The Official Statement!
Manchester United PLC issued the following statement to the London Stock Exchange at 07:00 BST on Wednesday 6 August...
Manchester United PLC has accepted, subject to contract and player medical, an offer from Chelsea Football Club for the sale of the registration of Juan Sebastian Veron for a total consideration of £15 million (of which £2.5 million is conditional on the performance of the Chelsea team over the next 4 seasons).
As a result of this transaction, Manchester United will recognise, in the financial year ended 31 July 2003, a pre-tax player trading loss on the sale (after deduction of the unamortised cost of acquiring the player's registration and ancillary costs of the transaction) of £5 million. However, Manchester United will recognise the additional £2.5 million as trading profits in the subsequent years if the conditions are fulfilled.
Manchester United PLC,
Wednesday 6 August 2003 |