Glazer risks hedge fund intrusion into Manchester United deal
The EBITDA targets in his leaked business plan are believed to almost double by 2008.
Glazer has promised his creditors that he will bring in £57m in 2006, compared with a forecast of £48.2m this year, but this increases to a staggering commitment of £89m in 2007 and £107m in 2008.
If Glazer fails to meet 85 per cent of the EBITDA targets, the hedge funds will be entitled to appoint 25 per cent of the directors of the board of Manchester United and its holding companies Red Football Joint Venture Limited and Red Football Shareholder Limited.
The US hedge funds - Citadel, Och-Ziff
To read the rest of the article you'll need to log in below
If you've forgotten your details click here for a reminder.
If you haven't got an account, it's free and it only takes a minute to set one up,
click here to register
2 comments
- login or register to post comments
- Add to a social bookmarking site
The Bottom Line:If Mr Cable has his way...
"If Mr Cable had his way, all the big banks would be broken up and bonuses would be virtually eliminated - a sure-fire way in my view of guaranteeing an end to the UK’s ability to compete as an international financial centre. Let’s not forget that this is a man who is on record as saying that everyone who works in a bank has an ‘aristocratic lifestyle’ clearly demonstrating his lack of understanding of the sector." A tough line on bankers’ bonuses could make a brain drain of financial talent a distinct possibility, warns Paul Marsden. Read more