The uncomfortable truth - United’s current finances.

[devilish]

He will want more equity for that and why would the Glazers agree to that? Their strategy is a different one and now to just expect fans for SRJ to spend billions on someone else‘s mistake is just naive.

That's why I am against this partnership. Sjr should have either bought the club in full or not at all. Once he made his bed with the Glazers thus giving them a lifeline he must now lay in it thus be taunted by their mistakes

 

[tomaldinho1]

He will want more equity for that and why would the Glazers agree to that? Their strategy is a different one and now to just expect fans for SRJ to spend billions on someone else‘s mistake is just naive.

I think we should assume if he is 'running' everything on the football side, there will be some kind of economic setup as part of the deal i.e. they aren't just a standard minority investor who get a percentage split. If everything football related is run through them, we should think of them as the operational majority owner (even though they are minority) and there are so many revenue streams in football that Ineos I am sure believe they can profit whilst trying to 'fix' the club.

 

[The Uncle of All Uncles]

There's a serious risk with the co-ownership model that the INEOS crowd become reticent to invest any more money without corresponding equity increases, and the Glazers become minded not to release any more equity unless there's a premium paid for it. I mean, there's a clear financial incentive to INEOS tanking the football operations at the club to reduce the value and increase their ownership as a result. Like, that's a real thing.

In fact, I think we all accept that INEOS aren't stopping at 29% of the club. So, what is their plan to increase the equity stake? Surely they're aiming for 51% within the next few years or so. How could they go about it? If the club gets back to its best before then, they'll end up paying through the nose for the next ~22%. They won't want that!

 

[Hughes35]

Can we not sell the training ground to Ineos like Chelsea did, or something similar?

It does look pretty worrying though. We MUST get our next lot of recruitment right and cut the wage bill significantly.

OUT - Lindelof, Casemiro, Anthony, Rashford, Zirkzee, Hojlund, Malacia, Shaw, Eriksen, Evans.......... Garnacho?

In total that is approx £1.6million per week which is a staggering £83 Million per year (Not including Garnacho).

I think we could probably get around £100 Mill in transfer fees also (Not including Garnacho).

We just cannot afford to get the next round of recruitment wrong. We need to use that money (and some extra) from 9 or 10 players leaving to buy 4 or 5 proper first team players which should also give us a saving on wages going forward.

The next couple of transfer windows are the biggest in the clubs history IMO.

 

[DannyCAFC]

Has anyone who's looked at the Q1 2025 report been able to come up with an answer as to why the profit on player sales is so low? (£35.6m).

You were supposed to have sold McTominay & Greenwood for ~£26m each (Getafe getting a cut of the latter deal I know), AWB for £15m and the 4 combined academy / younger players for about £20m.

Even if you take into account losses on Donny VBD and Varane leaving because of remaining amortisation costs to cover it's still ridiculously low. It looks like there's a £30m or so gap with no explanation?

 

[Big Ben Foster]

Has anyone who's looked at the Q1 2025 report been able to come up with an answer as to why the profit on player sales is so low? (£35.6m).

You were supposed to have sold McTominay & Greenwood for ~£26m each (Getafe getting a cut of the latter deal I know), AWB for £15m and the 4 combined academy / younger players for about £20m.

Even if you take into account losses on Donny VBD and Varane leaving because of remaining amortisation costs to cover it's still ridiculously low. It looks like there's a £30m or so gap with no explanation?

Could be that different cost accounting standards are being used for PSR vs for our publicly reported financials.

 

[Footyislife]

Could be that different cost accounting standards are being used for PSR vs for our publicly reported financials.

Also the payment could have been spread out over years so you only see one portion of it.

 

[Footyislife]

Can we not sell the training ground to Ineos like Chelsea did, or something similar?

It does look pretty worrying though. We MUST get our next lot of recruitment right and cut the wage bill significantly.

OUT - Lindelof, Casemiro, Anthony, Rashford, Zirkzee, Hojlund, Malacia, Shaw, Eriksen, Evans.......... Garnacho?

In total that is approx £1.6million per week which is a staggering £83 Million per year (Not including Garnacho).

I think we could probably get around £100 Mill in transfer fees also (Not including Garnacho).

We just cannot afford to get the next round of recruitment wrong. We need to use that money (and some extra) from 9 or 10 players leaving to buy 4 or 5 proper first team players which should also give us a saving on wages going forward.

The next couple of transfer windows are the biggest in the clubs history IMO.

Or here's a crazy idea sell Maguire and keep your two strikers cause you can't seem to score goals?

 

[romufc]

Can we not sell the training ground to Ineos like Chelsea did, or something similar?

It does look pretty worrying though. We MUST get our next lot of recruitment right and cut the wage bill significantly.

OUT - Lindelof, Casemiro, Anthony, Rashford, Zirkzee, Hojlund, Malacia, Shaw, Eriksen, Evans.......... Garnacho?

In total that is approx £1.6million per week which is a staggering £83 Million per year (Not including Garnacho).

I think we could probably get around £100 Mill in transfer fees also (Not including Garnacho).

We just cannot afford to get the next round of recruitment wrong. We need to use that money (and some extra) from 9 or 10 players leaving to buy 4 or 5 proper first team players which should also give us a saving on wages going forward.

The next couple of transfer windows are the biggest in the clubs history IMO.

This is it. We are on a cost cutting mission which will end with the biggest earners going in the summer, giving INEOS now almost a blank canvas, with us being good with PSR.

If we get 100m in transfer fees, It would be really good, meaning we are opening a 200m slot in our accounts, mostly for players that dont play.

We have a few youngsters who may step up and 3/4 signed. However; you are right, the next batch of signings have to be 90% successes.

 

[Big Ben Foster]

Also the payment could have been spread out over years so you only see one portion of it.

This is accrual accounting, so the timing of the actual cash flows shouldn't have any impact.

 

[Crashoutcassius]

There's a serious risk with the co-ownership model that the INEOS crowd become reticent to invest any more money without corresponding equity increases, and the Glazers become minded not to release any more equity unless there's a premium paid for it. I mean, there's a clear financial incentive to INEOS tanking the football operations at the club to reduce the value and increase their ownership as a result. Like, that's a real thing.

In fact, I think we all accept that INEOS aren't stopping at 29% of the club. So, what is their plan to increase the equity stake? Surely they're aiming for 51% within the next few years or so. How could they go about it? If the club gets back to its best before then, they'll end up paying through the nose for the next ~22%. They won't want that!

Glazers will have a very high valuation in mind and will be stubborn and patient. If INEOS don't realise that themselves then their advisors will. The idea that they will tank the club shouldn't enter their mind unless they are far more incompetent than they seem to be so far.

 

[duffer]

Can we not sell the training ground to Ineos like Chelsea did, or something similar?

Of course you could but it would need to be sold at a reasonable market value for the land and I would imagine 100 acres (or whatever it is) would be worth far less in greater Manchester than it is in Cobham.

 

[userman]

Has anyone who's looked at the Q1 2025 report been able to come up with an answer as to why the profit on player sales is so low? (£35.6m).

You were supposed to have sold McTominay & Greenwood for ~£26m each (Getafe getting a cut of the latter deal I know), AWB for £15m and the 4 combined academy / younger players for about £20m.

Even if you take into account losses on Donny VBD and Varane leaving because of remaining amortisation costs to cover it's still ridiculously low. It looks like there's a £30m or so gap with no explanation?

I would guess that the reason is;
1. Getafe getting a 20% cut of the Greenwood-sale,
2. Wan Bissaka reportedly had a clause that activated when we triggered his +1 option, giving him a significant share of the fee (50% iirc), this might also be the case for Hannibal,
3. Alvaro-sale being sealed prior to q1, hence it's in the previous q4 numbers,
4. likely sell-on-clauses for all but the McT-sale, and
5. some remaining book values on the likes of Pellistri, Kambwala, Mejbri (so not "pure profits")

 

[Hughes35]

Or here's a crazy idea sell Maguire and keep your two strikers cause you can't seem to score goals?

Why would you keep two strikers that don't score goals? That's a nuts way to look at it.

Actually quite like maguire in a back 3 and think he can be useful...... but yea, sell for a reasonable figure.

The main point of my posy still stands.

 

[Buster15]

That's part of it. Don't forget the cost of servicing the debt. A bunch of financial gangsters have raped this club.

Yes, good point.

 

[Buster15]

I think it's a bit overblown to be honest the more you look at the PSR numbers, we've pissed so much money away but it just means we have to look inward more for talent and not just throw more money at more players in the short term. The fact that selling Garnacho - a popular and talented (but I think everyone is in agreement he's hardly the next Ronaldo) young player - can basically fix our PSR books and then some means it can't be that terrible. Amorim has timed his move poorly though, he is the first who looks like he will not have the usual £150m + to throw away every year. He might actually have to do some hands on coaching.

Agree with that.