You don’t have to look far in the report for facts that show that the clubs finances were affecting on t pitch decisions. The club made a £23m net profit of transfers during the 2009/10 period, mostly due to the sale of Xabi Alonso to Real Madrid. In addition the sacking of Rafa Benitez and his staff cost the club an extra £8million, meaning even less money for transfers and others. It all came together to make the club, which should clearly have been profitable, lose £20million. If they were still here, it would be enough to make the blood boil, but since they’re not, relief can only describe the feeling of the departure of the two American cowboys.
Fenway Sports Group have reduced the debt to an extent where we will only pay £3m a year to service the small debt remaining. Managing Director Ian Ayre sums things up nicely:
“As much as we are all aware of the difficult circumstances surrounding these accounts and that period in the Club’s history, everyone in the world can now see just how much has since been achieved, Since the end of the last financial year, Fenway Sports Group has paid off £200m of acquisition debt from the previous owners, dramatically reducing interest payments as a result and meaning we are able to invest more revenue in the team rather than servicing debt.”
An extra £14m a year saved from interest payments, a £20m a year shirt sponsorship with Standard Chartered, and hopefully some extra investment from FSG this summer will help us improve the squad to the extent required. What a relief that those two clowns have gone.
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