The Glazer family are set to refinance the £540m of debt they loaded onto
Manchester United when they bought the club in controversial circumstances last
The Glazer’s used a very expensive form of debt, known as payment-in-kind
loans, to fund the takeover. The prospects of a refinancing, however, could
reduce the costs of this debt substantially.
The Times reports that United has been able to refinance thanks to a
new shirt sponsorship from AIG and a new premiership TV deal. These revenue
streams will boost earnings by £19m and have come in ahead of the Glazer’s
The timetable for the refinancing is unclear, but it is certain that the
advisers who helped the Glazers with the takeover, NM Rothschild and JP Morgan,
will be involved again and work closely with the club’s finance director Nick
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