans they forced out were replaced by others still prepared to pay the increased price.

"However this season, despite a ticket price freeze and an unprecedented marketing campaign, there are still thousands of season tickets and hospitality packages unsold.

"The failure to sell out season tickets is very significant as the Glazers depend on an excess of demand over supply to exert control over supporters."

Drasdo insisted part of the failure to sell out was due to fan dissatisfaction.

He added: "Other clubs have sold out under the same economic conditions so clearly other factors have come into play.

"There is huge dissatisfaction with the way the Glazers have exploited the supporters and the football club and thousands of season ticket holders chose not to renew for that reason while others are simply unhappy at the lack of investment in the squad while the owners continue to take millions out of the club.

"No wonder the Glazers are loved by Manchester City fans as much as they are disliked by United supporters. The sooner we are released from the millstone of their ownership the better."


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Didn't they also spend 7.6 million on a player Fergle never even saw play, who has now been demoted to the reserves because he was so shit in training?

Noah and the Bale wrote:Didn't they also spend 7.6 million on a player Fergle never even saw play, who has now been demoted to the reserves because he was so shit in training?

I heard the same rumour apparently it was a bloke tramp that got signed by a Vitoria de Guimaraes on a free and then 45 days later sold him for £7.6m even though he hasnt played a competitive game for them but im sure that didnt happen cos it sounds like kamikaze spending and i know Fergie is against that !

He didn't really even play in the reserves, he played about 20 mins then got yanked out of the match due to him being so shitty/ out of shape.

His name is Bebe and just a few years ago he was playing for a homeless competition in Portugal

This stuff about Bebe can't be true... can it?

United could have had Bebe for £125k


Manchester United splashed out £7.4 million to sign Bebe, a player manager Sir Alex Ferguson later admitted he had never seen play, but he was available for a fraction of that price earlier in the year.

Bebe had never played at a higher standard than the Portuguese third division when news came that United had been successful in signing him from Vitoria de Guimaraes. It was claimed by the club that they had to act amid suggestions Real Madrid were ready to swoop.

That may be the case, but earlier in the year he was playing for Estrela in the third tier in Portugal and their former manager Jorge Paxaio has revealed that they hawked the player around Europe to no success in January.

"Last season we had no money at all," he told the Daily Mail. "We were trying to transfer Bebe to other clubs. We had to raise money desperately. We told everyone in England and in Europe: 'For €150,000 you can have him'. We couldn't get anybody interested. Nobody trusted him. None of the clubs were interested because he had never played at a high level.

"I was surprised with the sudden way it happened with United. I was hoping he would move to a bigger club in Portugal or to a medium-sized club in Europe. I didn't expect Manchester United."

it is clear what has happened here

the Vitoria de Guimaraes chairman has photos of Carlos Queiroz and Man Utd's Portuguese scout sucking each other off.

He is blackmailing them, and together they have conspired to get £7m out of Man Utd.

There is no other explanation.

Where did the figure of £7.4 million come from? Wiki lists an original Guardian article as the source. Its a bit difficult to believe really.

Manchester United have become the first English club to crash through the £100million profit barrier - while at the same time posting an £83.6million loss.

The widely contrasting figures once again emphasise how the Reds remain one of the world's most attractive sporting organisations, while at the same time showing the cost of a hugely controversial takeover by the Glazer family in 2005.

Interest payments accounted for £40million, while there was also a hefty one-off cost for the successful £504million bond issue earlier this year.

United will point to the massive commercial growth in the latest figures, following the implementation of their "territory specific" approach.

The £11.5million increase in turnover to £81.4million proves how successful that plan has been.

It also debunks the idea that the negative headlines the Glazer family ownership has caused have deterred companies from associating themselves with United.

Media revenues have also risen by £5.1million, to £104.8million, making it the largest area for the club now matchday revenues have fallen to £100.1million.

United's overall turnover is £286.41million, which contrasts sharply with Manchester City, who seven days ago celebrated hitting a turnover figure of £125million.

It shows the vast gulf that still exists commercially between the neighbouring clubs and the work City must do to get somewhere close.

City run up losses of £121m

There was a massive reduction in revenue gained from the disposal of players following the world record sale of Cristiano Ronaldo to Real Madrid in the summer of 2009.

Wages rose by 7% to £131.7million, while United's overall debt rose to £521.7million.

Crucially, there is no mention within the accounts of any money being taken out of the club by the Glazer family to pay their £200million-worth of PIK notes that are now attracting interest at 16.25%.

Supporters who are opposed to the entire Glazer regime will seize on the losses as proof of their claim that United are being deprived of transfer funds due to the debt the club acquired as part of the process in which their owners took control of the Old Trafford outfit.

Manager Sir Alex Ferguson and chief executive David Gill have consistently claimed United's lack of involvement in the transfer market is due to the difficulty in finding value, with both parties insisting the funds would be made available if they were required.

The Glazers themselves have certainly never given any indication of being unduly worried by the huge debt burden and the successful bond issue earlier this year provided far greater flexibility with their financial dealings, even if the bond, to which United are committed to paying an annual interest rate of 8.75%, has to be paid back in 2017.

Posted that in the ManYoo thread, but it's good to spread it around.

The sheer incompetence of these NY Leprechauns is staggering. How does a company making 100 million operating profit on a 285 million turnover manage to ultimately lose 80 million quid? That means that the cost of issuing the bond (etc.) of 500 million was in the region of 140-150 million, and at 8.75% interest that's still over 40 million a year.

Madness.

It's a ticking bomb that will explode. Everything they own here is going belly up, from the shopping malls across the country to the Tampa Bay Bucs. It's only a matter of time, and when it happens, the chaos at Liverpool with Hicks and Gillet will be seen as nothing at all in comparison.

I can not wait to wipe the tears of joy from my eyes when that day arrives at the Mancs's camp.

U*d will be in the shit eventually they wont ever really struggle but their dominance will be hindered by this debt, the cracks are already showing. VDS, Neville, Scholes and Giggs will be gone in the next year or two, they dont have the cash to replace them with world class players.

Was speaking to a couple of mates who go home and away watching the scum and even they admit they are worried by whats going on and know we are catching them up

November 10th bring it the fuck on i cant wait !!!!!

http://www.thesun.co.uk/sol/homepage/sport/football/3172337/Inside-Wes-Browns-screaming-row-with-Alex-Ferguson.html

Wes Brown the latest player to suffer the Fergie treatment after daring to contradict the lunatic jock.