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Glazers Financial Troubles Exposed

Via the guardian,

Manchester United‘s owners, who loaded the club with more than £700m in borrowings to fund their purchase, have taken £10m out of the club in “management and administration fees” and have personally borrowed a further £10m in the past year, it has emerged.

Manchester United also released an offer document yesterday for the £500m bond it says will be used to re-finance the £509m debt secured on the club.

The club’s financial results, released yesterday, revealed that six members of the Glazer family on the Red Football board had borrowed a total of £10m, which does not have to be repaid for five years.

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