£48.7m profit doesn’t hide the truth

The announcement that Manchester United has recorded pre tax profits of £48.7m seems like a good thing on the face of it.

We’ve made almost £50m this past year, now we can go and buy Ribery, right? Wrong.

In previous seasons United have released their figures before the interest has been taken off. This time they’ve released the figures even after the interest has been deducted, suggesting a change in policy.

One can assume the reason for this change in policy has something to do with the club’s current endeavour to find £500m.

The stats are also misleading. The reason Manchester United made a profit this year is because we received a world record fee for a certain Portuguese winger called  Cristiano Ronaldo. If you take away the £80m we received for him then the figures would very much follow the trend of recent seasons and the figures would have been released before the interest payments had been deducted.

Losses of around £30 would have been reported as United paid out a total of £41.9m in interest alone.

No matter how the Glazer’s dress it up, the club is still in huge financial trouble.

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