A hotel called “Hotel Football”, owned by Ryan Giggs, Paul Scholes, Nicky Butt, Phil Neville and Gary Neville, as well as the GG Hospitality Management Company, has still yet to show a profit as latest economic figures have been released.
Described as an “upscale football-themed hotel overlooking Old Trafford”, it was opened in 2015 for a cost of £24 million.
The hotel boasts such features as a restaurant called Cafe Football and a five-a-side football pitch on the roof.
It is labelled as being “not only the ultimate Manchester United experience, but also perfectly suited for client networking, employee incentives and get togethers with friends and family.”
The business has just recorded its best ever year according to The Times, but it still has not turned a profit since opening nine years ago.
Despite making a “£590,000 operating profit” and being described by insiders as “the highest-performing hotel of its standard in the area”, it continues to hemorrhage money.
“Interest on the £8.8 million net debt contributed to a £601,000 loss for the year,” The Times reports.
Commenting on the results former United captain Gary Neville asserted, “unfortunately during the year, the rise in bank interest rates meant that interest on the debt increased by £385,000 year on year.”
“2024 has started off positively for the hotel and despite the considerably lower number of Manchester United home games, which has an impact on the hotel’s revenues, conversion to profit remains healthy.”
Results show the company has lost “a total of £9.5million” since opening and owes “£10.5 million to its immediate parent company, Orchid Leisure.”
Football finance expert, Kieran Maguire, believes that the hotel would stand to benefit substantially with the proposed regeneration of Old Trafford or in the fact, building of a new stadium on adjacent land.
Neville and company will soon hope to finally see some return on their investment as the project enters its tenth year of existence.
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