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Glazer family want 600m bond to cut Manchester United's massive debt

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04 Jan 2010 10:28:45

Glazer family want 600m bond to cut Manchester United's massive debt

Manchester United have asked banks to help them raise £600million in a bid to cut the massive debts they owe financial institutions. United have been labouring under mounting debts since the Glazer family took over in 2005, burdened by the cost of the takeover. The Americans have been desperate to refinance as interest payments soared to almost £69m last season on debts of around £700m. In the red: Man United's debt is thought to be around £700m Now the Glazers have asked JP Morgan and Deutsche Bank to assess a£600m bond issue, which would reduce interest payments, according toreports last night. The family insist the club is not in trouble and, even thoughinterest payments are rising, the cost is more than covered by extraprofits. United made £256m of cash in 2008, for a profit of £72m, but wouldstruggle if the team were ever to fall out of the Champions Leagueplaces.  United defender Ferdinand wants to put his nightmare year behind himHard-up Liverpool boss Benitez leaves Van Nistelrooy out in the coldManchester United boss Sir Alex Ferguson vows to give Michael Owen World Cup chance MANCHESTER UNITED FC


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