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Man United to pay off part of debt
LONDON — Manchester United’s American owners have agreed to pay off more than one-third of the club’s debts, a person familiar with the situation said on Monday.
The Glazer family will pay off around 220 million pounds ($353 million) of high interest loans used to fund the 2005 takeover the club, the person said on condition of anonymity because an official announcement is yet to be made.
United is set to confirm plans to repay the loan when the latest set of accounts for one of its holding companies, Red Football Ltd., is released Tuesday.
It is unclear where the Glazer family obtained the funds to pay off the payment-in-kind loans, which carry an interest rate of 16.25 percent.
United had no debts before Tampa Bay Buccaneers owner Malcolm Glazer bought the famous English club in a leveraged buyout worth 790 million pounds.
Even repaying the PIK loans leaves the club with debts of around 520 million pounds, after bank loans were turned into a seven-year bond issue earlier this year to replace long-term financing and reduce debts to hedge funds.
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