Man U owners' plan to leave club in 54 million pound shock

Posted By: Staff

London, Jan 25(ANI): Manchester United's owners, the Florida-based Glazer family, are planning to spend another 54 million pounds of the club's cash to fight off their huge debt.

The figure represents fees and charges incurred as part of an operation to raise 500 million pounds through a bond issue to give the club breathing space.

The unpopular owners had to pay 15 million pounds to investment bankers and lawyers just to set up the bond issue. They then had to splash another 39 million pounds as a charge for effectively refinancing their debt.

The figures come with the club having recently announced they are 716 million pounds in debt.

Meanwhile, certain media reports suggest that the Glazers could sell Old Trafford and their Carrington training base, which had sparked another wave of fans' protests.

There were anti-Glazer banners and chants of "Glazer out" during Saturday's 4-0 win over Hull, which prompted United manager Sir Alex Ferguson address fans in his programme notes.

"The family of Manchester United is now under pressure as a result of the issues surrounding the ownership and financial situation. Some of our fans are unhappy with our financial position, but we mustn't allow the situation to become divisive," Ferguson said.

"The danger is that we could be presented as being split, which would be harmful and inaccurate. The vast majority of fans are behind us," he added. (ANI)

Story first published: Monday, January 25, 2010, 14:16 [IST]
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