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Glazers to pay off Manchester United loan

Manchester United’s owners the Glazer family is planning to pay off an estimated £220m worth of loans used to finance their takeover of the Premiership club.

The high interest loans were borrowed from three American hedge funds for the £790m takeover back in 2005.

Although it is not yet know how the Glazer’s have raised the capital to pay off the debt, it is believed that the club's joint chairman Joel Glazer has written to the lenders giving them seven days notice of the repayment.

The move will reduce much of the financial pressure on the club. The high interest rates, of up to 16.25% and one off interest and debt charges were much to blame for the clubs £79.6m pre tax loss for the last financial year.

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