By Mark Thompson, CNNMoney International Editor
Manchester United have sacked their coach after a disastrous season, which means they'll miss out on Europe's lucrative Champions League next season.
David Moyes was appointed less than a year ago, when the club's most successful manager -- Alex Ferguson -- retired after 26 years.
Under Ferguson, the team had won the richest national soccer league for 13 of the last 21 years, and used the steady flow of broadcast and matchday revenue to invest in players and build a global commercial brand.
However, poor form on the pitch this year is leaving Manchester United (MANU) without honors in domestic league and cup competition, and leaves the club facing a year without Champions League TV revenue -- worth some $50 million alone.
Financial concerns may well have forced the hand of the team's American owners, the Glazer family, who also owns the Tampa Bay Buccaneers.
The Glazers borrowed heavily against Manchester United assets when they bought the club in 2005. The cost of servicing those debts -- together with a huge wage bill -- eats up 70% of revenue.
"This is a highly indebted firm which leaves little financial room for disappointment," said financial analyst Louise Cooper. "Frankly, the Glazers could not afford to wait for Mr Moyes to step up to the job."
Failing to qualify for the top competition in Europe could also have a knock-on effect on sponsorship renewal talks with Nike (NKE) -- the second single biggest source of revenue after English TV broadcasts -- and ticket sales.
The Telegraph reported recently that the Glazer family had agreed to a 25% cut in ticket prices for Europa League matches at the club's home ground if the team qualifies for the second tier European knockout competition.
Investors appear to be hoping a change in coach will mean improved financial fortunes. And after two years of pre-tax losses, Manchester United can use the help. Shares had rallied recently on talk that Moyes would be forced out, gaining more ground Tuesday.
Apple sold $17 billion worth of bonds late Tuesday in the largest sale of corporate bonds ever.
The company offered both fixed and floating rate bonds, with maturities of of 3, 7, 10 and 30 years.
At $17 billion, the offering trumps Roche Holdings' $16.5 billion bond sale in 2009, according to data from Dealogic.
Apple saw strong demand for its bonds, which were rated Aa1 by Moody's and AA+ by Standard & MOREBen Rooney - Apr 30, 2013 11:24 AM ET
Instead of using its own cash hoard to reward shareholders, Apple plans to go into debt for the first time ever.
Apple CEO Tim Cook said late Tuesday that the company will double the amount it returns to shareholders through share buybacks and dividends by 2015, but will "access the debt market" to pay for it.
Borrowing money seems odd for a company like Apple (AAPL), which has $144 billion in cash. But more than MOREHibah Yousuf - Apr 24, 2013 2:47 PM ET
It's hard to find a stock that isn't higher on the first trading day of 2013 as investors around the world cheered the fiscal cliff deal.
But two stocks that were up sharply Wednesday are worth nothing because they are at all-time highs: Visa (V) and MasterCard (MA).
What does it say about consumers that the two credit MOREPaul R. La Monica - Jan 2, 2013 12:01 PM ET
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does MOREPaul R. La Monica - Oct 30, 2012 12:40 PM ET
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
Today's personal income report may not get much attention for a lot of reasons. MOREPaul R. La Monica - Oct 29, 2012 12:38 PM ET
Global demand for U.S. securities is still strong, with China remaining the largest foreign holder of U.S. debt, according to the Treasury Department's latest report on foreign holdings.
The U.S. government's top international creditor continued to add to its holdings, albeit modestly, according to the July Treasury International Capital report, which measures the flow of funds into and out of U.S. securities, including Treasuries, agency-backed securities, corporate debt and stocks, MORECatherine Tymkiw - Sep 18, 2012 12:44 PM ET
The United States lost its pristine AAA credit rating a year ago Sunday, but you wouldn't know it by looking at the Treasury market.
"The telltale sign was day one: Standard and Poor's downgraded the U.S. credit rating on a Friday night, and Monday morning, U.S. Treasuries exploded," said Paul Montaquila, head of fixed-income trading at the MOREHibah Yousuf - Aug 5, 2012 8:20 AM ET
One day after Moody's lowered its outlook for Germany's credit rating, the nation sold 2.32 billion euros worth of ultra long-term bonds.
The average yield at Wednesday's auction of 30-year bunds was 2.17%, down from 2.41% at the last such auction in April. The drop in yield, which falls when MOREBen Rooney - Jul 25, 2012 11:41 AM ET
Global demand for U.S. assets remained strong in May, according to the Treasury Department's latest report on foreign holdings.
Foreign purchases of U.S. assets surged to $101.7 billion in May, compared with net sales of $8.2 billion in April, according to the Treasury International Capital (TIC) report. Private investors bought a total of $60.3 billion, while public institutions purchased $41.4 billion of U.S.assets.
TIC data measure the flow of funds into and MOREBen Rooney - Jul 17, 2012 11:44 AM ET
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