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English Premiership

Man Utd records profit earnings

LONDON, January 11 – English giants Manchester United on Monday reported pre-tax profits of 48.2million pouns (53.6m euros) for the year to June 30, 2009.The figure includes the world record 80m pounds (90m euros) fee they pocketed for the sale of star forward Cristiano Ronaldo to Real Madrid and also 41.9m pounds paid out in interest on a mammoth loan of 509.5m pounds.

Turnover was also up, from 80.4m pounds in 2008 to 91.3m pounds a year later.

The figures were released on a morning when United officially confirmed their intention to raise 500million pounds through bonds in order to refinance their debts.

Without the world record sale of Ronaldo, the reigning English Premier League champions would have been reporting a loss of 31.8million pounds, a situation that clearly is unsustainable over the long term, hence the bonds issue.

"Manchester United today announced that it will be seeking to raise approximately 500million pounds aggregate principal amount from an offering of senior secured notes due 2017," said a United statement.

"The notes, whose proceeds will be used to refinance existing debt secured against the club, will be issued by MU Finance plc."

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