The Glazer family is understood to be preparing to pay off around £220 million in high-interest 'payment-in-kind’ loans borrowed to fund the purchase of Manchester United.
In a letter to the holders of the loans, Joel Glazer is understood to have committed to pay off the loans on Nov 22. It is unclear how the Glazers have raised the funds to pay off the loans but according to Bloomberg, which revealed the loan repayment last night, club funds will not be used.
In a document known as a voluntary free-payment notice issued to the holders of the loans Manchester United’s holding company Red Football Joint Venture Limited commit to “repay 100 per cent from the outstanding loan on Nov 22”.
Its about Time the glazers is forced to start cleaning up!
AS long as they don't get other loans to pay for this, Manchester United fans should be happy.
they sell rooney and Vidic in the summer to get the funds :P
A quarter paid. This is gonna take a long time to pay off
the debts are still large you need new owners I think