January 20, 2010
Man United's total debt rises to $1.17 billion
The Associated PressManchester United's total debt has risen to $1.17 billion.
American businessman Malcolm Glazer's family-owned Red Football Joint Venture Ltd. has filed accounts that show its total debt for the year ending June 30, 2009, is $28 million higher than the previous year.
United said last week that it had reduced its bank debt to $829 million, but the overall increase is because of the high interest rates on its payment-in-kind loans. That debt increased to $329 million.
The overall debt was not contained in the prospectus United issued last week for a $815 million bond sale it hopes will allow it to refinance its debt and reduce interest payments.
Glazer also owns the Tampa Bay Buccaneers.