Dr Pepper
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Registered: 21st Sep 02
Location: oxford Drives Renault Clio RS200
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Link to the article that explains it as simply as possible.....dodgy as hell these Glaziers
http://andersred.blogspot.com/2011/02/pik-repayment-trail-goes-colder-as.html
for those who cant be bothered to read it all - main bits are....
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"Followers of the United finance story will know that unexpectedly on 22nd November last year, the Glazers found the £249.1m required to pay off the infamous PIKs.
In December, filings at Companies House showed that this money had been raised by issuing two new shares in United's UK parent company Red Football Shareholder Limited (2 new shares being 0.0002% of the issued share capital). RFS then bought two shares in its subsidiary Red Football Joint Venture (which owed the PIKs) for the same sum and RFJV used the money to repay the debt
quick search in the usual places shows that Red Football LLC is a new company in Delaware, the most secretive of all US states when it comes to corporations. The company, which through a string of four UK subsidiaries now owns 100% of Manchester United was formed on 4th November 2010, just under three weeks before the PIKs were repaid.
We don't know who the directors of Red Football LLC are, who its shareholders are or how it obtained the £249.1m.
there are really only two explanations for the repayment of the PIKs; either the Glazers have found some sort of equity to repay them (even though nobody can identify where that could have come from)
or Red Football LLC has borrowed the money to repay the debt and the threat of the club's cash being used to service this new debt is still there.
If it's the former then United are in a strong financial position despite the wasted £45m spent annually on bond interest. If it's the latter then the there is a high chance of the Glazers taking the £100m+ (and rising) of dividends to which they are "entitled" at some point in the future"
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Basically, new, mysterious companies have pumped money into the Man u parent company, who have then put that money back into man u to clear off debt on the club.... this would allow the glaziers to start taking dividend payment back out on the club .... however- the money appears to be a loan to a company newly formed, and probably instigated by the glaziers....... in a nut shell, making a company, to get a loan, to pay off their other loan, to give a false idea of how well man u is doing- so they can then take more profit from the club to service the other debts they have.
Not illegal but very bad state of affairs for man u to be involved with
[Edited on 02-02-2011 by Dr Pepper]
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Nath
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Registered: 3rd Apr 02
Location: MK
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If this doesn't get Cosmo to post nothing will.
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Dr Pepper
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Registered: 21st Sep 02
Location: oxford Drives Renault Clio RS200
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quote:
Originally posted by Nath
If this doesn't get Cosmo to post nothing will.
lol- obviously we wont know what has happened for a while yet... but it appears as if united have not had debt cleared off.... quite the opposite ... the club will be used to service the debts of several parent companies now, and because the debt has been hidden the glaziers will take £100 million plus out of the club in dividends too.
Now it could just be that a new company, in a state renouned for dodgy companies due to secrecy laws, has just pumped £250 million into man u's parent company for no obvious reason ... we dont know who they are, or where the money has come from.
But I dont think that is the most likely thing thats happened... and looking at the amount of people writing about this today - not just from football writers it appears as if most experts think this is the glaziers hiding debt through dodgy, secretive companies so they can claim the dividends they should not be entitled to.
[Edited on 02-02-2011 by Dr Pepper]
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Tom
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Registered: 3rd Apr 02
Location: Wirral, Merseyside
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Dodgy f*ckers!
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Ben G
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Registered: 12th Jan 07
Location: Essex
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is it true man united rent their training ground from the glazers company?
all sounds very dodgy and harry redknapp like.
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