ALL issues relating to the bond issue and club finances

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ciderman9000000

Oi you'll find that I've taken umbrage with anyone who's called SAF a liar on here whether they have any connection to MUST or not. My posts against MUST over the last couple of pages have been in direct response to their statement accusing the club of keeping us in the dark; it's entirely relevant then for me then to point out that the club never kept us in the dark, that the club has given us repeated reassurances concerning our finances, but that MUST chose to disregard these assurances as lies. They cannot cover up their balls-up and excuse their deceptions by stating now that, 'Well what do you expect? The club is so secretive. How were we supposed to know? They should have come clean about the finances." It doesn't cut it I'm afraid.

phelans shorts

David Bick's thoughts.

Likely to be a precursor to a sale or partial sale of the club to a new investor

hmmmm.

Rado_N

That sounds like a long shot in the dark in the vain hope of being able to say he called it in the unlikely event of it coming true.

Transfer United Till I Die

Any explanation as to why?

Sultan

I wonder if this money has come from a partial sale of United to an investor?

Crerand Legend

Financial expert on SSN believes it may be beginning of part or whole take over, interesting find it hard to believe though

phelans shorts

Possible, could be some sort of "downpayment" on the club, although this is likely hopeful thinking.

Sultan

[IMG]comical_ali.jpg[/IMG]

didsbury1982

I'd imagine it's nothing more than hopeful thinking to be honest.

charleysurf

Sounds like wishful thinking. They wouldn't agree to a pay the PIKS back next week unless they had a deal already signed which provided the cash to do so. And if a deal was signed then surely the buyer would have announced it.

Transfer United Till I Die

In fairness it turns out they may have been right.

Sultan

Why would they want to keep that secret?

phelans shorts

I'd guess as it's not been finalised? We heard nothing of City being bought until the day it happened, there wasn't even a hint ADU were in talks, many companies don't like takeovers going public until completion.

EDIT: and yes, this is me being VERY optiistic.

Sultan

The way Glazers bought Manchester United was short of playing roulette. Fortunately United have had good years on the field during their tenure, reflecting in good financial performance.

Rado_N

Maybe the Red Knights were the winners of that Euro Millions rollover?

Crerand Legend

Then put the whole lot on Haye 3rd Round, we have got it sorted now

Rado_N

I think we may be on to something here, Haye said himself he held on til the third, maybe he's invested?

Ole's_toe_poke

Great. Now we don't have to sell O'Shea.

Also I thought the PIKs would have no bearing on our debt anyway. Since they were Glazer's responsibility they were not part of the debt of the club.

charleysurf

Well, the Tariq Panja info that "PIK holders were contacted by representatives of United’s owners last week and agreed to a waiver allowing the family to take 50 million pounds out of the team to buy back that amount of the bond" implies to me that they have gotten the money from this by a new loan, not by selling equity.

They wanted to pay the PIKS at least partly out of cash (50m in cash, 170m in the new loan), but in the end stumped for paying the PIKS completely with a new loan. And it maybe the G&G campaign that made them do that. Although if the new loan is secured against the club then its not much of a victory.

phelans shorts

Rio: "To reduce the debt would be fantastic if it's true. When I get back to the club i'm sure I'll be told exactly what's happening."

Twitter will be waiting Mr. Ferdinand.

Ole's_toe_poke

That can't be a real Rio tweet. It has punctuation and fully spelled words.

phelans shorts

It isn't from his twitter, but the England press conference, which someone else tweeted.

Transfer United Till I Die

You don't think that the biggest global recession in living memory was a tad unlucky?

charleysurf

andersred Andy Green
#MUFC on PIKs unlikely to hear anything until publication of RFJV accounts at Companies House, timing of that uncertain, was Jan last time.

ciderman9000000

Yeah, I'm sure you will, Rio

Crerand Legend

So this thread is good to run for a while yet

charleysurf

PM below from ralph250 in the newbies. I guess it depends whats the 'bond' that Tariq is referring to. I assumed it was the PIKs, not the bond issue debt.
Can someone tweet Tariq about this? I'm pretty sure it's the PIK debt though.

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Hi, I was the one that referred Anver to the twitter feed. The above is how I first read it, but I think I made an oversight. Is he not referring to the bond issue secured on United.

Ie. club want to use £50m of club cash to additionally reduce the £500m bond issue debt, but needed a waiver signed to do so.

Now they've cleared the PIKS now longer need that, so removed that obstacle, and so is now dependent on any redemption periods. Though doing it now, is inconsistent with:

"The notes, issued by MU Finance, are due in 2017 but there is a call option that allows the borrower to buy it back in three years".

FT Alphaville » Man Utd edition (updated)

Crerand Legend

Reading that is a take over a possibilty then?

charleysurf

I don't see why. Why would they ever have had to ask the PIK holders for a waiver to get at the clubs cash if they had a big cash influx coming from an equity buyer?

Crerand Legend

Perhaps, does not look like we are going to know anytime soon

Rood

It is about much more than just this new development, that is only a small part of the bigger discussion. It is about 5 years worth of negativity and bitterness which has mostly proven to be completely unfounded.
Many people have walked away from our club as a result of this misinformation and that for me is the saddest part - I want to set the record straight to make sure others do not make the same mistake or at least that they are given the correct information before making a decision.

Marching

But, because nobody is privvy to the Glazers plans, people have based their opinions of the running of MUFC on gossip and guesses....it appears the Glazers did afterall have more business sense than people thought.

Not that MUST or their supporters will give them any credit.

Crerand Legend

Oh so the huge amounts spent on interest the ACS the increased ticket prices the lack of team investment had nothing to do with negativity and bitterness, its all down to mis information about the Great Glazer family

Rood

I have given my detailed views on ACS, ticket prices and team investment on several occasions - I have no interest in repeating myself, especially not to you.

Transfer United Till I Die

This. People can't get all bitchy about how secretive they are and then criticise about a business plan they know nothing about but think they do because of unsubstantiated rumours. Rumours which so far have proven to be wrong at every single turn. Not once. Every time.

Crerand Legend

The long term problems with the Glazer ownership have not gone away you know that is why they get repeated again and again

Rood

No - it is clearly about the £500m bond.
Basically he is saying that the Glazers want to use some of our cash reserves to repurchase the bond debt - if they arent using it for the PIK then it would make sense to use it for that. So we could see our total debt levels come down to even yet lower levels - which would be great!

Sultan

I'm not sure Marching. As I said before it was a risky purchase. We have seen with other clubs and owners the risks involved. Some of the negative press and gloom was justified. It was a very fine line they tread. We still have 500 Million debt.

Chelsea, City, Leeds, Portsmouth, Liverpool and Newcastle among many others were all on the verge or went into administration. MUST had very good reasons to see the glass half empty.

charleysurf

I don't see how that is as clear as you seem to think. If someone with a twitter account could tweet Tariq then we could maybe sort this point out though.