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Glazers forgo Utd dividend to pay back £220m

PIK notes debt will not come from club coffers says board

Published on November 16th 2010.

Glazers forgo Utd dividend to pay back £220m

Manchester Utd has confirmed that none of the Glazer family will take a dividend out of the club in order to pay back £220m of payment in kind (PIK) notes.

Red Football Group, the Glazers’ vehicle that owns United, issued a statement to investors today covering the three months to September 30, which said ‘there has been no dividend of club cash.’

The statement also noted a year on year revenue growth of 9.7 per cent from £57.7m to £63.3m, with match day revenues going up from £19.6m to £19.7m.

The money the club made from the media and TV money increased from £18.7m to £19.4m although the club’s income from the Champions League would be ‘adversely impacted by reduced share of market pool due to second place FAPL finish in 2009/10 versus first place in 2008/09.’

Commercial revenues increased from £19.4m to £24.2m, leading to an increase in pre-tax profits of 4.5 per cent to £16.1m year on year.

The club had net assets of £772.3m and a cash balance of £151.7m.

A statement from the board simply read: “The Board notes recent press speculation. The Board can confirm that there has been no dividend of club cash.”

Net interest paid for the quarter was £22.7m, an increase of £19m on the £3.7m for the same period in 2009. The club said the increase was 'principally due to the quarterly interest payments under our previous senior facilities.'

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