THE GLAZERS have cost Manchester United £1.2billion in their nightmare 20-year reign.
When the controversial Americans purchased the club in June 2005, they paid a whopping £790million.
But the deal was funded by borrowed cash and it dumped £604m in debt onto United, who had just £50m borrowed previously.
As the Glazers reach the two decade mark in charge, over £1bn has been lost in debt interest, debt repayments, dividends and fees to the family.
BBC claim £815m has gone towards debt interest repayments, £166m in dividends to shareholders and £10m in fees to Glazer family companies.
And while things continue to get worse on the pitch, finally, things are at least looking up financially.
Brutal cost-cutting introduced by £1.3bn part owner Sir Jim Ratcliffe is beginning to pay dividends – even if 450 staff jobs were wiped out along with free lunches amidst a host of other spending slashes.
In the club’s accounts for the third quarter of this year, payments to employees by comparison to 12 months ago were down a huge £20m to £71.2m – a drop of almost 22 per cent.
Going out of the 2023-24 Champions League and into the Europa League actually HELPED the figures in not paying extra player bonus costs as well as non-playing staff departures.
Total operating expenses for the quarter were £162.1m, a decrease of £41.6m, or 20.4 per cent, over the prior year quarter.
And operating profit was at £700,000, compared to an operating loss of £66.2m this time last year.
Ratcliffe and his recently downgraded Ineos head honcho Sir Dave Brailsford can point to their financial re-structuring having a near-instant impact.
But chief executive Omar Berrada pointed the finger at the side that finished a shocking 15th in the table – and will have no European football at all in the forthcoming campaign after losing to Tottenham in the last chance saloon Europa League final.
He declared: “We were proud to reach the final of the Europa League but ultimately we were disappointed to finish as runner-up in Bilbao.
“We had a difficult season in the Premier League which we all know fell below our standards and we have a clear expectation of improvement next season.”
Berrada and the rest of the Old Trafford hierarchy are working hard to back boss Ruben Amorim in this summer’s transfer market having already forked out £62.5m – in what will be three instalments – for Matheus Cunha from Wolves.
Despite Ratcliffe warning earlier this year that those sweeping cuts were necessary to stop the club going bust by last Christmas – and concerns over staying within profit and sustainability rules – a £55m bid for Bryan Mbuemo was registered this week.
Brentford want at least £60m for the wide attacker and will almost certainly get their money although United, finances improving or not, will also have to sell.
Alejandro Garnacho has been told he’s going and is valued at £60m while Amorim wants to dump Jadon Sancho, Antony and Marcus Rashford along with Casemiro and Tyrell Malacia.
Reasons to be cheerful
Yet as United juggle their funds to aid the rebuild, the club point to improvements off the pitch.
Plans for a new £200bn stadium are progressing, Berrada stressing: “We remain focused on infrastructure, with the redevelopment of our Carrington Training Complex continuing and on track.
“It will be the heart of our club, providing world class facilities for all our teams and our staff.
“We have also announced our aspiration to pursue a new 100,000-seater stadium, sitting at the heart of the regeneration of the Old Trafford area, which would be a catalyst for growth and investment in our local community.
“We are continuing to work with all the relevant stakeholders, including central Government, to support their vision for growth.”
Even the dropping value of the US dollar is working in United’s favour.
The club’s American borrowings still stand at $650m – the same as last year at the same time but due to the USD/GBP exchange rate in GBP United now owe £500.9m compared to £511.3m.
United are happy with what they say are “strong revenues which increased by 17.4 per cent driven by additional matchday and broadcast money by thanks to going all the way to Bilbao as opposed to dropping out of last season’s Champions League at the group stage.”
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