The thing is we have no money (Listen to what big Dick Arnold tells, "lack of cash") and lack of players. Its like a Barca situation now for us. Already got too many holes in first 22. Then no money, pretend wanna be rich man (only wanna buy 1 "marquee' signing. Sell the above deadwood, then even bigger hole to fill. Not sell, no money to flaunt.
Catch 22.
So we should never laugh at Barca or start playing the chicken game. Important to note that they CAN cook the books and get away with it. They've done it for the last donkey years. MUFC on the other hand is public listed NYSE, deep in debt, share price dropping and losing goodwill fast. Need to go through proper audit regularly. Worse, if our debtors come rushing for payment it will properly collapse. So, its not really about trying to squeeze Barca for 10M, it is about us trying to beg Barca to give us 10M discount so that we can continue pretending.

Warren Buffet says it the best : If you buy things you don't need, soon you will have to sell the things you need.

In all this, I can only feel the pain for ETH but I bet you he already knows this and for him, its still a joy ride in a (borrowed) Ferrari. Just no money for maintenance, fuel tank limited. Once in a while you feel the power, feel the speed and most of the time you look at the mirror and realize its just a mirage.

Right. So as a bank today will you open your cheque book for MUFC ?

My reason is simpler. If I am a bank (I know I am not), today I will only look at EBIT (which is revenue - operating expenses) which is actually barely above water nothing to be super proud of, and project this with some risks.
The risks are a global recession which means increase in interest rate, increase bad debt, decreased credit, which shortens your cash flow further. Then I will add upside if any in MUFC today - Goodwill? at the limit. Expansion? None. Growth? Where do you think MUFC has not yet penetrated? Sudden grow in intangible asset value (youth player value increase etc)? None in the horizon.

It is a bad, bad time to go to banks today. 6 months or 10 months ago, yes.

You can forget your book value / market cap. It is never worth as much (if you liquidate, need to heavily discount, then also need to minus goodwill and intangible asset which is at best a fraction of current book value), and being tied to share price it has already dropped 50% plus from 200SMA. Nett nett if MUFC were to bungkus today the whole operation could be worth less than 2 billion, and the debt is at ~500M. Very very risky business.
My opinion is I am skeptical. I would NOT invest in MUFC share, so my layman logic is I would not lend money to MUFC.

last 4 fiscal years we were free cash flow negative in 3 out of 4 by the way. discount 2020 for covid is still means burning cash 2 out of 4. Soon the 5th year will be reported and damn sure negative again.
Every year expenditure exceeds operating cash flow, nett cash will dwindle. The one year we had positive, Glazers took a chunk of it.

as an example of a more financially successful sports team, see Ferrari.
Positive free cash flow even during Covid 2020. cash pile INCREASING year on year. Only 60% expenditure vs operating cash flow.
MANU - cash flow negative, hence cash on hand reducing year on year.

Its all there to see:
https://finance.yahoo.com/quote/MANU/cash-flow?p=MANU
https://finance.yahoo.com/quote/RACE/cash-flow?p=RACE

If you are a bank, and you need to bank roll a sports team, you will ask yourself why choose the former? Has it guaranteed success in some way? What is the collateral?

I don't know your level of business acumen, but mufc has NEGATIVE nett cash flow against a back drop of less than 1 year's worth of expenditure. a few of the companies and sports teams that are listed have many many times more than that. its like you having 1 years worth of expenses in cash, while your neighbours have 5. when troubles come who will collapse first...

if you say they are poorly run, then i have to ask you back do you see our well run team producing result....

ok, have it your way. if you think MUFC is a greatly run club who is flush with money (but illiquid and perhaps hidden in some other forms) and we can sign whoever we want. we are just toying with Barca and soon they will come running to us with FDJ's registration transfer.
btw if Glazer issue a 2nd tranch of stocks, I won't buy it unless its damn worth it. because as of today i see MANU common shares as uninvestible at current prices.

you dont understand, i ALREADY accounted for the monkeys buying kits. that is cash flow from operations, right near the top of the statement.

i think it is reasonable to expect us to eventually sign FDJ. But absolutely unrealistic to think we were bossing the discussion, money in hand ready to go elsewhere. The way things go i speculate we are just begging them to accept $1 pound up front (cash as some calls it, because we are soooo good, ALL our cash already working for us so we have none left). And $84.999999M GBP in 60 annual instalments from loans. The other thing is, we need >1 month to sign 1 player in a good time. Imagine the time it needs to sign the next one when its frantic, preseason training is in progress or season started and no one wants to sell late in the window. By then we will need to offer another 84.99999M in 120 annual instalments because all the banks also looking at our income statement and seeing we are paying for FDJ installment.

Hasn't Sancho / BVB taught us anything? By then ETH also kena fired edi.

I'm still shivering at the thought of starting with CR7 2/3 of the time and Martial the other 1/3. In that better 2/3 of the time, we better "pray for his metatarsal".

By probability alone we will have Martial on 2-3 games out of the meeting with top 4 teams and they will be laughing. Its like using a hammer to do a knife's job. MC will eat our breakfast lunch and dinner before we wake up, and Liverpool will be in the showers by the time we realize we are 0-4 again.

Anyway happy Friday guys! Sorry to depress you with such a long essay you already knew haha.

We got so much cash, we can even pay 11m in dividend to owners. So good......thats only 12% of the annual cash flow!
Big boys indeed.

I ask again, any one willing to invest in NYSE:MANU who is a fan? Anyone willing to invest in NYSE:MANU who is NOT a fan?

Then again, anyone willing to lend money to a company no one wants to invest in regardless they are fans or not? Lastly, if you come up with a loan facility package to this company will you put in the most favourable terms or the most stringent and tight terms you can (including high interest)?

Suppose we cannot borrow due to unfavourable terms, where do you think we are going to get money to continue operations or to make capital expenditure (player acquisitions)? Sell father mother coffin fund, sell some asset, sell goodwill? So, eventually nothing left isn't it?

The only way I see out is either improve income by appearing in more TV, or win some trophy and get more sponsorship.....oh wait. we won jack sh%t last year and no UCL Tv money......So its back to square one isn't it. Back to begging Barca. Or put up something in the collateral to get another 10-15m that they want, or else just go home with tail between the legs.

Its a great thing that no one else actually wants to sign FDJ (Who at this point we also don't really know will "transform" us or not) otherwise gone....

If I were MC or Liverpool or even old Chelski I would’ve paid 85M for FDJ just to troll us kaw kaw.

optimism now at all time low and we are wiping everyone's toilet with our transfer activity.....hang on and hope for top ten.

Big pipe with strong content being smoked across Barcelona and manchester

What a difference a few days make....

But I will hold my enthusiasm la...Malacia is a who.jpeg kinda player and FDJ is still a player no one else wants for 80M....

I'm a little more interested in seeing how VBD fits in or will he be forever in sh!t list.

no doubt anyone looks bad if the partner is Fred or McSauce
But Mata did well in MUFC, Ander at least had more than 1 season doing well.

wanna bet it won't win the EPL ? Or even come close?

This is why I'm not thrilled to have their CB, RW or whatever. I'm not even thrilled with their 2nd top export, FDJ, having sampled their no.3, VDB.

I will concede most likely will whip MUFC of 2021. But any 11 grandma's without tongkat can whip MUFC. It was shameful.

In recent times Iinm would be Mathis de ligt

Sooo…no malacia after all…..FDJ still discussing…back to square one eh.

Saw some circles in FB that our Malacia hijacking was hijacked by another team. So the dream is intact?