- Dec 26, 2005
Thanks for the explanation.Net debt 101
Net Debt as of 30 June 2020 was £474.1m, an increase of £270.5m over the year, due to a decrease of £256.1m in cash and cash equivalents and adverse movements in the GBP:USD exchange rate. The gross USD debt principal remains unchanged
Nothing to do with Glazers directly. Simply we had to dip into our huge cash reserves (300m) on a rainy (COVID) day to pay the bills when our sugar daddy (broadcasting $$) was slashed in half overnight.
This should be in the OP.
It's still a shitty situation, but not as bad as a layman would infer from the thread title.