Glazers seek fresh funds to see off Red Knights and reduce Man United debt

18 March 2010 09:07
The Glazer family are looking at new ways to remove Manchester United's huge debt burden, it has been reported.[LNB]A move to refinance high-interest loans could help to see off a takeover bid by the Red Knights, the group of high-rolling United fans.[LNB]The owners could further anger supporters by again raising ticket prices.United have already raised £500million in a controversial bond issue earlier this year, which reserved the right to sell Old Trafford and the club's Carrington training base among other measures.[LNB] Fresh funds: The Glazer family, with Avi (C) and Joel (R) alongside chief executive David Gill, want to reduce Manchester United's debts[LNB]And now The Times reports that the Glazers' inner circle have begun discussions on how to get rid of 'payment in kind' (PIK) loans that the newspaper says could total £588m by the time they are due to be repaid in 2017.[LNB]The PIK debt, set at £202.1m in the latest accounts, is increasing at a painful annual interest rate of 14.25 per cent.[LNB]  Man United fans target Oliver Gill after father David's pro-Glazer stanceRed alert: Man United star Fletcher expects rivals Liverpool to raise their gameVidic relishes World Cup showdown with Man United pal RooneyMANCHESTER UNITED FC

Source: Daily_Mail