Mycket står på spel för Manchester United i onsdagens kvartsfinalretur mot Porto. Det är en inte helt obetydlig skillnad vad gäller intäkter mellan en kvartsfinal och en final i Champions League. En sorti i kvarten skulle begränsa ”cash-flow” med ett respektabelt belopp under nuvarande bokslutsår.
ManU är världens mest lönsamma fotbollsklubb. Man är ensam om att trots kontinuerligt stora sportsliga framgångar, varje år konsekvent kunna leverera ett starkt positivt rörelseresultat.
Säsongen 2007/08 var inget undantag. Omsättningen landade på £256m vilket är en ökning med drygt 20% från säsongen innan. Kassaflödet från rörelsen blev rekordstora £89 miljoner. En miljon mer än föregående säsong.
Dock försämrades klubbens rörelsemarginal (inkl avskrivningar), från 24% ned till 17%. Detta främst beroende på högre lönekostnader. Ration löner/omsättning upp från 44% till 48%. Priset för sportslig framgång ser därmed ut att ha ökat vilket även speglas på avskrivningarna för spelarförvärv som ökade från £24m till £35m.
Det periodiserade resultatet 2007/08 före skatt för Manchester United Limited blev en vinst på £66miljoner.
Låt oss i stora drag titta på några av varumärket ManU:s bidrag till dess omvärld genom att följa miljonerna och resurserna som rörelsen genererar.
Till sina konkurrenter och fotbollseuropa
Precis som alla andra klubbar utbildar Manchester United fotbollspelare. De spelare som inte anses generera tillräcklig nytta, exporteras till klubbar lägre ned i näringskedjan där de förväntas leverera mer nytta. För denna utbildning erhöll ManU £18m i form av transfersummor.
Samtidigt vill klubben försvara sina sportsliga positioner. Förstärkningar av spelartruppen innebär givetvis att klubben använder en del av de kassaflöden som varumärket ManU genererar till att förvärva spelare och därmed finansiera konkurrenternas balansräkningar. Klubben köpte under perioden spelare från andra klubbar för £46m.
Transfersystemet är ett av fotbollens solidaritetsmekanismer med syfte att stimulera tävlingsbalansen. Omallokeringen av talang samt likvida medel bidrar dessutom till att hålla det europeiska fotbollsystemet flytande (mer om det här).
ManU:s monetära bidrag till övriga fotbollsvärlden blev alltså nettot av transferlikvidena, £28 miljoner.
Till investerarna
Malcolm Glazer heter ägaren men har finansierat förvärvet av ManU genom en struktur till stor del baserad på skulder. De investerare som trodde på prospektet får sin årliga avkastning i form av ränta. Under säsongen 2007/8 betalades £58m ut i räntor till de aktörer som lånat ut pengar till Glazers affär.
Den periodiserade räntekostnaden för perioden var dock högre, £69 miljoner. En mindre del av denna kostnad betalas inte ut nu, istället blir den upplupen och aggregeras skulden fram till dess förfall. (läs mer om skuldstrukturen här)
Till sin ägare
En relevant fråga är givetvis hur Malcolm Glazer ska tjäna pengar på klubben. De periodiserade resultaten i holdingbolaget Red Football Shareholder Limited har hittills varit negativa. Så länge kassaflödena från klubben överstiger ränteutbetalningarna är dock allt frid och fröjd. Det är dock inte helt riskfritt och några av riskerna har jag tidigare specat under länken ett par rader högre upp.
Inte helt otroligt är att bidraget till Glazer kommer den dagen han säljer klubben. Likviden för försäljningen förväntas dels kunna amortera skulderna och dessutom leverera en positiv avkastning på det egna kapital Glazer riskerat i samband med förvärvet 2005.
Forbes senaste subjektiva värdering (här), uppgraderade värdet på ManU till $1.87 miljard, motsvarande £1.25mdr. Frågan är givetvis om det finns potentiella köpare going forward.
We are a group of volunteers and starting a new scheme in our community.
Your web site
offered us with valuable info to work on. You have done a formidable
job
and our whole community will be thankful to you.
My page: 3 10 to yuma imdb soundtrack
Feel free to surf my homepage ; spain public radio
GillaGilla
I used to be very happy to search out this
internet-site.I wished to thanks to your time for
this wonderful learn!! I positively having fun with each
little little bit of it and I've you bookmarked to check out new stuff you blog post.
My page: http://elfredarice84.ireallylikefood.com/weblog/
Review my homepage … 3 interesting places in spain
GillaGilla
Superb site you have here but I was curious if you knew of any user discussion forums that cover the same topics talked about in this article?
I'd really like to
be a part of group where I can get advice from other knowledgeable individuals that share the same interest. If you have any
recommendations, please let me know. Thanks a lot!
my web blog; nideasinmas.blogspot.ru
My weblog ; dog toilet water bowl
GillaGilla
I know this if off topic but I'm looking into starting my own weblog and was wondering what all is
needed to get set up? I'm assuming having a blog like yours
would cost a pretty penny? I'm not very
web savvy so I'm not 100% certain. Any recommendations or advice
would be greatly appreciated. Thanks
Check out my webpage: http://www.ilmio.net/
Feel free to visit my web page fishing holidays
GillaGilla
I do enjoy the manner in which you have presented this issue
and it does provide us some fodder for thought.
On the other hand, from what I
have witnessed, I just
trust when the feedback stack on that people today keep
on issue and in no way start upon a soap box of some other news of the day.
All the same, thank you for this
excellent piece and whilst I
can not really go along with it in totality, I value
your perspective.
Also visit my blog post 4 hour body fat loss cheat sheet
My site ; 4 letter words ending in id
GillaGilla
I'm still learning from you, while I'm trying to reach
my goals. I certainly liked reading everything
that is written on your website.Keep the posts coming.
I liked it!
My web site … 4 letter words that begin with j and end with o
Here is my web site :: 1-3 weeks pregnant pictures
GillaGilla
I want to convey my respect for your generosity for those
people
who absolutely need assistance with this one concern.
Your real dedication
to getting the message
throughout came to be exceedingly
advantageous and has in every case permitted employees just like me to achieve their endeavors.
Your own warm and helpful recommendations denotes so
much a person like me and additionally to my peers. Thank you; from all of us.
Feel free to visit my website: 2012 st patrick's day parade dallas
Also visit my homepage ; 3 tourist attractions in spain
GillaGilla
Do you have a spam issue on this site; I also am a blogger, and
I was wanting to
know your situation; many of us have created some
nice practices and we
are looking to exchange techniques with other folks, please
shoot me an e-mail if interested.
My website; fun space zero gravity
Visit my blog : what to wear to dinner in spain
GillaGilla
Nice post. I was checking constantly this blog and I'm impressed! Very
helpful info particularly the last part 🙂 I care for such info a lot. I was looking for this particular information for a very
long time. Thank you and good luck.
Also visit my blog … archidonaproperty.soup.io
Also see my webpage –
GillaGilla
very good publish, i certainly love this website, keep
on it
My web page topseobacklinks.com
Here is my web blog : Lloret de Mar
GillaGilla
Hey There. I found your blog using msn. This is a really well
written article. I will
be sure to bookmark it and come back to read more of your useful information.
Thanks for the
post. I’ll definitely comeback.
my webpage – http://wiki.tvtomsk.ru/index.php?title=Участник:ChaeColeman89
Feel free to visit my site 2011 calendar october november december
GillaGilla
I’ve read a few good stuff here. Certainly worth bookmarking for
revisiting. I
wonder how much effort you put to make such a great
informative web site.
Take a look at my web site … 2011 super bowl scores each quarter
Look into my web blog … 2012 us open tennis women
GillaGilla
I do like the way you have framed this particular challenge plus it really
does
supply me some fodder for consideration.
Nonetheless, coming from what I
have witnessed, I basically
trust when other reviews pile on that men and women stay
on point and don't get started on a soap box involving the news of the day. Still, thank you for this
outstanding piece and whilst I
can not agree with it in totality, I regard
your point of view.
Stop by my web blog :: 3 places to visit in spain
My website – 2011 calendar printable. one month per page
GillaGilla
Heya i’m for the first time here. I came across this board and I
find It really useful & it helped
me out much. I hope to give something back and help others like you helped me.
Here is my blog – http://wiki.itready.org/index.php?title=The_Small_Excellent_Alicante_Airport
My web site > Alicante Spain properties for sale
GillaGilla
Simply want to say your article is as amazing.
The
clarity in your publish is just spectacular and that i could assume you are
knowledgeable on this subject. Fine together with your permission
allow me to take hold of your RSS feed to keep updated
with coming near near post. Thank you one
million and please keep up the enjoyable work.
my webpage :: Cartagena Spain Cruise Port
Feel free to visit my page rain in spain stays mainly in the plain youtube
GillaGilla
Good day! Do you know if they make any plugins
to assist with
SEO? I'm trying to get my blog to rank for some targeted keywords but I'm not seeing very good
success. If you know of any please share. Thanks!
Also visit my blog :: 4 letter words beginning with ere
My blog post … 2011 super bowl tickets face value
GillaGilla
Very well written post. It will be beneficial to anyone who usess it, as well as yours truly :).
Keep up the good work – looking forward to more posts.
Feel free to surf to my webpage http://www.catralproperty.net/catralpropertyforsalefreeclassifieds.html
My site – http://www.catralspain.net
GillaGilla
I have been browsing online more than 3 hours today, yet I never found any interesting article
like yours. It is pretty worth enough for me. In my view,
if all website owners and bloggers made good
content as you did, the internet will be a
lot more useful than ever before.
Feel free to surf to my website – http://finedrywit.blogspot.co.uk/2012/10/siding-with-president.html
Visit my website do-it-yourself solar heating
GillaGilla
Thanks , I have just been searching for information
about this
subject for ages and yours is the best I have discovered till now.
But, what about the
bottom line? Are you sure about the source?
my homepage; iytworldwide.com
My blog Villajoyosa
GillaGilla
Fantastic blog! Do you have any hints for aspiring writers?
I'm hoping to start my own site
soon but I'm a little lost on everything.
Would you advise starting with a free platform like
WordPress or go for a paid option? There are so many choices out there that
I'm completely
overwhelmed .. Any tips? Thank
you!
Feel free to surf to my blog: essentialweb.asia
Also visit my web site – bubble favors
GillaGilla
advertising and ***********
with Adwords. Anyway I’m including this RSS to my e-mail and could glance out
for much more of your respective intriguing content.
Ensure
that you update this again very soon..
Take a look at my web blog 2010 2011 calendar with holidays printable
Review my website – 4 letter words ending in c
GillaGilla
In this grand pattern of things you'll get an A+ for effort. Where you actually lost me personally ended up being on your particulars. As as
the maxim goes, details make or break the argument.. And that could not be
more accurate in this article. Having said that, allow me say to you exactly what
did give good results. The article (parts of it)
is certainly really
persuasive and this is possibly the reason why
I am taking the effort in order to opine. I do not make it a regular habit of
doing that. Second, despite the fact that I can see a jumps in logic you come up with, I am not confident of just how you seem to
unite your details which in turn make
your final result. For right now I shall
yield to your point but hope in the foreseeable future
you actually link your facts much better.
Also visit my homepage :: weather like marbella spain february
my page – zooplus spain
GillaGilla
Hmm is anyone else encountering problems with the images on this blog loading?
I'm trying
to determine if its a problem on my end or if it's the blog.
Any
suggestions would be greatly appreciated.
Review my web site: http://mal-bull.blogspot.ru/2005/09/record-of-zebra-mussel-dreissena.html
Stop by my web blog southern spain weather yearly
GillaGilla
I'm truly enjoying the design and layout of your website. It's a very easy on the eyes
which makes it
much more pleasant for me to come here and visit more often.
Did you hire out a developer to create
your theme? Great work!
My webpage; luizaburlacu.blogspot.de
My webpage: spain weather year round
GillaGilla
I appreciate, cause I found just what I was looking for. You
have ended my 4 day long hunt! God
Bless you man. Have a nice day. Bye
Also visit my homepage :: http://ourpalestinianhomes.blogspot.ru/2009/09/traditional-palestinian-tiles.html
My site > dual jet ski trailer
GillaGilla
I’m impressed, I have to say. Really hardly ever do I encounter a
weblog that’s both educative and entertaining, and let me
let you know, you
could have hit the nail on the head. Your
thought is excellent; the problem is one thing that not
sufficient individuals are talking intelligently
about. I am very
blissful that I stumbled across
this in my seek for one thing regarding this.
Here is my website :: Exchangechambers.Co.uk
My web-site coke funny spain
GillaGilla
I'm still learning from you, while I'm making my way
to the top as well. I certainly liked reading all
that is written on your site.Keep the stories coming.
I loved it!
My web blog; topseobacklinks.com
Also see my webpage – Dolores legit estate
GillaGilla
Hi there, I found your site via Google
even as searching for a similar topic, your site got here up, it seems to be
great. I have bookmarked it in my google bookmarks.
Here is my weblog; richardgordon.blogspot.fr
Also see my web site > spain news media Costa Almeria
GillaGilla
That is the proper
weblog for anyone who desires to search out out about this topic.
You
realize a lot its almost onerous to
argue with you (not that I actually would need…HaHa). You undoubtedly put
a brand new spin on a topic thats been written about for
years. Nice stuff, simply great!
Feel free to visit my blog :: http://www.aspdotnet-suresh.com
Feel free to surf my blog post ; Living
GillaGilla
Good day! I just want to give an
enormous thumbs up for the nice information
you might have right here on this post. I will be coming back to your blog for more soon.
Also see my website > cixx6.com
GillaGilla
Pretty nice post. I just stumbled upon your weblog and wanted to
say that I have really enjoyed surfing around your blog posts.
In any case I’ll be subscribing to your
feed and I hope you write again very soon!
My web site :: http://balwois.com/social/profile/DenyseBoyd1976
GillaGilla
When I initially commented I clicked the ”Notify me when new comments are added” checkbox and now each time a
comment is added I get several emails with the same comment.
Is there any way you can remove me from that service? Many thanks!
Here is my web site :: http://www.boscarol.com/wiki/index.php?title=Utente:ArdeliaMarshall83
GillaGilla
This is really interesting, You're an excessively skilled blogger. I have joined your feed and look forward to searching for more of your great post. Also, I have shared your web site in
my social networks!
Review my blog : salud.fisica.uson.mx
GillaGilla
Hello! I'm at work surfing around your blog from my new iphone! Just wanted to say I love reading through your blog and look forward to all your
posts! Carry on the great work!
Also visit my blog – megabytemaniac.blogspot.ru
GillaGilla
I found your weblog web site on google and test a number of of
your early posts. Proceed to keep up the
superb operate. I just further up your RSS feed to my MSN Information Reader.
Seeking ahead to reading more from you later on!…
Also visit my homepage :: http://topseobacklinks.com/search/http://Calatayudforums.Tumblr.com/post/35376372958/how-to-connect-direct-tv-pc-hd-dvr-guide/
GillaGilla
It is really a great and helpful piece of info. I am glad that you shared this
helpful information with us. Please keep us informed like
this. Thank you for
sharing.
My weblog vpl.de
GillaGilla
Hi there, just became alert to your weblog thru Google, and located
that it's really informative. I am going to
be careful for brussels. I will appreciate in the event you proceed this in future. Lots of folks shall be benefited
out of your writing. Cheers!
My web blog : http://www.rgh-rugby.com
GillaGilla
I precisely desired to thank you so much all over again.
I do not know the things that I might have made to happen without those
creative concepts contributed by you on
this subject
matter. It absolutely was an absolute troublesome
dilemma for
me personally, but discovering the professional technique you dealt with it
made me to cry for joy. I'm just grateful for
the information and then hope
you know what a powerful job that you're providing instructing people today via your website.
Most probably you haven't met all of
us.
My web blog ; http://www.mosaicoravenna.it/modules.php?name=Your_Account&op=userinfo&username=DakotaCarter1971
GillaGilla
I do consider all of the ideas you have
presented in your post. They're very convincing and can certainly work. Still, the posts are very short for novices. May you please extend them a little from next time? Thanks for the post.
Here is my website … sanzioniamministrative.it
GillaGilla
advertising
My site :: go38.net
GillaGilla
There is noticeably a bunch to know about this. I
feel you made various good points in
features also.
Also visit my web blog … http://catwomanrules.blogspot.com/
GillaGilla
I will immediately seize your rss feed as I
can't to find your email subscription link or newsletter service. Do
you have any? Kindly permit me recognize so that I could subscribe. Thanks.
Also visit my web site :: http://pbdspace.kj.yamagata-u.ac.jp/
my website :: wiki.ubuntu-party.org
GillaGilla
An fascinating dialogue is price comment. I feel that you should
write more on this matter, it might not be
a taboo subject however generally persons are not sufficient to talk on
such topics. To the next. Cheers
Also visit my website ; http://www.seocome.com/story.php?title=jkd-romania-viewing-profile-2
GillaGilla
Thank you a lot for sharing this with all of us you actually
recognise what you're talking approximately! Bookmarked. Please
additionally discuss with my site =). We
could have a link exchange contract between us!
My webpage : http://www.comparteme.es
GillaGilla
Great work! This is the type of information that should
be shared around the internet. Shame on Google for not positioning this post higher!
Come on over and visit my
website . Thanks =)
My site > gyay5t.pixnet.net
GillaGilla
I've been surfing online more than three hours today, yet I never found any interesting article
like yours. It’s pretty worth enough for me. Personally, if all web owners and bloggers made good content as you did, the net will be a
lot more useful than ever before.
My site hotandbustyamateurebabes.com
GillaGilla
Thanks for the good writeup. It in fact was once a leisure account it.
Glance advanced to
far delivered agreeable from you! By the way, how could we keep in
touch?
My web site :: http://www.ktmet.com/
GillaGilla
Fantastic site. Lots of useful
info here. I’m sending it to a few buddies ans additionally
sharing in delicious. And certainly, thanks on your
sweat!
My site :: alunion.pixnet.net
GillaGilla
Hello There. I found your blog using msn. This is a really well written
article. I will
make sure to bookmark it and return to read more
of your useful info. Thanks for the
post. I’ll certainly comeback.
Here is my blog :: regioleaks.info
GillaGilla
With everything which
seems to be developing within this particular subject material, a significant
percentage of points of view tend to be quite refreshing.
Having said
that, I beg your pardon, but I can not give credence to your
whole theory, all be it radical none the
less. It appears to everybody that your opinions
are actually not totally validated and in fact you are yourself not really
thoroughly certain of the assertion. In any
event I did appreciate reading through it.
Visit my web-site ; once.li
GillaGilla