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Glazers set to pay off £220m in high-interest loans borrowed to fund purchase of Manchester United

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”.

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sokrates3873d ago

Its about Time the glazers is forced to start cleaning up!

GJ233873d ago

Yeah they've let the debt get worse and worse. Glad they've finally started doing something

kulka3873d ago

lets see if United will have money to buy someone in the transfer window

crazyturkey3873d ago (Edited 3873d ago )

AS long as they don't get other loans to pay for this, Manchester United fans should be happy.

GJ233873d ago

Only about £500 million to go lol. Good to see that they actually wanna get rid of some of the debt

kulka3873d ago

the debt is going to be back soon better to pay it all now or intrest will be larger each year

kulka3873d ago

they sell rooney and Vidic in the summer to get the funds :P

GJ233873d ago

Rooney yes, Vidic no. Vidic is way too important.

kulka3873d ago

I was just being sarcastic lol

GJ233873d ago

A quarter paid. This is gonna take a long time to pay off

kulka3873d ago

the debts are still large you need new owners I think

GJ233872d ago

Yeah, the red knights would be great for Man u if the glazers finally leave. A collection of rich fans who are passionate about the club would be good too see rather than money hungry tycoons

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