Date:Wednesday January 6 2010
Well if we ever needed the proof that in Sheikh Mansour we have the best football club owner in the world, then we need look no further than our recently published financial results.
Yes, not only do we have the richest owner of any football club in the world, but our owner has also further demonstrated his financial commitment to the club by making ongoing investments to ensure that we are debt free. Not only has the Sheikh converted about £300 million of loans into equity but he also purchased a further £90 million of stock to ensure our continued financial health.
What I really liked in the financial statement was that by deciding to turn loans into equity, he has ensured that no debt has been left on the balance sheet to be repaid in the future. By pumping this money into the club, as an ongoing investment, he has proved for once and all, that he did not purchase Manchester City to make any potential short term gain (unlike our previous Far East owner and many others) but is committed to the club long term. He knows that if he were in it for profit alone, then that could only be achieved by making City the most successful football club in the world.
This I believe is clearly his global aim, so watch out Real Madrid, Barcelona and the lesser lights of world football like Chelsea, Inter Milan and oh yes, that other club in Manchester.... Manchester Inthered.
Talking of them, I was engrossed by a recent article in the Guardian by David Conn, about the level of the Rags debt. He showed that since the Glazers acquired ownership of the Rags (by taking out huge loans), they have not invested a penny but in fact drained "The Swampees" of huge amounts of money to service their debt.
Between 2005 and 2008, he calculated that they have had to pay £263 million in interest alone but despite that, the debt has actually risen from £540 million to £700 million. What`s more, the projections are that unless large elements of the debt are actually paid off or refinanced in a hugely favourable manner, then things only get worse with the debt predicted to be over a £1 billion by 2017. That is of course if the banks and Monsieur Platini allow that situation to be reached.
Now, as we all know that would be a great pity. I mean, was it pure coincidence that the Rags lost to Leeds United last week? One just hopes they don`t go the same way doesn`t one?
Anyway getting back to my main theme, it all goes to show what a great owner we really have and for once, I have to agree with Duncan Drasdo, chair of the Manchester United Supporters Trust, who between his prawn sandwiches commented:
'We warned from the beginning that the Glazer takeover would saddle the club with huge debts and now we can see them biting. If it were a race, then United are dragging their owners behind them like a tractor, while City`s owners are providing rocket fuel.`
Now this just goes to show that even Rags supporters get things right occasionally… and thank you once again Sheikh Mansour and hey let the good times roll.
P.S. Also, thank goodness we have a Manager that talks about winning the title and is not worried about tempting fate. I mean ...whoever won anything by being worried about being positive?
Date:Wednesday January 6 2010
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