Huge Man United debt.

[Robches]

I wouldn't trust anything called "Munto Finance". But true, another club raped by the asset strippers. I hope Notts County's ground isn't in a good location for a retail park or anything like that.

[JamesW]

David Johnson and Robches, you are both seriously out of date.

Munto Finance sold Notts County a month ago.

[David Johnson]

"Munto Finance sold Notts County a month ago."


I know.

In what way does your statement make the story of Munto Finance's dealings with Notts County as an example of football financial nonsense, invalid?

D

[JamesW]

What dealings?

When they lost interest in the project they sold the club without seeking to make a profit, so Notts County haven't been harmed in any way.

[David Johnson]

I posted
"In what way does your statement make the story of Munto Finance's dealings with Notts County as an example of football financial nonsense, invalid?"

YOu posted
"What dealings?
When they lost interest in the project they sold the club without seeking to make a profit, so Notts County haven't been harmed in any way."

Sorry but this doesnt make any sense whatsoever. Just because Munto Finance allegedly sold the club for a "nominal " sum does not mean they weren't deceitful, dishonest and put the club through the wringer. Lost managers, had winding up petitions against the club etc etc. Erikkson saying he had been seriously let down by Munto Finance. Trembling saying he had been hoodwinked. Campbell seeing through the crap. Doubts about who actually owned the club. And they are now back in an extremely uncertain position with their bullshit blown to smithereens. And you argue "Notts County haven't been harmed in any way"


Read this to get a better understanding
http://www.fm-base.co.uk/forum/f18/i-bi ... 25136.html

Some excerpts from Trembling
"he feels he was "hoodwinked" into believing that Munto were backed by investors who would make huge money available."
"I've been told by Nathan Willett and Russell King however many times that x-many millions are going to be available," Trembling said, "and they haven't been forthcoming thus far."
Qadbak took over Notts County in July, describing themselves as "a Middle East-backed investment fund based in Switzerland" who would "invest in Notts County in a structured and staged way, to achieve their initial objective of making the club an established Championship side within four to five years."
However, in recent months the club's parent company, Blenheim 1862, was issued with a winding up petition over unpaid tax owed to HM Revenue and Customs, and three judgments were made against it in Northampton and Manchester county courts for debts amounting to ?8,576. The Guardian also understands that loans of more than ?500,000, which Munto inherited when they took over the club, have not been repaid. Trembling explained he hoped to sit down with creditors and work out a payment plan. Armstrong-Holmes said yesterday: "We did our best to run the club with very limited resources available, we tried to lay good foundations for the future, and we never had bad debts or winding up petitions issued against the club in our time.

These are dealings and harmful nonsense.

D

[JamesW]

What it amounts to, in a sentence, is that they didn't come up with the cash they said they would.

[David Johnson]

Correct. And this had very, very large ramifications for the club in terms of throwing it into turmoil

[Arginald Valleywater]

Just a thought....if Man Us debt is so high, with being the number one club in the world, selling shirts and memorabilia by the container load each week, filling Cockney Towers with 76000 "fans", SKY TV money, Champions League etc and still being 750m in debt then how come the Inland Revenue, Serious Fraud Squad or Premier League aren't stopping them "buying" more players etc? If I ran a business with a debt to income ration of 7:1 the revenue and my accountants would either shut me down or put me into administration 'til I was half way to being solvent.

[JamesW]

"If I ran a business with a debt to income ration of 7:1"

Not sure how you calculated this. The accounts just published show the debt at ?716.5m and turnover at ?278.5m.