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Here is a summary of GCHQ arguments:
1) The Glazers brought a new paradigm in the way United market themselves which raised sales. There is some merit to this - a rising tide lifts all boats but United has risen higher than most.
2) The debt mountain re-focused slack management under the PLC through the knowledge that United must pursue more aggressive sales strategy. BULLSHIT Argument - this would mean every club should load up with debt which will incentivise people to work harder.
3) United are better off paying interest than tax. BULLSHIT. United have control over how much profit they declare and thus how much tax and dividends they want to issue. They have no control over how much interest they pay unless they go through another ound of expensive refinancing.
4) Estimate United costs and sales if they remained a PLC and compare that to United as a private conern loaded with debt. Add loads of conjecture and hypocrisy and GCHQ draws a conclusion than all businesses should load up with debt as its tax efficient and focuses managment.
Rinse and repeat.
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