Man Utd to improve accounting policies
FA cup champions Manchester United is set to improve its accounting policies following shareholder pressure, according to reports.
Link: In-depth: Football finances
The pressure is believed to come from John Magnier and JP McManus, the Irish racing tycoons, the club’s largest shareholders with a 25% stake in Man Utd, The Observer reported.
Magnier and McManus wrote a letter to club chairman Sir Roy Gardner complaining of a ‘lack of transparency in relation to a number of material payments’ and also queried the club’s method for valuing it players.
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‘We are by no means convinced that players values are properly addressed in the company’s accounts,’ the letter stated.
The changes will be announced by Sir Roy this week, who will also say that no evidence has been found of any irregularities in its past dealings, including the transfer of David Beckham to Real Madrid.
Man Utd are the most financially successful and profitable club in the world with revenues of £173m, profits of £50m and a market cap in excess of a £1bn, according to its most recent results.