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Man Utd reports record loss despite revenue rise

LONDON (AP)—Manchester United posted an annual net loss of 83.6 million pounds ($132 million) after costs associated with the huge debts racked up by the club’s American owners wiped out record revenues.

In the financial results released Friday for the year ending June 30, United reported record revenues of 286.4 million pounds based on the strength of marketing and broadcasting income. The club’s operating profit exceeded 100 million pounds for the first time.

But the impact was largely erased by the payments to manage the club’s debts, which are around 750 million pounds, and costs related to a controversial bond issue.

“We have a long-term financing structure in place, excellent revenues that are growing, we are controlling our costs—total wages are 46 percent of turnover—and we can afford the interest on our long-term finance,” United chief executive David Gill said. “In our opinion if something changed in the ownership this club will survive and continue—it is covering the financing cost more than adequately.”

The Premier League giant’s record losses are a big swing from the 25.5 million-pound profit from the previous financial year, which came after the sale of Cristiano Ronaldo to Real Madrid for a world record 80 million pounds.

There has been no similar big-name signing to replace the Portugal winger, despite cash reserves of 163.8 million pounds reported in the latest financial figures released Friday.

But the 18-time English champions spent only around 25 million pounds on new players in the most recent offseason, while neighbor Manchester City lavished more than 120 million pounds of its wealthy Abu Dhabi owner’s funds on strengthening the squad.

“We still have cash to invest in players and to give good contracts to players and we are comfortable with the business model,” Gill said. “We have money in the bank so there is zero pressure … to sell any star player whether it is Wayne Rooney or X,Y or Z.”

After seven matches of the season, United is third in the standings—five points adrift of Chelsea and a point behind City.

The latest financial results will provide more ammunition for the protest movement that fans launched in January in a bid to force out the Glazer family.

Similarly intense protests at Liverpool, also coupled with crippling debts following a leveraged takeover, have forced American co-owners Tom Hicks and George Gillett Jr. to put the club up for the sale. They are now trying to block a 300-million-pound bid by the owners of the Boston Red Sox, saying the offer undervalues the club.

United had no debts before Tampa Bay Buccaneers owner Malcolm Glazer took control in 2005.

But the new figures show interest payments chewed up 40.2 million pounds as the club’s debts rose slightly to 521.7 million pounds. That figure that does not include 225 million pounds of payment-in-kind loans, which carry an interest rate of 16.25 percent and don’t appear in the latest accounts.

Part of the losses relate to one-off payments of 47 million pounds after bank loans were turned into a seven-year bond issue that raised 504 million pounds earlier this year to replace long-term financing and reduce debts to hedge funds.

Forbes magazine recently estimated that United is worth $1.8 billion— making it the most valuable football team in its rankings for the sixth straight year.

“Manchester United are at no risk of going bust,” said investment analyst Andy Green, a United fan whose personal website tracks the club’s finances. “The tragedy for the club is that so much of the profits are wasted in interest, fees and charges.”

The Manchester United Supporters’ Trust said the club will be vulnerable if performances on the pitch decline when 68-year-old manager Alex Ferguson eventually retires.

“When Sir Alex retires the chances of maintaining anything like the same level of success look remote without massive investment,” the group said. “So the clock is ticking for the Glazers—and for the supporters too.”

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Bob Hope plays a small-time con artist with a fondness for lemon candy in this film based on a Damon Runyon story. When the Lemon Drop Kid accidentally cheats gangster Moose Moran (Fred Clark) out of his track winnings, the Kid promises to repay Moose the money by Christmas. Creating a fake charity for "Apple Annie" Nellie Thursday, the Kid tricks his gang into donning Santa suits and "collecting dough for old dolls" like Nellie who have nowhere to live. Radio personality Marilyn Maxwell assists as the Kid's girlfriend, while William Frawley and Jay C. Flippen play the lovable, gruff crooks that fall for the Kid's Santa scam.

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Now perhaps the most beloved American film, It's a Wonderful Life was largely forgotten for years, due to a copyright quirk. Only in the late 1970s did it find its audience through repeated TV showings. Frank Capra's masterwork deserves its status as a feel-good communal event, but it is also one of the most fascinating films in the American cinema, a multilayered work of Dickensian density. George Bailey (played superbly by James Stewart) grows up in the small town of Bedford Falls, dreaming dreams of adventure and travel, but circumstances conspire to keep him enslaved to his home turf. Frustrated by his life, and haunted by an impending scandal, George prepares to commit suicide on Christmas Eve. A heavenly messenger (Henry Travers) arrives to show him a vision: what the world would have been like if George had never been born. The sequence is a vivid depiction of the American Dream gone bad, and probably the wildest thing Capra ever shot (the director's optimistic vision may have darkened during his experiences making military films in World War II). Capra's triumph is to acknowledge the difficulties and disappointments of life, while affirming--in the teary-eyed final reel--his cherished values of friendship and individual achievement. It's a Wonderful Life was not a big hit on its initial release, and it won no Oscars (Capra and Stewart were nominated); but it continues to weave a special magic. --Robert Horton

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