Manchester United Football Club News

• Nickname:Red Devils
• Founded:1878
• Manager:Sir Alex Ferguson

• Ground:Old Trafford
• Capacity:68,174

Glazers deny debt claim

09 Sep 2007 - 15:56:37

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The Glazer family have hit back at claims suggesting Manchester United's debts have deteriorated rapidly in the last 12 months.

A report from the Manchester United Supporters Trust, due to be released on Monday, insists that United's interest payments have increased by £28million this year.

However, a Glazer family spokesman dismissed the report, saying on Sunday morning: "The story is inaccurate. Nothing has changed.

"The debts continue to be comfortably serviced by the business, which is performing better than ever.

"As always there have been substantial funds for the manager to purchase players over the summer."

The Trust report says that the Glazer family "continue to face an extraordinary and growing debt problem".

It goes on to say a series of interest rate rises have increased the annual debt service bill from £62million a year on the total debt of £660million.

"The interest bill is currently an annualised £100m-plus, of which £73m is payable this year and the other £27m in the future - a ticking debt time-bomb," said the report.