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Ronaldo saves Man Utd

The sale of Cristiano Ronaldo by Manchester United saved the club from massive losses in the last financial year.

Income for the soccer team's holding company, Red Football Ltd was £25.6m (€28.4m) for the year ending June 30, 2009

The Portuguese player was sold to Real Madrid for £80m (€89m) in the summer of last year and drove profits to £48.2m (€53.5m).

Without the sale of the 24-year-old winger, the Red Devils would have reported a loss of £31.8m (€35.2m). The team, owned by the US-based Glazer family, has debts of £699m (€775m).

Last summer, Manchester United agreed a four-year sponsorship deal with American reinsurance corporation Aon worth £80m (€88m), replacing AIG as club sponsors from the 2010-11 season.

Interest payments on the loans have led to Red Football Joint Venture Ltd, the ultimate parent company, posting losses.

The club revealed the details in an offer document for a £500m bond which showed United's sales up 8.7pc to a record £278.5m (€309m).

The Manchester United Supporters Trust reacted angrily to the news that the club would have recorded losses were it not for the sale of Ronaldo.

Chief executive of the trust, Duncan Drasdo, called for the Glazers to sell the club

"Most supporters have had enough," Mr Drasdo said.


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