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Manchester United's Glazer family owners carrying 1.1 billion of debt
Published : 07 Jun 2010 08:26:50
According to an investigation by BBC's Panorama programme, to be broadcast tonight [Monday], the Americans are carrying £392 million of previously unknown debt relating to mortgages taken out on 63 of the 64 shopping malls owned by their company First Allied Corporation across the United States. Four First Allied shopping centres have recently fallen insolvent due to low occupancy, while the report also suggests the malls do not make enough money to fund the mortgages. The findings suggest that the Glazers' other business interests are unlikely to be able to pay off Manchester United's £717 million debts and cast further doubt on on whether the club will have funds to spend on transfers this summer. United have always insisted Sir Alex Ferguson will be given cash in this transfer window but the Scot has suggested he will keep new arrivals to a minimum. The research for the programme was carried out by Andy Green, a City analyst and United supporter who is a keen backer of the 'Green and Gold' campaign to oust the Grazers. "The Glazers have called the US property market appallingly bad," he said. The borrowed money at inflated valuations right at the top at the top of the cycle. In their core business in the USA they got is absolutely wrong." The Glazers' spokesman declined to comment about First Allied but did confirm their debts totalled £1 billion.