Man U shareholders question accounts
The two largest shareholders of football club Manchester United have queried the accounting policies of the company, as part of their ongoing dispute with the club and its manager Sir Alex Ferguson.
In a letter to Manchester United’s chairman Sir Roy Gardner, Irish millionaires John Magnier and JP McManus claimed there was ‘a lack of transparency in relation to a number of material payments’, and also expressed worries about the club’s corporate governance and accounting.
The letter also called into question the valuation placed on players in the accounts, citing an inconsistency between acquired players and home grown assets.
The club has insisted that its accounts are in line with FRS10, the UK accounting standard on goodwill and intangible assets, according to the Financial Times .
Magnier and McManus have been at odds with the club since they fell out with Sir Alex over the stud rights to champion racehorse Rock of Gibraltar.