Friday, January 23, 2009

Lie - The debt has been cleared

Claim and counter claim, back and forward, in debt, out of debt.

Chris Mort in May 2008...
"This club had £100million-worth of debt which has now been cleared"
 Four months later Mike Ashley claimed to have invested even more, but in direct contradiction of Chris Mort, that it hadn't been enough to cover all the club debt.
"I then poured another £110 million into the club not to pay off the debt but just to reduce it. The club is still in debt. Even worse than that, the club still owes millions of pounds in transfer fees."
In January 2009 Joe Kinnear further confused matters when he assured us we were indeed debt free.
"Financially we're very sound. We don't owe a bean as far as the club are concerned"

The accounts then came out which confirmed (at least up until June 2008) we were in fact in debt.
I'll take what I'm told with a pinch of salt until the next set of accounts are released.

Update April 2017
United's current debt position as stated in the 15/16 accounts is that Mike Ashley has loaned the club £129m, but that subsequent to those accounts, in 16/17, a further £15m was loaned in, taking the total debt the club has to the owner to £144m.

In 11/12 the accounts stated that an £11m loan repayment was made from the club to Mike Ashley.