Manchester United's Parent Company Lost US$178M In FY '10

EPL club Manchester United's parent company Red Football Joint Venture lost US$178.4M in FY '10, it was revealed today. The loss includes "some one-off costs from setting up" a US$862M bond scheme to replace bank loans. The losses also include US$49.5M interest on US$360M in payment-in-kind loans that have since been paid off (TELEGRAPH.co.uk, 3/22). The "lack of income from selling players also contributed to the loss for the year ending June 30, 2010." The previous year, the team posted a US$34M profit thanks largely to the US$131M sale of Cristiano Ronaldo (UKPA, 3/22).

Meanwhile, EPL club Arsenal investor Alisher Usmanov has "increased his stake" in the club to more than 27%. Usmanov had controlled 26.29%. Stan Kroenke remains the largest shareholder with a 29.98% stake (BLOOMBERG NEWS, 3/22).