From: Manchester Evening News

FORMER Reds legend Wilf McGuiness is tipping Italian starlet Giuseppe Rossi to make a big impact on United´s first team next season.

Rossi scored 17 goals for Ricky Sbragia´s second string team this season and won the Jimmy Murphy Reserve Team Player of the Year award.

And with the Reds´ first-team strike force struggling badly for goals this season, 18-year-old Rossi may well find himself in Sir Alex Ferguson´s thoughts next time around.

" I watched Rossi score a hat-trick in the Reserves´ play-off win over Charlton: absolute class," said McGuinness. " He’s got a magic wand of a left foot, and he can use his right to deadly effect as well.

" He’s developing well. But there is no need to get too carried away. You have to put it into perspective. There’s a young lad in the reserve team playing lovely football. That’s the stage he is at in his career and he has to be allowed to develop.

" The Premiership is a very big jump. However, if he keeps playing well at reserve level, that gets noted by the manager and his staff and they will pick the right time for him to make that jump."

McGuiness added on United´s official website: " We’re all hoping he gets the opportunities next season. I’m sure he will because people think very highly of him at the club.

" And there are other players coming through. It’s not all about Rossi. David Jones has looked a quality player as captain for the Reserves, while Lee Martin has come on a lot this season and Pique has started to shine.

" The reserves have been wonderful this season. It’s a marvellous achievement to win four trophies.

" Congratulations must go to Ricky Sbragia and Brian McClair for the job they have done. More so because we’re not talking about a team of first-team squad players. The focus has been on young players coming through."

< << heureusement nos jeunes sont extraordinaire

rossi , fletcher , rooney , ronaldo , pique , spector , martin , david jones . .

voila le futur de MU . ..

--------------------------------------------------
------------------------------

FOR IMMEDIATE RELEASE

EXPLANATION OF GLAZER’S DEBT FINANCING PROPOSALS

as contained in his Circular dated 23 May 2005

THE FULL HORROR REVEALED

Summary

Glazer has taken on up to £921 million of debt, both personal and corporate, to acquire United.

If this debt is allowed to run for at least 7 years, then the accumulated repayment value could reach as high as £1.5 billion.

The debt leveraged on United’s assets could be as much as £700 million within 6 months of closing of the offer.

Servicing that £700 million debt ( interest & principal repayments) would average out at approx. £85 million p.a. for the first 7 years, increasing substantially thereafter

Glazer could reduce the debt burden by the sale & leaseback of Old Trafford, which might net him £200 million.

In that case, servicing the debt could still cost the club an estimated £55 million per year, plus the annual OT lease payment.

The offer document contains no detail on how the club might generate enough cash to pay down this debt and no commitments on transfer funds or other key issues for United fans and small shareholders.

Manchester United is in peril as never before. No other football club has ever had a debt burden of this size, and there is no real prospect of clearing this debt for many years to come.

Finance structure

Glazer plans to finance the acquisition of Manchester United as follows:

£272 million of his own money ( all or most of which was borrowed from Commerzbank we hear)
£275 million of ‘Preferred Securities’ issued to various Hedge Funds by Red Football Ltd ( Red). These ‘Prefs’ are basically debt in another form, a type of share which has no vote but a fixed financial return and which are not ( initially) secured on the assets of the club. Red has the right to redeem these Prefs at any time, which is likely to happen within 6 months of closing of the offer as they are very expensive to maintain ( see below). The redemption value increases hugely as time goes by. Red must also pay a redemption premium to the holders, the Hedge Funds – estimated amount £50 million – we will confirm this when the finance agreements have been inspected). The finance to redeem these Prefs will most likely be secured on the assets of United, ranking in priority behind the Senior Debt ( it will probably be classed as ‘Junior Debt’, as it bears more risk than the Senior Debt and will therefore carry a higher interest rate). Glazer does not confirm that this redemption will occur or mention the Junior Debt in his Offer Document, because he does not have to – it will take place after Closing.
£283.9 million of “Senior Debt” secured on the assets of United. This debt can be drawn down in 5 tranches, bearing different interest rates and maturity dates ( some of this debt will go to pay the estimated £50 million + of banking and advisory fees payable by Glazer on this transaction and which will be borne by United)
£90 million of working capital and capital expenditure facilities – these facilities were not mentioned in the RNS summary offer statement of last week
Total acquisition cost = £920.9 million

Total debt incurred by Glazer’s companies which could ( and probably will) be leveraged on the assets of Manchester United = £648.9 million + the cost of the redemption premium on Prefs est. at £50 million = £698.9 million

Interest and Principal payments over first 5 years

Prefs – these incur rolled-up interest at average interest rate of 17%, totalling £48 million per year for 5 years, giving a redemption value after 5 years of £615 million. Rolled-up interest is not immediately payable, it accumulates and is added annually onto the redemption value of the Prefs.

Senior Debt – average interest rate over 5 tranches is £25 million p.a. for the first 5 years, plus a further est. £5 million on the working capital facilities. Add total capital repayments of £12.5 million p.a. for first 5 years, this makes:

£42.5 million per year total amounts payable by United on Senior Debt

Junior Debt ( assuming refinancing of £275 million of Prefs + premium of £50 million - £325 million) – more expensive as more risky, so assume average interest rate of 10% p.a., and initial capital repayments of £10 million p.a., this makes:

£42.5 million per year total assumed payable by United on Junior Debt.

Total payments annually required to service the debt in Manchester United:

£85 million

Sale & Leaseback of Old Trafford

The only way Glazer can seriously reduce this level of debt quickly is by sale & leaseback of Old Trafford for an estimated £200 million cash payment into the club.

This would be used, we assume, to redeem the Prefs to replace part of the debt financing, so on this assumption, we can reduce the Junior Debt element in the above calculation to £85 million ( £75 million + reduced redemption premium of £10 million). This brings the annual service cost of the Junior Debt, using the same bases as above, to:

£12.5 million +

£42.5 million ( Senior Debt)

= £55 million p.a. still required to service the debts under the sale & leaseback scenario.

Conclusion

In order to complete his takeover of United, Malcolm Glazer has taken on 3 levels of debt.

1.Personal or family foundation debt.

To buy his original stake ( up to 28.1%) Glazer used his own assets. Everything we know about him tells us that it is not his style to use his own money, and we have been told ( on good authority) that the whole of that stake was acquired with borrowed money. Although he is not initially planning to leverage this debt - £272million - against the assets of Manchester United, we can assume that he will expect the borrowing to be repaid by the profits of the club.

2.Senior Debt secured on United’s assets

JP Morgan agreed to lend up to £540million to fund Glazer’s acquisition of the club. However this was contingent on him securing conditional acceptances of 75% of the share capital. Cubic refused to risk giving a conditional acceptance of his offer. They wanted the money up front. Without them he was unable to secure the 75% he needed to trigger the JP Morgan loan.

3.Preferred Securities as bridging finance

In order to buy out Cubic, Glazer was forced to fund the buyout with effectively a bridging loan. This was a very expensive way to fund the purchase of the Cubic stake and the rest of the shares he needed to reach the 75% that would allow him to take the club private and trigger the JP Morgan finance. He did this by issuing what are known as “preferred securities” in Red Football Ltd to various hedge funds. Preferred securities are a particular type of share which confer no voting rights in a company but which attract high interest and when are often secured on the assets of a company, in this case Glazer’s own shares.

At the moment Glazer is claiming in his offer document that the only debt which will immediately be transferred to Manchester United, on his taking the company private, is the £373.9 million to be lent by JP Morgan. This is because the plc Board rejected his first proposal as “over-leveraged”, so he put in place some “debt in drag”, the Preferred Securities. But the cost to him of these Prefs, with their rolled up interest at 17% p.a., is so horrendous that it would only make financial sense if he buys then back as quickly as possible. No sane lender would give him the necessary funds to refinance unless ( i) they were paid very large fees for doing so or ( ii) there were sufficient United assets left over after JP Morgan’s first priority security ranking. And this refinancing will be expensive too.

A better bet for him is to execute a sale & leaseback of Old Trafford as soon as possible. OT is the only unmonetised asset left at United. This would undoubtedly incur the wrath of all United fans across the world as selling the heritage of the club.

One_United Posté le 24 mai 2005 à 20:09:46
Vive Glazer ! !

De toute façon il pourra pas retirer MU de la bourse comme ça, Shareholders Utd possède 18% du capital et il lui faut 90% pour décider seul donc y´a comme un bloquage lol

Sinon pour les transferts, ça va être la m**** quelque chose de bien à mon avis...

>> il peut retirer MU de la bourse, il lui faut 75% du capital ce qui est le cas donc pas de problème pour lui.

ivguenyp2 Posté le 24 mai 2005 à 19:38:00
3 - on est sorti de la bourse source non négligeable d´argent . donc aucune chance que glazer parte sans qu´il le veuille . .
Et de toute façon le seul effet qu´aura le fait de retirer MU de la bourse

>> on perd de l´argent en etant en bourse, il faut payer des divendes aux actionnaires.

C´est quand on est arrivé en bourse qu´on a gagné beaucoup d´argent en vendant toutes les parts appartenant au club.

RONALDO QUIZZED ON UTD FUTURE

Cristiano Ronaldo has insisted that he knows nothing about any interest from Real Madrid and he is happy to remain at Manchester United.

Although stressing that he will have to see how things pan out at Old Trafford; his agent Jorge Mendes is in talks over a pay rise for his client; the Portugal winger does not believe the FA Cup final was his last game for The Red Devils.

After being asked that question outright by Spanish daily As, Ronaldo responded by saying: " I don´t think so. We are to going to have to see.

" I do not know anything [about Real Madrid´s interest]. Those questions have to be directed to my representative Jorge Mendes and not to me.

" Simply, I am integrated into Manchester United and I only think about this club."

The Madeiran magician operated on the left flank for United in last Saturday´s FA Cup final defeat to Arsenal, terrorising Lauren with a devastating display of wing-play, and is happy to start in that position next term.

" I think, yes [I could play left wing for Portugal when Luis Figo retires]," he stated. " I have already played as many games on the right as on the left.

" Therefore, it would not be new for me to play on the left wing.

" We lacked lack and to score a goal [against Arsenal]. Manchester were better than Arsenal but justice could not be done.

" But next season, we must continue because we will have the same ambitions and we are going to try to win something."

NFL seek Glazer explanation

The National Football League has called for Manchester United´s new owner Malcolm Glazer to explain the club´s plans to build a casino next to Old Trafford.

Glazer, who also owns the Tampa Bay Buccaneers, is subject to NFL rules that prohibit an ownership interest in a casino and prevents partnerships with gambling establishments.

NFL spokesman Greg Aiello has conceded the league are aware of United´s plans to build a casino and are keen to establish the implications against their policies.

The NFL became aware of the possible breach of policy after Shareholders United, a supporter-investor group opposed to Glazer´s takeover, raised concerns.

" The only potential issue concerns that reported Man U venture with the Las Vegas casino, what that means, and does it have any implications regarding our policies," said Aiello.

Search your feelings over Obi
John Obi Mikel is a promising footballer. When he was 16, the family home in Nigeria was visited by John Shittu. He persuaded Mikel´s father to give the Sport Entertainment and Media Goup ´power of attourney´ over the boy. Then the father signed a deal with another agent, Daniel Fletcher. Yet another agent, Rune Hauge, star of the George Graham ´bung´ scandal, orchestrated Mikel´s move from Nigeria to Norwegian club Lyn. After just one game in Norway it was announced that Mikel was joining Manchester United for £4m. Then Shittu said the teenager would join Chelsea instead. Mikel´s family have received threats as the rival agents fight over him. His brother says the youngster is very scared. The honourable thing for Chelsea and Manchester United to do would be for them both to pull out. They should say they will not put any more pressure on a boy who is aged 18 years and 31 days - nor have anything to do with the Shittu representing him.
Mick Dennis, Daily Express

Angleterre: Rio Ferdinand suspendu de permis Le 25/05/2005 - 13:24

Le défenseur de Manchester United, Rio Ferdinand, a été suspendu de permis de conduire pour une durée de 28 jours, après un excès de vitesse constaté le 9 janvier dernier. Le Mancunien est coutumié du fait, puisque c´est la quatrième fois qu´il se fait suspendre.

=> Sa m´enerve les joueurs de foot qui se croivent tout permis ( sans jeu de mots ) je ne fais pas une généralité mais sa m´enerve

CROIENT
Encore Rio suspendu^^

Au lieu de se faire suspendre de permis il devrait resigné Rio
Quand mm 4 fois qu´il se fait suspendre tres fort ce Rio^^

Rio determined to lift title

Manchester United defender Rio Ferdinand is more determined than ever to win the league next season.

The England centre back has been in Malawi to witness the devastating poverty afflicting the country first-hand, and wants to help put a smile on some of the faces in the African nation.

Ferdinand joined Gary Neville and David James for the Aids awareness trip and spoke to around 5,000 youngsters on the dangers of the disease.

" It means a lot to them," he told Sky Sports News. " They were saying please win something next year, please win the league.

" It´d be great to win the league and make some people smile.

" United fans haven´t had much to shout about, whether they´ve been in England, Africa or wherever so we hope to change that next season.

" We finished the season performance-wise on a very good note. Performance-wise, we played very, very well but didn´t get the result we required [on Saturday in the FA Cup final defeat to Arsenal]."

The former West Ham and Leeds United star admits the trip has been an eye-opening experience.

" When you´re travelling through towns and seeing the poverty and stuff, it is an eye-opener," he declared.

" I´ve been in poor countries before but, when you see it here, it´s an interesting trip and something I´m very appreciative of.

" The crazy thing is you´re standing there playing football with kids and some of them don´t know if they might have HIV.

" Some of them didn´t have a choice as they´ve inherited it from their parents.

" It´s disappointing in that respect but I said if you have dreams, don´t put your dreams at risk by not using contraception.

" Hopefully, these kind of messages will get spread and hit home."

>> c´est bien pour Rio qu´il soit suspendu de permis ça lui fera une excuse pour ne pas signer son nouveau contrat à 100.000£ par semaine...

Casillas talks hit impasse

Iker Casillas´ agent has conceded that talks regarding a new contract at Real Madrid are currently deadlocked.

The Spain international´s present deal at El Santiago Bernabeu expires next summer and he has regularly been linked with a move to Manchester United.

The delay in striking an accord for a contract extension has ensured the rumours of a departure from the Spanish capital have not ebbed away.

Casillas, though, has repeatedly stated he wants to stay with Los Galacticos, although recent reports of a deal until 2011 being agreed proved to be premature.

The shot-stopper´s representative Gines Carvajal admits that the lines of communication with the Real paymasters are still open but that discussions have reached an impasse.

" We are still negotiating for the contract and we have not closed the deal," said Carvajal.

" Real wants to continue with the player and the player is happy at the club but, for now, the negotiations are at a standstill.

" Iker is the ideal goalkeeper for Real Madrid and our relationship with the supporters is magical."

Real´s vice-president Emilio Butragueno recently acknowledged that talks regarding new contracts would resume at the end of the season.

Despite the interest in his services, Casillas commented that he has no offers to leave the Bernabeu, saying: " At this moment I do not have any propositions from another club."

>> On fait une très belle offre à Casillas, on vire Carroll et là on est bien niveau gardien.

Les relations de Figo avec son coach sont de plus en plus difficile, si ça peut nous permettre de l´avoir pour rien, pourquoi pas.

Ferdinand will try to squeeze more money out of Glazer
Rio Ferdinand is pinning his hopes on Malcolm Glazer to find the extra cash to solve his Manchester United contract dispute. United´s England central defender has rejected a £100,000-a-week offer to extend his Old Trafford contract by three years. But it emerged last night that Ferdinand and his agent Pini Zahavi will seek talks with the Glazer family as soon as the American completes his takeover of United in a few weeks. A source close to Ferdinand told Sportsmail last night that they hope Glazer will see fit to grant the 26-year-old the £120,000-a-week package for which he has been holding out. The source said: " Rio and his agent will meet with Glazer as soon as all this goes through and they hope that he will not have a problem with bridging the small gap that exists between United´s offer and Rio´s requirement."

< <<<< que ferdinand se casse . je ne veux plusd´un sale traitre , un connard comme lui a ce club

Avec des reactions pareilles, on trouvera jamais de bons joueurs, de nos jours s´est monnaie courante d´en demander toujours plus. C´est surtout son agent qui me pose problème.

vraiment se ferdinand n´est meme pas capable de savoir si il aime manchester il dit vouloir rester mais juste pacque le salair ne lui plais pas il fait le bebe alors qu´il gagne 100000£ et en plus il se ridiculise car il ne peut rien faire sans son agent

Nev: No slip-ups allowed
Gary Neville insists the rule book for winning the Premier League title has been ripped up by Arsenal and Chelsea. The Manchester United defender always believed a team could still win the crown even if they had five slip-ups in a season. Neville, 30, admitted: “Not one of my six title-winning seasons would have been good enough to take it this year. Arsenal didn’t lose a match in the league all last season while Chelsea lost only one this campaign as they reached 95 points. We can no longer say that you can get away with five or six defeats during a season. They have set new standards. Their challenge doesn’t frighten me. What scares me more is that I worry I may have won my last title medal — I want another next May. I´d swap all the trophies and medals I´ve won for the title next season - and more after that."
Pat Sheehan, The Sun

Robbo wants Kieran back
Bryan Robson hopes his chances of keeping Kieran Richardson have been boosted by Manchester United’s FA Cup defeat. West Brom boss Robson wants the midfielder, 20, on loan for another term. And he reckons England starlet Richardson’s bid to break into the United first team has been hit after they ended the season without a trophy. Robson reckons boss Alex Ferguson will now spend, spend, spend. Robbo said: “If Kieran was playing in United’s reserves he would not be in the England squad. West Brom gave him that platform. Kieran is ambitious and wants challenges in his life. After what happened in the cup final, he will have a hell of a task getting into the United team now. That’s why I think we have a good chance of getting him back next term.”
Staff reporter, The Sun

Glazer silent on plans for Old Trafford
Malcolm Glazer refused to answer questions on Manchester United last night. The club´s new owner stayed silent when asked about his takeover at Old Trafford. He was quizzed at a press conference to announce the home of his Tampa Bay Buccaneers would host the 2009 Superbowl. Glazer did not respond, but his son Brian said: " We´re here today to celebrate the Superbowl in Tampa in 2009. It´s a very important day and I would hope you would respect that." Glazer was pressed again on United after the news conference, but walked away without responding.
David McDonnell, Daily Mirror

Glazer bets probe
Malcolm Glazer could come under scrutiny from the NFL over Manchester United´s gambling connections. The Tampa Bay Buccaneers owner, who has bought control at Old Trafford, has already been asked to explain United´s links to a casino. The NFL, who govern American football, are historically nervous about any owner being associated with gambling. In addition to a casino being planned at Old Trafford, United have a deal with Ladbrokes, who have betting booths at the stadium. United also receive revenue through Sky, who have an off-shoot in Skybet.
Staff reporter, Daily Mail

Glazer is left to count cost of Becks deal
In the week that Liverpool chased a Champions League pot of gold worth millions, Manchester United´s new owner Malcolm Glazer has had to swallow the reality of failure in Europe´s premier club competition. Not only did United miss out on sizeable prize money as they went out tamely to Milan in the round of 16, Real Madrid´s exit at the same stage also cost them £850,000. A large slice of the fee Real paid for David Beckham is conditional on their success in the Champions League. Two payments each season, totalling £1.7m, depend firstly on Real qualifying for the Champions League, and then reaching the quarter-finals. They didn´t this season, going out in extra time to Juventus. And a whopping £850,000 was lost by United.
Harry Harris, Daily Express

vous me faite peur en parlan de glazer comme ca...mais grace a lui il y ora pa de largen pour les transfer cet été?????????

Oui, il y aura de l´argent pour les transferts mais à quel prix, on se retrouve avec près de 600M£ de dettes c´est énorme.

sinom vous en penser quoi du match d´hier bravo a liverpool

Je suis fier des clubs anglais