Man United’s daunting £533m issue as new document details Ruben Amorim’s payoff
Manchester United’s financial issues away from the pitch appear to be mounting, according to a new financial document recently filed in New York
Manchester United sacked Ruben Amorim at the start of last month(Image: Getty Images)
New financial documents have revealed Manchester United must pay back £295million in borrowings and £238million in transfer fees within one year – and may also need to pay more money to the sacked Ruben Amorim.
It has also come to light the club could potentially fork out £15.9million in a potential payoff to Amorim, having already paid £6.3m to write off the amortisation of his contract. The recent financial figures for the second quarter of the year, which were released on Wednesday, have already stated United’s financial debt is approaching the £1.3billion mark.
A large portion of this figure is the legacy debt imposed on the club by the Glazer family as a result of the leveraged buyout in 2005. There is also a rolling credit facility which stands at a huge £295.7m, which has risen by £27m since last year.
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However, the latest documents have identified over £533m in debts which must be paid back within a year. Around £777m of borrowings have been taken out by United.
Approximately £295m of this figure must be paid back within one year. On top of this figure, the Reds also owe around £422m in transfer fee instalments to various clubs, of which £238m also has to be paid back within 365 days.
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They may also have to pay out a huge sum of money to Amorim, who was sacked in January. The club has already forked out £6.3m to write off the amortisation of his deal.
There is also the prospect of a further £15.9m being paid to the Portuguese boss, who only won 25 of his 63 matches in charge of the club. When it comes to Profit and Sustainability Rules (PSR), United will not be penalised for any of these figures.
This is because PSR rules are profit-based rather than debt-based. However, they are alarming numbers, particularly because the club’s debt levels stood at £12m before the takeover by the Glazers.
Back in August, football finance blogger Swiss Ramble stated Everton and Tottenham Hotspur were above United when it comes to debt, but much of that is due to the new stadiums they have constructed.
United still have plans to construct a new 100,000-seater stadium, which is expected to be completed by the 2030/31 campaign. At an estimated cost of £2bn, it remains unclear how exactly this would be funded.
There have been frequent protests against the Glazer family as well as minority shareholder Sir Jim Ratcliffe, who has made hundreds of people at the club redundant since the purchase of his stake was completed.
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