It is strange... if you're wilfully ignoring the whole point.
The whole point of the revelations about the parlous state of the Glazers other finances is that there is no money anywhere else to pay off their personal PIK debts, so it pretty much guarantees that money will leave United for this purpose.
Gill has publicly stated that the PIKs are the Glazers' business and nothing to do with United. Andersred is asking if this remains the case.
Pretty straight forward really.
People need to start looking at things in a broader context here.
The Glazers now owe $1.9 billion over their entire business empire. Whether it be United, First Allied, The bucs..
Now forgetting who owes what, and to whom, the fact is that Malcolm Glazer owes all that money, and it needs to be repaid. Interest charges are accruing all the time, and at present he has enough equity to cover his liabilities, however the longer those debts remain unpaid, the less the margin between equity and liabilities becomes. When the equity becomes less than what he owes, then the shit has really hit the fan.
Now forgetting who owes what, and who they owe it to, the fact is Malcolm Glazers debts are increasing daily and somewhere in his business empire he has to find the funds to pay them.
As Andersred has found out, First Allied isnt making any money ( far from it ). There simply isnt any spare revenue to pay off any of the debts. We dont know for certain what income he is getting from the Buccaneers, but given that EBITDA last year was estimated to be $80 million or so, then it doesnt take a rocket scientist to work out that there isnt going to be a treasure chest of cash laying somewhere in their offices.
That leaves only one place left available where he can draw funds from. We know for 100% certainty that there is £94 million sat there in the bank. Where that money is targetted for, we can merely speculate. But one thing is 99.999% certain. Its not going to be used for players or expansion of the ground, or new facilities. It is ultimately going to be used to help clear off some of his debt. Where that debt is, and who owes it, isnt really the issue. The fact is that money is going to benefit Malcolm Glazer and not Manchester United.
So, once he's paid out that money what next...
Well we know for sure that they can draw on the funds of United almost at will. Once certain criteria are met then he has almost a free hand to do what he wants with 50% of all the profits. He can put the lot in his pocket, or he can pay off more of his debts.. Again, no benefit to United.. Its all benefitting himself.
The question you all should be asking yourself isnt whether this affects United. Of course it affects United. We are part of the Glazer empire as much as what the Buccs or First Allied are. He owns us.. He can do what the hell he likes with us. its his business. If he wants to turn us into MUFC Pizza parlour, he is perfectly within his rights to do it. If he wants to turn our first team into a travelling circus troupe in pretty lilac tutus, then he can. Its his choice.
If he wants to shut the doors of Old Trafford and make the team play behind closed doors, he can. No one can stop him..
He holds the cards now. He is the one with all the aces. If he decides to use £150 million from United to pay off his debts at the buccs, theres not a blind fecking thing anyone can do to stop him.
He is playing the fiddle. You dance to it.. Just because you dont like the tune hes playing, doesnt mean he's got to stop playing....
The only time he will stop playing is when someone takes his fiddle and rams it right up his fecking arse......
