Tuesday, 12 January 2010

Bad timing

So there you are about the start a blog about Manchester United's finances and before you put anything up, or publicise it in any way, THAT happens.

THAT was the publication on January 11th of the "Preliminary offering memorandum" for £500m of Senior Secured Notes due 2017 by a new company called MU Finance plc (a subsidiary of Red Football Ltd, the immediate parent company of Manchester United Ltd).

It can be downloaded here.

This bond issue (I'll use "bond" and "note" interchangeably) is a hugely important event in the history of Manchester United and its supporters. The reaction to it from supporters and journalists has been one of shock and anger, and silence from politicians and football administrators.

The idea behind this blog (dreamt up over Christmas 2009) was to try to provide information and analysis to people who were interested or concerned about what was happening at United. I hoped it would become a reliable source in a world that is understandably baffling to most.

Now my timing may have been poor, but the last nine days shows people ARE keen to understand more about what is going on, so it's time for me to roll up my sleaves and get writing.