The Red Devils have continued restructuring debt which was incurred when the Glazer family borrowed against the club to fund their leveraged buyout in 2005
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Sir Jim Ratcliffe, Ineos founder and minority shareholder of Manchester United
Sir Jim Ratcliffe, Ineos founder and minority shareholder of Manchester United (PA Archive)
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Manchester United face the prospect of paying millions more in debt repayments after borrowing an extra $125m (£93m) and at a higher interest rate.
United refinanced a $425m debt by borrowing $550m in a new agreement, according to documents filed with the US Securities and Exchange Commission.
Whereas the previous bond, which was due to expire in 2027, had an interest rate of 3.79 per cent, the new contract comes with a rate of 5.36 per cent. It could mean United pay around £10m more per year in interest.
By the terms of the deal, United are allowed to use the £550m loan both to repay the $425m and “for general corporate purposes” in the running of the club.
United have continued restructuring debt which was incurred when the Glazer family borrowed against the club to fund their leveraged buyout in 2005.
United owe more than £1bn, either in debts, a revolving credit facility or in outstanding transfer fees to other clubs.