Man Utd refinance debt to boost Fergie funds
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The world's most popular football club, Manchester United took a major step towards clearing off debts as it announced a refinancing package, which cuts the club's annual interest payments by almost 30 percent.
The deal is to be completed sometime next month and will see the clubs debts on loans fall from £90 million per year to £62 million. However United's overall debt is a staggering £660 million.
"This move represents good housekeeping," said a club spokesman on the refinancing.
"It ensures that Sir Alex Ferguson will be provided with sufficient funds to compete in the transfer market."
The deal was in the works ever since Malcolm Glazer took over Old Trafford for £790 million last year. The Glazer family did not offer any comment on the refinancing.
The deal is to be completed sometime next month and will see the clubs debts on loans fall from £90 million per year to £62 million. However United's overall debt is a staggering £660 million.
"This move represents good housekeeping," said a club spokesman on the refinancing.
"It ensures that Sir Alex Ferguson will be provided with sufficient funds to compete in the transfer market."
The deal was in the works ever since Malcolm Glazer took over Old Trafford for £790 million last year. The Glazer family did not offer any comment on the refinancing.
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