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United parent company reveal record £105m losses

Red Football Joint Venture Limited, the parent company of Manchester United Football Club, has revealed a loss of £104.6m, £20m more than United announced in October.

The figures, for the year ending June 2010, represent a record loss for the company owned by the Glazer family and were attributed to the repayment of a £526m bank loan and currency exchange losses.

United made losses of £83m from accounts from October although chief executive David Gill recently declared he was ‘comfortable’ with the club’s financial position.

The loss is a large fall on the previous year’s figures for Red Football Joint Venture Limited, which showed a £6.4m profit in June 2009 largely due to Cristiano Ronaldo’s £80m move to La Liga giants Real Madrid.  

 

Scott Hobro

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