Ronaldo sale puts Man U into profit

SELLING Cristiano Ronaldo for £80million (R1billion) to Real Madrid saved Manchester United from making a loss in the last financial year.

SELLING Cristiano Ronaldo for £80million (R1billion) to Real Madrid saved Manchester United from making a loss in the last financial year.

The English Premier League soccer champions revealed that the club had made a record turnover of £278,5million (R3,3billion) and pre-tax profits of £48,2million (R580million) for the financial year ending June 30 2009.

But the club's owners, the US-based Glazer family, have decided on a £500million (R6billion) bond issue to safeguard their control at Old Trafford.

The club's delegation is visiting three continents in the hope of attracting interest in the bond issue.

This week they met financial institutions in Hong Kong and Singapore in an attempt to attract the investment that would reduce the burden of the club's overall debts, last recorded at £699-million.

Man Unite chief executive David Gill will host sales pitches in London, Paris, Frankfurt and Zurich. Sales pitches will also be made in the US, where the Glazers will extol the benefits of investing in the world's most profitable but debt-ridden football club. - The Times

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