United Commercial Partnership Revenue

Baby Faced Assassin · 12th August 2010, 18:21

With the new Thomas Cook partnership in mind I was wondering how many sponsors United has and how much total revenue is coming into the club from these deals. From sponsors like Aon & Nike to commercial partners like Thomas Cook, Bharti Airtel, Saudi Telecom, Concha y Toro, etc. Can someone provide a list of all these deals and the amount United get from each deal annually?

Canuckred64 · 12th August 2010, 18:42

If you go on United's web site, there is a list of official sponsors.

Manchester United Official Web Site

Baby Faced Assassin · 12th August 2010, 19:10

Now just need the financial details. Someones doing their job pretty well down there in London.

RK · 12th August 2010, 19:17

GCHQ · 12th August 2010, 21:06

Quote:

Originally Posted by Baby Faced Assassin

Now just need the financial details. Someones doing their job pretty well down there in London.

We've also agreed a deal with 'Viva Bahrain', a telecom company, which isn't yet listed on the official site.

We agreed a five year deal with 'aigo', a Chinese electronics manufacturer, last year, but their logo has been removed from the club's website during the last week or so. To the best of my knowledge the company (it also sponsors Formula One team McLaren) is still trading so I'm intrigued as to what's happened there. There may be nothing to it of course with it simply being removed by mistake.

The Nike deal is now worth c.£25m a year and the AON deal c.£20m a year.

If you want the 'reported' annual values of the majority of the other deals then use the search function on this website: SportsPro Media

I have 'reported' figures for 14 of the other agreements so I'll fill in some of the gaps for you but I'm afraid I can't be bothered to list them all right now!

Rahul · 12th August 2010, 21:13

cha-ching !

ralphie88 · 12th August 2010, 21:19

United are still falling some way short of where they should be when it comes to 'commercial' (as opposed to 'broadcasting' and 'matchday') income. Top dogs by a country mile are actually Bayern Munich.

Baby Faced Assassin · 12th August 2010, 21:23

Quote:

Originally Posted by GCHQ

We've also agreed a deal with 'Viva Bahrain', a telecom company, which isn't yet listed on the official site.

We agreed a five year deal with 'aigo', a Chinese electronics manufacturer, last year, but their logo has been removed from the club's website during the last week or so. To the best of my knowledge the company (it also sponsors Formula One team McLaren) is still trading so I'm intrigued as to what's happened there. There may be nothing to it of course with it simply being removed by mistake.

The Nike deal is now worth c.£25m a year and the AON deal c.£20m a year.

If you want the 'reported' annual values of the majority of the other deals then use the search function on this website: SportsPro Media

I have 'reported' figures for 14 of the other agreements so I'll fill in some of the gaps for you but I'm afraid I can't be bothered to list them all right now!

Can you provide financial details regarding every active deal United have. Cheers.

GCHQ · 12th August 2010, 21:28

Quote:

Originally Posted by ralphie88

United are still falling some way short of where they should be when it comes to 'commercial' (as opposed to 'broadcasting' and 'matchday') income. Top dogs by a country mile are actually Bayern Munich.

A large reason for that is because we've sold the rights to our merchandising operation to Nike. If you include the gross revenues that Nike generate from that merchandising operation then our commercial revenue would be c.£20m higher but obviously our operating costs would be much higher too.

GCHQ · 12th August 2010, 21:32

Quote:

Originally Posted by Baby Faced Assassin

Can you provide financial details regarding every active deal United have. Cheers.

Well, for the ones that I know about I can do. But like I said, not right now.

misterredmist · 13th August 2010, 13:29

Singha beer and not that God awful Bud ? Things can make a turn for the better....

sglowrider · 13th August 2010, 16:01

My fav is the official wine partner!

I think we need to do the "Official Integrated Telecommunication Partner" deals more. We could do it for nearly every country out there. Surprised we have not penetrated China, Japan, Korea even more?

Sir A1ex · 13th August 2010, 16:06

Smirnoff - "Official Responsible Drinking Partner"

On that basis shouldn't Audi be "Official Bicycle and Public Tranpsort Partner" and Hublot be "Official Not Knowing the Time Partner"?

42 euros · 13th August 2010, 16:58

Quote:

Originally Posted by A1Dan

Smirnoff - "Official Responsible Drinking Partner"

On that basis shouldn't Audi be "Official Bicycle and Public Tranpsort Partner" and Hublot be "Official Not Knowing the Time Partner"?

I was thinking the same thing.
With our players car driving skills it's a shame we can't have -

Audi - "Official Responsible Driving Partner"

Xander45 · 13th August 2010, 17:01

Surely Audi should be official bucket seat provider.

VoetbalWizard · 13th August 2010, 17:04

Quote:

Originally Posted by Xander45

Surely Audi should be official bucket seat provider.

fuck that. recaro are the proper seat manufacturers.

VoetbalWizard · 13th August 2010, 17:11

Quote:

Originally Posted by Baby Faced Assassin

Now just need the financial details. Someones doing their job pretty well down there in London.

superb. lets boycott all of these companies lads.

use marsh or willis instead of aon for insurance brokerage.

adidas instead of nike.

bmw/benz instead of audi.

rolex instead of hublot.

michelin instead of kumho.

etc.

antohan · 13th August 2010, 17:37

Quote:

Originally Posted by A1Dan

Smirnoff - "Official Responsible Drinking Partner"

On that basis shouldn't Audi be "Official Bicycle and Public Tranpsort Partner" and Hublot be "Official Not Knowing the Time Partner"?

Well Hublot do in a way, their timekeeping partnership is behind Fergie time.

antohan · 13th August 2010, 17:40

Quote:

Originally Posted by Baby Faced Assassin

Someones doing their job pretty well down there in London.

A mate of mine was part of that London team until recently. He is a United supporter, of course. Dream job if there ever was one.

GCHQ · 13th August 2010, 18:27

Quote:

Originally Posted by sglowrider

My fav is the official wine partner!

I think we need to do the "Official Integrated Telecommunication Partner" deals more. We could do it for nearly every country out there. Surprised we have not penetrated China, Japan, Korea even more?

It's possible that the agreement with 'aigo' that I mentioned above included the club's media rights for China but it was never totally clear.

I would imagine that we'll announce deals with telecom companies in Korea and Japan pretty shortly.

Other obvious targets would be the likes of Thailand, Singapore and Mexico.

GCHQ · 17th August 2010, 17:55

Arctic Ice (American company) have replaced Lucozade as our Energy Drink sponsor.

Lucozade have deals with every other club in the Premier League so presumably the Arctic Ice boys have paid us more than Lucozade were willing to.

The 'Viva Bahrain' logo is now listed on the club's website.

The PCCW (Hong Kong) deal has been officially announced today (three year deal, no word on how much the deal is worth): Reds join forces with PCCW - Manchester United Official Web Site

No sign of 'aigo' on the LED boards last night so presumably that sponsorship has ended.

So the last six months has seen the AIG, Budweiser, aigo and Lucozade deals end.

At the same time new deals have been signed with AON, Singha Beer, Turkish Airlines, Arctic Ice, Thomas Cook, Concha y Toro, Telekom Malaysia, Viva Bahrain, MTN (South Africa telecom) and PCCW (Hong Kong telecom).

4 out, 10 in.

GCHQ · 17th August 2010, 18:55

Quote:

Originally Posted by Baby Faced Assassin

Can you provide financial details regarding every active deal United have. Cheers.

As you know, the AON deal is worth £20m a year up to June 2014. The Nike deal is worth c.£25m a year up to June 2015.

As for the other ones (these are 'reported' values in the media):

Turkish Airlines - £2.6m per annum until June 2013

Betfair - £1.5m pa until June 2012

Hublot - £1.5m pa until June 2012

Kumho - £1.5m pa until June 2011

Audi - No 'reported' financial information available but it's been a long term sponsor of the club and has renewed its deal several times now (My estimate - £1.5m pa)

Singha Beer - Deal ends June 2013, no 'reported' financial information (My estimate - £1.5m pa)

Thomas Cook - £1.5m pa until June 2014

Hi Seoul - £1.3m pa until June 2011

Concha y Toro - £1.25m pa until June 2013

Globacom - £3.0m pa until June 2015

Aigo - Deal was worth £3.0m pa until June 2014 but agreement may have been ended early

Bharti - £2.0m pa until June 2014

Saudi Telecom - £2.0m pa until June 2013

Telekom Malaysia - £1.5m pa until June 2015

MTN - £1.5m pa until June 2013

Tri Indonesia - £1.0m pa until 2012

Viva Bahrain - No 'reported' financial information available (My estimate £1.5m pa)

PCCW - Three year deal. No 'reported' financial information (My estimate £1.5m pa until June 2013)

Arctic Ice - No 'reported' financial information available but Lucozade deal was said to be worth £0.5m pa (My estimate £0.75m pa)

Smirnoff - No 'reported' financial information available. (My estimate £0.75m pa)

Viagogo - No 'reported' financial information available

Key 103 - No 'reported' financial information available

Of the non-telecom related deals, there are seven platinum sponsors (Turkish Airlines, Betfair, Kumho, Audi, Singha Beer, Hublot and Thomas Cook) and six secondary partners (Hi Seoul, Concha y Toro, Arctic Ice, Smirnoff, Viagogo and Key 103).

Other commercial income includes revenue generated from MU Finance (the separate AIG MU Finance deal was worth £5.0m pa), the club's Museum, Non-matchday catering and our share of the proceeds from Barclays' sponsorship of the Premier League.

Baby Faced Assassin · 17th August 2010, 19:31

Quote:

Originally Posted by GCHQ

Arctic Ice (American company) have replaced Lucozade as our Energy Drink sponsor.

Lucozade have deals with every other club in the Premier League so presumably the Arctic Ice boys have paid us more than Lucozade were willing to.

The 'Viva Bahrain' logo is now listed on the club's website.

The PCCW (Hong Kong) deal has been officially announced today (three year deal, no word on how much the deal is worth): Reds join forces with PCCW - Manchester United Official Web Site

No sign of 'aigo' on the LED boards last night so presumably that sponsorship has ended.

So the last six months has seen the AIG, Budweiser, aigo and Lucozade deals end.

At the same time new deals have been signed with AON, Singha Beer, Turkish Airlines, Arctic Ice, Thomas Cook, Concha y Toro, Telekom Malaysia, Viva Bahrain, MTN (South Africa telecom) and PCCW (Hong Kong telecom).

4 out, 10 in.

Thanks for your input. Much appreciated.

The rate at which United is going is phenomenal. Not to mention all the Man Utd cafe's opening all over the world. The one I went to in Mumbai, India, was full at 12am in the night for the UCL match against Bayern, which we lost 2-1. But I estimate the revenue generated by all these Cafe/Bars will also be huge. Hope some of this capital generated is available to Sir Alex in the immediate future.

Quote:

Originally Posted by GCHQ

As you know, the AON deal is worth £20m a year up to June 2014. The Nike deal is worth c.£25m a year up to June 2015.

As for the other ones (these are 'reported' values in the media):

Turkish Airlines - £2.6m per annum until June 2013

Betfair - £1.5m pa until June 2012

Hublot - £1.5m pa until June 2012

Kumho - £1.5m pa until June 2011

Audi - No 'reported' financial information available but it's been a long term sponsor of the club and has renewed its deal several times now (My estimate - £1.5m pa)

Singha Beer - Deal ends June 2013, no 'reported' financial information (My estimate - £1.5m pa)

Thomas Cook - £1.5m pa until June 2014

Hi Seoul - £1.3m pa until June 2011

Concha y Toro - £1.25m pa until June 2013

Globacom - £3.0m pa until June 2015

Aigo - Deal was worth £3.0m pa until June 2014 but agreement may have been ended early

Bharti - £2.0m pa until June 2014

Saudi Telecom - £2.0m pa until June 2013

Telekom Malaysia - £1.5m pa until June 2015

MTN - £1.5m pa until June 2013

Tri Indonesia - £1.0m pa until 2012

Viva Bahrain - No 'reported' financial information available (My estimate £1.5m pa)

PCCW - Three year deal. No 'reported' financial information (My estimate £1.5m pa until June 2013)

Arctic Ice - No 'reported' financial information available but Lucozade deal was said to be worth £0.5m pa (My estimate £0.75m pa)

Smirnoff - No 'reported' financial information available. (My estimate £0.75m pa)

Viagogo - No 'reported' financial information available

Key 103 - No 'reported' financial information available

Of the non-telecom related deals, there are seven platinum sponsors (Turkish Airlines, Betfair, Kumho, Audi, Singha Beer, Hublot and Thomas Cook) and six secondary partners (Hi Seoul, Concha y Toro, Arctic Ice, Smirnoff, Viagogo and Key 103).

Other commercial income includes revenue generated from MU Finance (the separate AIG MU Finance deal was worth £5.0m pa), the club's Museum, Non-matchday catering and our share of the proceeds from Barclays' sponsorship of the Premier League.

In light of the data you provided, United earns at least £75M PA from all its commercial deals. This just blows you away. Again not including the broadcasting rights money from the PL & UCL. Again if United was allowed to negotiate its PL rights on its own like Barca and Real it would just elevate us to a different level.

GCHQ · 19th September 2010, 17:50

Noticed today that 'DHL' appeared on the LED boards so presumably that's a new sponsor.

I make that 24 sponsors/partners, possibly 25 depending on the state of the 'aigo' agreement.

datura · 19th September 2010, 18:04

Only you could post about a new sponsor after a victory like today.

GCHQ · 19th September 2010, 18:15

Please don't take threads like this off topic with your agenda, datura. It's threads like this one that are a sanctuary from the riffraff of the forum.

datura · 19th September 2010, 18:22

Nice use of irony, maybe there is a human being in there somewhere. Did you enjoy the game or were you mainly looking at the LED boards?

GCHQ · 19th September 2010, 18:27

Quote:

Originally Posted by datura

Nice use of irony, maybe there is a human being in there somewhere. Did you enjoy the game or were you mainly looking at the LED boards?

Of course I enjoyed the game. I only had a look at the LED boards at half-time after the formal announcement of the 'Concha y Toro' sponsorship agreement.

I've made other comments about the game today. Why I am not also allowed to post a perfectly valid comment about a new sponsor?

Chris H · 19th September 2010, 20:07

Quote:

Originally Posted by ralphie88

United are still falling some way short of where they should be when it comes to 'commercial' (as opposed to 'broadcasting' and 'matchday') income. Top dogs by a country mile are actually Bayern Munich.

I thought this income was mostly from renting out their stadium? Seem to remember that from the Deloitte & Touche Money League report a few years back. I saved a copy somewhere...

ralphie88 · 20th September 2010, 13:30

Quote:

Originally Posted by Chris H

I thought this income was mostly from renting out their stadium? Seem to remember that from the Deloitte & Touche Money League report a few years back. I saved a copy somewhere...

I assume that the naming agreement is included in their overall commercial revenue.

ralphie88 · 20th September 2010, 13:31

Incidentally, according to the dictionary of colloquial Spanish, 'Concha Y Torro' means 'Cunt and Bull'.

MOTWYW.

GCHQ · 22nd October 2010, 22:10

Quote:

Originally Posted by GCHQ

Arctic Ice (American company) have replaced Lucozade as our Energy Drink sponsor.

Lucozade have deals with every other club in the Premier League so presumably the Arctic Ice boys have paid us more than Lucozade were willing to.

The 'Viva Bahrain' logo is now listed on the club's website.

The PCCW (Hong Kong) deal has been officially announced today (three year deal, no word on how much the deal is worth): Reds join forces with PCCW - Manchester United Official Web Site

No sign of 'aigo' on the LED boards last night so presumably that sponsorship has ended.

So the last six months has seen the AIG, Budweiser, aigo and Lucozade deals end.

At the same time new deals have been signed with AON, Singha Beer, Turkish Airlines, Arctic Ice, Thomas Cook, Concha y Toro, Telekom Malaysia, Viva Bahrain, MTN (South Africa telecom) and PCCW (Hong Kong telecom).

4 out, 10 in.

Arctic Ice now confirmed on the club's website as the new Energy Drink sponsor: http://www.manutd.com/default.sps?pagegid={235041B8-C516-4517-8D04-AEEBB5882B8A}&page=1

Business as usual at United.

Sir Matt · 22nd October 2010, 23:40

Am I the only one who thinks that Nike might have tried to keep Rooney here along with the Glazers, Fergie, Gill, Jesus, and the Disciples?

GingerPrince11 · 22nd October 2010, 23:57

Quote:

Originally Posted by Sir Matt

Am I the only one who thinks that Nike might have tried to keep Rooney here along with the Glazers, Fergie, Gill, Jesus, and the Disciples?

they would have done more to keep Ronaldo then, since his only destination, Real Madrid, are sponsored by Adidas.

sglowrider · 23rd October 2010, 03:52

Quote:

Originally Posted by GCHQ

Arctic Ice now confirmed on the club's website as the new Energy Drink sponsor: http://www.manutd.com/default.sps?pagegid={235041B8-C516-4517-8D04-AEEBB5882B8A}&page=1

Business as usual at United.

Its interesting where these sponsorships are coming from. I am more surprised why Standard Chartered sponsored Liverpool when the SC's primary market strengths are in Africa, Middle East & Asia too --same as who are currently the United main regional sponsors right now.

KingMinger22 · 23rd October 2010, 21:07

GHCQ is definitely on the Glazer's payroll. It's hilarious how excited he gets when we sign a new commercial partner.

Our commericial revenues are very low compared to Bayern. They have a bigger domestic market and no one in Asia buys official merchandise. From spending time in China, I strongly doubt that will ever change.

Neutral · 23rd October 2010, 21:10

Quote:

Originally Posted by KingMinger22

GHCQ is definitely on the Glazer's payroll. It's hilarious how excited he gets when we sign a new commercial partner.

our commericial revenues are very low compared to Bayern. They have a bigger domestic market and no one in Asia buys official merchandise. From spending time in China, I strongly doubt that will ever change.

what are the figures?

GCHQ · 23rd October 2010, 21:13

Quote:

Originally Posted by KingMinger22

GHCQ is definitely on the Glazer's payroll. It's hilarious how excited he gets when we sign a new commercial partner.

Our commericial revenues are very low compared to Bayern. They have a bigger domestic market and no one in Asia buys official merchandise. From spending time in China, I strongly doubt that will ever change.

A large reason for that is because we've sold the rights to our merchandising operation to Nike. If you include the gross revenues that Nike generate from that merchandising operation then our commercial revenue would be c.£20m higher but obviously our operating costs would be much higher too.

KingMinger22 · 23rd October 2010, 21:19

Quote:

Originally Posted by BTV_is_neutral

what are the figures?

They are in this article somnewhere

The Swiss Ramble: United We Stand, Divided We Fall

Which is an outstanding read. It's full of facts and figures about football club finances.

wr8_utd · 23rd October 2010, 21:22

Quote:

Originally Posted by KingMinger22

GHCQ is definitely on the Glazer's payroll. It's hilarious how excited he gets when we sign a new commercial partner.

Our commericial revenues are very low compared to Bayern. They have a bigger domestic market and no one in Asia buys official merchandise. From spending time in China, I strongly doubt that will ever change.

If your talking about United and not Munich then I strongly beg to differ.

12th August 2010, 18:21	#1 (permalink)
Baby Faced Assassin Pastor of Muppets Join Date: Jan 2009 Location: Offside Posts: 4,502	United Commercial Partnership Revenue With the new Thomas Cook partnership in mind I was wondering how many sponsors United has and how much total revenue is coming into the club from these deals. From sponsors like Aon & Nike to commercial partners like Thomas Cook, Bharti Airtel, Saudi Telecom, Concha y Toro, etc. Can someone provide a list of all these deals and the amount United get from each deal annually?

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12th August 2010, 18:42	#2 (permalink)
Canuckred64 Reserve Team Player Join Date: Jun 2007 Location: Canada Posts: 1,747	If you go on United's web site, there is a list of official sponsors. Manchester United Official Web Site

12th August 2010, 19:10	#3 (permalink)
Baby Faced Assassin Pastor of Muppets Join Date: Jan 2009 Location: Offside Posts: 4,502	Now just need the financial details. Someones doing their job pretty well down there in London.

12th August 2010, 19:17	#4 (permalink)
RK First Team Regular Join Date: May 2008 Posts: 13,933

12th August 2010, 21:13	#6 (permalink)
Rahul First Team Regular Join Date: Nov 2006 Location: Hunting The Hunter ! Posts: 12,699	cha-ching !

12th August 2010, 21:19	#7 (permalink)
ralphie88 First Team Regular Join Date: Sep 2006 Location: Stretford Posts: 14,336	United are still falling some way short of where they should be when it comes to 'commercial' (as opposed to 'broadcasting' and 'matchday') income. Top dogs by a country mile are actually Bayern Munich.

13th August 2010, 13:29	#11 (permalink)
misterredmist Reserve Team Player Join Date: Jul 2008 Location: Baguley Posts: 1,689	Singha beer and not that God awful Bud ? Things can make a turn for the better....

13th August 2010, 16:01	#12 (permalink)
sglowrider Copy & Paste Expert Join Date: Dec 2009 Location: Hell on Earth Posts: 4,495	My fav is the official wine partner! I think we need to do the "Official Integrated Telecommunication Partner" deals more. We could do it for nearly every country out there. Surprised we have not penetrated China, Japan, Korea even more?

13th August 2010, 16:06	#13 (permalink)
Sir A1ex First Team Regular Join Date: Jul 2002 Location: Where the goals come from. Posts: 19,907	Smirnoff - "Official Responsible Drinking Partner" On that basis shouldn't Audi be "Official Bicycle and Public Tranpsort Partner" and Hublot be "Official Not Knowing the Time Partner"?

13th August 2010, 17:01	#15 (permalink)
Xander45 Know-It-All Champion May 2009 Join Date: Mar 2006 Location: Fratton Park, play up Pompey! Posts: 18,109	Surely Audi should be official bucket seat provider.

17th August 2010, 17:55	#21 (permalink)
GCHQ Glazer Crevice Headquarters Join Date: Feb 2010 Location: Sir Alex Ferguson, Ben Foster, Hayley McQueen..... they can't all be wrong! Posts: 3,875	Arctic Ice (American company) have replaced Lucozade as our Energy Drink sponsor. Lucozade have deals with every other club in the Premier League so presumably the Arctic Ice boys have paid us more than Lucozade were willing to. The 'Viva Bahrain' logo is now listed on the club's website. The PCCW (Hong Kong) deal has been officially announced today (three year deal, no word on how much the deal is worth): Reds join forces with PCCW - Manchester United Official Web Site No sign of 'aigo' on the LED boards last night so presumably that sponsorship has ended. So the last six months has seen the AIG, Budweiser, aigo and Lucozade deals end. At the same time new deals have been signed with AON, Singha Beer, Turkish Airlines, Arctic Ice, Thomas Cook, Concha y Toro, Telekom Malaysia, Viva Bahrain, MTN (South Africa telecom) and PCCW (Hong Kong telecom). 4 out, 10 in.

19th September 2010, 17:50	#24 (permalink)
GCHQ Glazer Crevice Headquarters Join Date: Feb 2010 Location: Sir Alex Ferguson, Ben Foster, Hayley McQueen..... they can't all be wrong! Posts: 3,875	Noticed today that 'DHL' appeared on the LED boards so presumably that's a new sponsor. I make that 24 sponsors/partners, possibly 25 depending on the state of the 'aigo' agreement.

19th September 2010, 18:04	#25 (permalink)
datura First Team Sub Join Date: Nov 2008 Location: so it goes Posts: 9,135	Only you could post about a new sponsor after a victory like today.

19th September 2010, 18:15	#26 (permalink)
GCHQ Glazer Crevice Headquarters Join Date: Feb 2010 Location: Sir Alex Ferguson, Ben Foster, Hayley McQueen..... they can't all be wrong! Posts: 3,875	Please don't take threads like this off topic with your agenda, datura. It's threads like this one that are a sanctuary from the riffraff of the forum.

19th September 2010, 18:22	#27 (permalink)
datura First Team Sub Join Date: Nov 2008 Location: so it goes Posts: 9,135	Nice use of irony, maybe there is a human being in there somewhere. Did you enjoy the game or were you mainly looking at the LED boards?

20th September 2010, 13:31	#31 (permalink)
ralphie88 First Team Regular Join Date: Sep 2006 Location: Stretford Posts: 14,336	Incidentally, according to the dictionary of colloquial Spanish, 'Concha Y Torro' means 'Cunt and Bull'. MOTWYW.

22nd October 2010, 23:40	#33 (permalink)
Sir Matt First Team Sub Join Date: Jul 2009 Location: LUHG Posts: 9,294	Am I the only one who thinks that Nike might have tried to keep Rooney here along with the Glazers, Fergie, Gill, Jesus, and the Disciples?

23rd October 2010, 21:07	#36 (permalink)
KingMinger22 City >>> United Join Date: Aug 2005 Location: Banbury Posts: 2,883	GHCQ is definitely on the Glazer's payroll. It's hilarious how excited he gets when we sign a new commercial partner. Our commericial revenues are very low compared to Bayern. They have a bigger domestic market and no one in Asia buys official merchandise. From spending time in China, I strongly doubt that will ever change.