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China’s $1.7 trillion hangover

China’s $1.7 trillion hangover

Up to 40% of China’s $1.7 trillion LGFV loans are at high risk of default. What’s a panicking Beijing to do?

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Skip Navigation LinksHome :: Hedge funds’ control of Man U draws closer

January 2006

Hedge funds’ control of Man U draws closer

When Malcolm Glazer bought UK Premiership football club Manchester United in May, alarm bells rang. The £790.3 million ($1.4 billion) deal was partly funded by a high-cost loan of £275 million from three US hedge funds, and subject to strict ebitda targets over the first two years.


Hedge fund
managers
debate a debt
for equity
conversion at Manchester United

For the year to July 2006, the Manchester United Group has to make 85% of £57.1 million, and 85% of £89.1 million the year after, or the hedge funds will have the right to appoint 25% of the board – a move that could involve hedge funds dictating...


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