| Dmitry Verkhovtsov hopes to make good impression with Celtic • Belarus defender says 'this is the chance of my life'• I want to sign as quickly as possible, says 23-year-oldDmitry Verkhovtsov is eager to secure a contract with Celtic after arriving in Glasgow for talks.The centre-back from Belarus flew into Glasgow last night ahead of his proposed move from his own country's Premier League side Naftan Novopolotsk. The 23-year-old has 12 cap for his country and is reported to be available for £500,000."I want to play for Celtic and I believe I can make a difference," Verkhovtsov told the Scottish Sun."I'm strong in the air and two-footed. This is the chance of my life - and I want to sign for Celtic as quickly as possible."CelticBelarusTransfer windowScottish Premier Leagueguardian.co.uk © Guardian News & Media Limited 2009 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
Carlo Ancelotti hails goalkeeper Petr Cech as 'one of the world's best' • 'I like him because he takes responsibility in the box'• Chelsea set to field strong side against Watford in FA CupChelsea's manager, Carlo Ancelotti, has described Petr Cech as one of the best goalkeepers in the world and expects him to bounce back from his recent jitters.Ancelotti's men have looked vulnerable from set pieces and Cech's communication with his defenders has been scrutinised after the Premier League leaders took just nine points from 18 in December. However, Ancelotti believes errors come from his goalkeeper wanting to take responsibility for his penalty area, which the Italian views as a positive attribute."I believe Petr Cech is one of the most important players for this team, one of the best goalkeepers in the world," Ancelotti said. "I like him because he takes on responsibility in the box, he likes to come out to catch the ball. Above all, that's important in England, to have this kind of goalkeeper."A goalkeeper that takes responsibility can make the odd mistake. I prefer to have a goalkeeper who takes responsibility than one who just stays on his goalline and doesn't take that responsibility."Cech could be in goal against Watford in the FA Cup on Sunday as Ancelotti is set to pick a strong side, having been told about the importance of the competition on his arrival at Stamford Bridge."I want to put out my best team," he said. "It's a very important competition in England. In Italy, the Italian Cup is not so important. We want to do our best. It is one of our objectives, our aim, to win it. Last year we won it. We want to do the best again this year."Watford are a good team. I don't know them very well, but I have an opportunity to watch a DVD. Every team can give you problems. It is important to stay focused and concentrated."Picking a strong team also means that Michael Ballack, who is thought to be close to agreeing a new deal to stay at the club, could start. "He has a great personality and I'm happy he will stay here for the next years," Ancelotti said.Chelsea will be without Didier Drogba, Mikel John Obi, Michael Essien and Salomon Kalou, who are on international duty at the African Nations Cup. Despite this, Ancelotti said he would not be put off signing another African player in the future and believes the situation provides an opportunity for the Stamford Bridge youngsters."I think that when they have to play for their national team, it's not a problem," he said. "It's like the European players. Every top player can go to the national team. It's not a problem for the Africans. It'll be a great opportunity for the young players now to show their quality. I hope they will do a very good job because I trust in these players."Ancelotti has also been helped by the fact Chelsea play Watford, Hull, Sunderland, Birmingham and Burnley during January, rather than any of their Premier League title rivals. "In January we have a possibility to work every week without matches [in midweek]," he added. "We have a possibility to improve our condition because, in December, we didn't have that opportunity to train. For this, I think we lost some physical condition. We had some injuries but I think that, in January, it will be better."ChelseaWatfordFA Cupguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
United's sales pitch isn't a premium bond The Glazer family's attempt to raise money to pay off massive debts paints a bleak picture of Manchester United's futureWhen navigating the thunderously depressing proposal by the Glazer family to load Manchester United with £500m of debt for the third time since their takeover in May 2005, it helps to imagine where United might be had the Glazers never turned up in the first place, to buy the glory, glory club with all their borrowed millions.Before engaging with Sir Alex Ferguson's remarkable contention that United's finances, laden with borrowings over £700m and £67m interest payable last year, are "of no concern at all", recall what the United board itself said at the time. When Malcolm Glazer and his six children – who, we now know, have borrowed £10m from United – launched their takeover bid, the board, which included the current chief executive David Gill, expressed vehement opposition to it.Echoing the concerns of the well-informed United fans' campaign, the board warned that the Glazers' business plan was "aggressive", and that the proposed structure for the club "still contains more leverage [debt] than the board would consider prudent and that as a consequence there is likely to be significant financial strain on the business."Despite that, the Glazers bought the club for £810m, a fortune pocketed greedily by enough shareholders in what was then Manchester United plc. The Glazers paid £270m themselves, borrowing the other £540m from banks and hedge funds. In the four years up to the latest accounts to 30 June 2009, United became liable to pay more than £325m in interest alone, yet the interest they have not paid, plus fees, has increased the debt the Glazers loaded on to United to £700m.United, and Ferguson, now argue it is all fine, the club are not constrained by that debt mountain and the board was therefore wrong in its warning back then. Ferguson said last week that the windfall from the £81m sale of Cristiano Ronaldo is there for him to spend, but he does not want to because the market is overpriced. That assertion has been rather undone by the prospectus, which sets out the plan to transfer £70m cash from United to one of the Glazers' holding companies, partly to pay off the hedge funds which charge swingeing 14.25% interest.Now imagine how United might look without the Glazer debt. True, as a plc – the Stock Market listing which football executives now agree was a failed experiment, despite defending it zealously at the time – United paid dividends to shareholders. Yet even allowing for the increase in turnover, from £171m to the most recent £278m, the 2004 dividend was £7m, nothing like the mountain of interest, £42m to banks, £25m to hedge funds, with which the Glazers have burdened United.Had the takeover never happened, how fearsomely United could now be swaggering. Three times Premier League champions and European champions in 2008, with a record income of £278m (although it would probably be lower, because without the Glazers, ticket prices would not be so high), with a £91m operating profit, not plundered to meet the interest. On top of that, £81m from selling Ronaldo.Would the manager, in those debt-free circumstances, really spend the autumn years of his brilliant career grumbling about the price of players? Can he be pictured allowing Ronaldo and Carlos Tevez to depart, leaving him to admit that United's thinner strike force is seriously reliant on one player, Wayne Rooney?For those who still believe that United are untouched by the financial chicanery the Glazers have visited on them, the fullest answer so far is contained in an unlikely place – United's bond prospectus itself. That piece of work, arguably the most dispiriting document ever produced containing the word football, seeks to persuade investors to buy a piece of the Glazers' latest debt restructuring.The prospectus boasts, quite justifiably, about the success of Ferguson's team, the Old Trafford full houses, the "significant revenues" from television, the sponsorship earnings and global following – although the tracing of "our club" back to its 1878 formation by workers on the Lancashire and Yorkshire Railway will grate further with fans who see the Glazers as carpetbaggers, not custodians of that tradition.In a 322-page document, the section headed "Strategy" is noticeably short; a single page which states United must just carry on as they are, make money – including a commitment to "maximise ticket revenue" – from exploiting the team's success. The prospectus, though, devotes 15 pages to detailing the "high degree of risk" associated with this loan. Legally, the document must carry such warnings, but it is fascinating to see the risks so conscientiously itemised, by those responsible for this financial engineering.First and pre-eminent, the document repeatedly stresses that all the financial success, and United's ability to meet the interest and debt repayments, depends upon the first team's performances. United acknowledge that strong showings in the Premier League, Champions League and – topically – the FA Cup, cannot be guaranteed. The club also addresses the looming issue which dare not speak its threat: the retirement of Ferguson, surely sometime soon."We are highly dependent on members of our management, including our manager, Sir Alex Ferguson," the prospectus states. "Any successor to our manager may not be as successful as he has been." Were that to happen, United's ability to attract the best players may be "adversely affected", the document says.For all the emphasis on United as a global "brand", the prospectus recognises: "We depend on our matchday supporters, who are concentrated in the United Kingdom." It acknowledges uncertainty over whether the full houses will continue, and says "rising unemployment and lower corporate profits" in the recession "may have a negative impact on our business". Already, during this season, around 16% of the corporate box seats have remained unsold.Most interesting given Ferguson's efforts to rubbish Manchester City's nouveaux oil riches is a paragraph devoted to "strong competition" from other clubs enjoying "recent investment from wealthy team owners". Unlike the Glazers, who are leaking money out of United in such prodigious quantities, both in interest to banks and personally in fees and loans, these other clubs have "strong financial backing"."The increase in competition," the prospectus notes, "could result in our first team finishing lower in the Premier League than we have in the past and jeopardising our qualification for or results in the Champions League."As for pure financial risk, the prospectus itself provides a corrective to Ferguson's complacency. "Our significant indebtedness could adversely affect our financial health," it admits. One page later is a summary of the state United are in."Our ability to make payments on and to refinance our indebtedness will depend on our ability to generate cash in the future. We cannot assure you that our business will generate sufficient cash flow from operations, or that future borrowings will be available to us, in an amount sufficient to enable us to pay our indebtedness."There speaks a cash-rich club, brimming with confidence, unaffected by its £700m debt, with £81m in the bank, money which its manager is absolutely free to spend, if only he wanted to.Premier LeagueBusinessManchester UnitedDavid Connguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds guardian.co.uk |
Chelsea rout Sunderland to stay top Carlo Ancelotti's Chelsea side laid down an impressive marker in the Barclays Premier League title race with an emphatic 7-2 victory over Sunderland at Stamford Bridge. foxsports.com.au |
Portsmouth petition rejected by EPL Barclays English Premier League crisis club Portsmouth moved nearer administration when their bid to have a winding up petition from British tax authorities struck-out was rejected. foxsports.com.au |