Frontline wasn't a classic Graham value play since it didn't have much in the way of net current assets.

FORBES: Investment Guide

Graham liked to buy companies for less than net current assets, meaning cash, inventory and receivables minus all obligations.

FORBES: Investment Guide

Also on the plus side were a more than doubling of net current assets, to 769 million pounds and a debt-to-equity ratio that actually improved to 0.7 from 1.1 the previous year.

FORBES: Manchester United Still Financially Solid