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 發表於 2006-7-10 06:33 PM 
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曼聯最新財務新聞,向蘇格蘭皇家銀行借500M
| Man Utd seeks £500m loan By Andrew Murray-Watson
 
 Manchester United is in talks with financial institutions to borrow up
 to £500m against the value of its future ticket sales at the club's giant
 Old Trafford stadium.
 
 It is believed that Royal Bank of Scotland is drawing up a plan that
 would see the club securitise future match-day revenues over a 25-year
 period. The Edinburgh-based bank recently undertook a similar deal for
 Arsenal FC.
 
 The new funds could be used by Man Utd to replace the £540m of more
 expensive debt used by the US-based Glazer family to fund its controversial
 £800m takeover of the club last year. Man Utd is expecting revenues of £3m
 per match this year following the expansion of Old Trafford's capacity to
 76,000. Any securitisation deal would take into account gate receipts as
 well as associated revenues such as food and drink sales.
 
 A banker with links to the Glazers said: "Securitisation of future
 ticket sales is being looked at very closely. But Man Utd's management is
 very comfortable with its existing financial structure. However, anything
 that reduces the cost of capital is clearly a good thing."
 
 It is understood that the plans being worked on by RBS are among a
 number of other financial restructuring proposals being considered by the
 Glazers.
 
 It is believed that JP Morgan, the US investment bank, is also looking
 at restructuring plans on behalf of the family.
 
 A spokesman for Manchester United said: "It's perfectly natural that
 one would seek to refinance and restructure after a buyout."
 
 Currently, the Glazers owe £275m in so-called payment-in-kind notes
 to US-based hedge funds at interest rates of up to 20 per cent. The hedge
 funds, including Citadel Investment Group in Chicago and New York-based
 Perry Capital, have the right to seize the Glazer family's stake should Man
 Utd fail to repay the debt in the next four years. The club also has a £
 265m loan with
 
 JP Morgan secured against its assets, including players such as Wayne
 Rooney.
 
 If Man Utd opts for the securitisation option, it will be following in
 the footsteps of Arsenal, one of the club's arch rivals. The North London
 club is to raise £260m in the first public sale of asset-backed debt by a
 European football team. Arsenal has secured a low interest rate on the bond
 product of just 5.28 per cent, making the debt relatively cheap.
 
 However, it is uncertain whether Man Utd could issue a securitised
 bond on such good rates while retaining any of its existing debt. Even if
 the club swapped its existing debt for a £500m loan secured against future
 ticket sales, analysts estimate it could still be faced with annual
 repayments of about £35m once associated loan costs are taken into account.
 
 Arsenal will use its money to repay a loan that financed its new
 60,000-seater Emirates stadium and save about £1.2m on annual interest.
 
 However, Man Utd fans will fear that the club is following the same
 route that led Leeds United to the brink of financial collapse. Leeds
 borrowed heavily against future income as well as the value of its players
 but then struggled to keep up with repayments when the club's playing
 fortunes suffered a downturn. The club had to sell its best players and was
 relegated from the Premier League.
 
 However, Man Utd remains the financial powerhouse of English football
 and the Glazers believe they can keep its debt in check and still invest in
 new players.
 
 Paul Crawford, director of European structured finance at Fitch, the
 credit agency, said: "The key factor for Arsenal was that it had no other
 debt. Manchester United could replicate the deal… but it needs stability of
 income."
 
 [ Last edited by 瑞比 on 2006-7-10 at 06:41 PM ]
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