为何我魔那么有钱？
不为什么，就因为我们是曼联
There's been lots of talk about how Manchester United can possible afford to spend up to ￡200m in the window. How can they?
When the dust settles it won’t be quite as big a figure as that. The fees combined for Angel Di Maria, Ander Herrera, Luke Shaw, Marcos Rojo, Vanja Milinkovic, Daley Blind and the loan fee for Radamel Falcao will total around ￡150m.
But a few sales, including Alex Buttner, Bebe, Shinji Kagawa and others, will bring net spend closer to ￡120m. That’s still huge, but not as huge as at first glance.
Fine, but ￡120m or anywhere close is still a gobsmacking sum. How can they afford that?
United are, by far, the biggest earners in English football, and they make big ‘headline’ profits. The latest available full accounts, for 2012-13, showed income of ￡363m and gross profit ￡146m, albeit before debt servicing.
For 2013-14, United’s income will have been around ￡430m, with big profits. In 2014-15, they are expected to have total income of ￡500m or more, by which time they should have recaptured their title of the richest club in the world (measured by income) from Real Madrid and Barcelona.
How is their income growing so quickly?
Of three main revenue streams - match-day income, commercial and broadcasting - the first is stable and the other two are soaring.
New deals with Chevrolet and adidas alone will boost United’s income by ￡80m a year. Global commercial deals, with everyone from noodle suppliers to paint manufacturers and mobile firms, are booming.
If it can be monetised, United are doing it. And TV cash is growing, for them more than most.
But aren’t big profits just wiped out by the massive debt repayments necessary to service the loans taken out in the Glazer family’s 2005 ‘leveraged’ buyout?
Only to an extent. The last set of financial accounts, for example, showed annual debt-related payments were an eye-watering ￡71m for the year in interest, debt restructuring and repayments. That’s ￡1.37m a week, or ￡195,000 a day, or ￡8,127 every hour.
But that still leaves tens of millions spare. That ‘spare’ sum is growing by the year. Total debt is down from around ￡550m back then to ‘only' ￡389m and falling.
United’s accounts also show there has been a ‘spare’ pot of cash of around ￡100m in the bank for the past few years, available to be spent. It’s being spent now.
Still, is it sustainable? Can they keep spending at these levels?
They won’t be able to spend ￡120m net every year. The point of doing it this time is they have needed to redress the under-spending of the past few years.
They also need to get back into the Champions League, which plugs them back into another revenue stream, worth ￡50m a year, give or take. In some ways spending now is an attempt to guarantee bigger future income.
 本帖最后由 天然夜行者 于 2-9-2014 01:55 PM 编辑
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发表于 2-9-2014 01:44 PM
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