Manchester United debt pile may force owners to fund new stadium

cityam06-24

Man Utd plan to build a new 100,000-seat stadium to replace Old Trafford Doubts have emerged over Manchester United’s capacity to fund their £2bn-plus new stadium unless the owners inject cash.The ...

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The 25-acre site is only 350m from Old Trafford.The club have asked the government for help paying for infrastructure around the stadium but will have to find private funding for the venue build. Manchester United recently restructured 410m of their 1bn-plus debt, with interest rates rising from 3.79 percent to 5.36 percent.“The environment is not right to build a stadium,” Stefan Borson, a football finance expert and Head of Sport at law firm McCarthy Denning, told City AM.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4211":"区域性银行","UBCP":"联合合众银行"},"translate_title":"曼联债务堆积可能迫使业主为新体育场提供资金","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"UBCP":1.5},"content_text":"Man Utd plan to build a new 100,000-seat stadium to replace Old Trafford Doubts have emerged over Manchester United’s capacity to fund their £2bn-plus new stadium unless the owners inject cash.The club announced on Monday that they had secured the land required to build the 100,000-seater venue – dubbed a “Wembley of the North” – from Indurent, which lets industrial units. The 25-acre site is only 350m from Old Trafford.The club have asked the government for help paying for infrastructure around the stadium but will have to find private funding for the venue build. Manchester United recently restructured £410m of their £1bn-plus debt, with interest rates rising from 3.79 percent to 5.36 percent.“The environment is not right to build a stadium,” Stefan Borson, a football finance expert and Head of Sport at law firm McCarthy Denning, told City AM. \n\n“We have very high interest rates that don’t look like coming down and it doesn’t look like the owners will underwrite it. Is Man United, even with a 100,000-seater stadium, a football club able to deal with £3.5bn-£4bn of total debt? I say no it can’t.”\n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe club will boost its coffers by close to £100m next season after returning to the Champions League, but that will be offset by contractual pay increases and the club are expected to be busy in the transfer market to build a larger squad.It is unclear whether the Glazer family – the majority owners – or minority owner Sir Jim Ratcliffe intend to fund the stadium from their own pockets. “Of course, if the owners stick £2bn in and build the stadium themselves, then there’s no issue,” Borson says. “But that’s not what’s been touted at the moment.”The club are understood to be open to various funding options – including private or ownership investment – and have engaged with several potential investors in recent months. All options remain on the table as Collette Roche, chief executive of the stadium project, plots next steps.\n\nDebts on other major stadium builds are often financed by income from external events, such as major music shows, but Manchester United’s new stadium would compete against several high-capacity arenas in the region. Borson has also questioned whether there is sufficient appetite for fans to fill 100,000 seats at high prices, although United say they have a waiting list for tickets and are confident of selling out matches.“Their starting point is a heavy existing debt profile,” he adds. “You have the senior debt, the secured loan and you have the revolving credit facility – effectively the overdraft – and a substantial amount owed to other clubs for historic transfers.Manchester United are owned by the Glazer family and Sir Jim Ratcliffe“Presumably because United have made the senior facility a little bigger at $550m (£415m), they won’t need to rely on the overdraft quite as much. But they’re still in an investment phase in the first team, so you would think they’re going to need cash for that.“The top and bottom of it is: the existing debt isn’t coming down anytime soon. They’re not going to be in a position where they’re throwing off loads of excess cash to start repaying debt.”\n\nManchester United declined to comment.Commonwealths to continue Tartan Army partyOrganisers are confident the Tartan Army will continue their summer of sporting celebrations when the Commonwealth Games comes to Glasgow next month.The Commonwealths faced an existential crisis when Victoria, Australia, pulled out of hosting – citing spiralling costs – before Glasgow stepped in to reimagine a major sporting event on a smaller budget. As a comparison, the Birmingham 2022 Games cost £780m, but Glasgow 2026 has cost only £160m.Scotland fans at the World Cup drank Boston dry while travelling to watch their country compete in their first World Cup in 28 years, and it is hoped those energy levels will not subside.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2645686416","isCrawlerRequest":true}