Sources of Finance - ManUtd Look to Change their Formation

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Perhaps not the best day to recommend a resource about Manchester United (after they were humbled by the mighty Leeds United), but this piece in the Times is excellent for more advanced students considering issues such as high gearing and the appropriateness of bank debt.  The complex structure of the original deal to purchase the Club has left the Glazer family with a bit of a headache.  The business is said to owe about £700m to banks, financial institutions and hedge funds - with some of the interest due not having been paid.  So Man Utd are said to be looking at a bond issue as a way of replacing expensive debt with cheaper debt.  The impact of high gearing is illustrated by the proportion of operating profits which are used to finance interest payments currently.

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