Manchester United sale speculation intensified on Thursday because the Glazers released the club’s latest financial report. The figures make damning reading and are probably the most recent indicator of the Tampa-based owners’ intention to money in after a 17-year tenure on the helm.
Significantly, United’s board of directors, predominantly made up of the six Glazer siblings, won’t be taking dividends out of the club for the primary time since 2016.
A part of the financial report read: “On November 15, the Board of Directors didn’t approve the payment of the semi-annual dividend for fiscal 2023.”
The Red Devils’ record summer transfer window, during which Erik ten Hag oversaw around a £200million net spend to overhaul his newly inherited squad, has been cited as one in all the aspects contributing to the choice.
However the date within the statement notably falls exactly one week before the Glazers announced plans to discover ‘strategic alternatives’ that hinted at their intention to sell their asset.
Because the Glazers began taking the dividends out of United in 2016, being the one Premier League owners to achieve this, they’ve received greater than £150m.
It has plunged the club into deep debt not present once they accomplished a controversial takeover in 2005, rising 22 per cent from £419.5m to £514.9m this 12 months.
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But their decision to stop drawing dividends, mixed with the worrying figures in United’s latest financial report, suggests the Glazers can be greater than joyful to money in soon.
The outcomes showed United having a pre-tax loss of just about £2.5m-per-week in the primary quarter of 2022/23, despite a seven per cent wage decrease after last season’s failure to qualify for the Champions League.
United borrowings also increased to £680m on September 30, plus £431m owed to trade suppliers.
But standout figures include that the club have generated £3m money in the primary quarter of twenty-two/23 from day-to-day activity, a dramatic drop-off from the £71m at the identical stage one 12 months ago.
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There has also been a staggering £97m reduction in United’s money balance in only three months, falling from £121m on June 30 to £24m on September 30.
And as a showstopper not for the faint-hearted, United have paid a complete interest of £917,000,000 because the Glazers took over in 2005, coming to £1.02m every week.
The Old Trafford giants are on a slippery slope toward a concerning conclusion, however the Glazers’ appointment of the Raine Group, who helped Roman Abramovich sell Chelsea, is further proof of their plans to desert ship.
Rothschild and Co. will act as financial advisors to the Glazer family shareholders, with reports suggesting a sale could potentially undergo by spring.
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