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Manchester United Deals With Debt

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The US-based Glazer family who own Manchester United have signalled their intention to move the club's registration to the tax haven of the Cayman Islands and float its shares on the New York Stock Exchange.

The principal intention, set out in a US Stock Exchange registration statement, is to sell enough shares to new investors to pay off an as yet unspecified portion of United's £423m debts, which the Glazers loaded on to the club when they bought it in 2005. To date the Glazers' takeover has cost United more than £500m in interest, bank charges and fees, after they borrowed £525m to buy the club, then made it responsible for servicing their debts.

The registration statement makes it clear that the Glazers have reorganised ...

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