Manchester United are set to have a busy summer, but one of the biggest deals they have made recently does not even involve any potential transfer incomings or outgoings
WOLVERHAMPTON, ENGLAND - DECEMBER 08: Manchester United owner Sir Jim Ratcliffe looks on during the Premier League match between Wolverhampton Wanderers and Manchester United at Molineux on December 08, 2025 in Wolverhampton, England. (Photo by James Gill - Danehouse/Getty Images)
Sir Jim Ratcliffe will have a busy summer with Manchester United(Image: James Gill - Danehouse, Getty Images)
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Manchester United have taken on an additional $125million (£108m) in long-term debt following a refinancing of the borrowings tied to the 2005 Glazer Family takeover. The loan came to light in documents submitted to the U.S. Securities and Exchange Commission.
The filings revealed the club has restructured its $425m (£318m) senior secured notes, which had originally been scheduled for repayment next year.
Consequently, $550m (£412m) now represents the refinanced debt, carrying an interest rate of 5.36 per cent, up from 3.79 per cent in 2015. This rise is believed to be worth approximately £9.7m annually.
While the debt had been due for settlement this time next year, that deadline has now been extended to 2031, though the annual interest payments will climb by roughly £10m - during the 2024-25 season, United paid out £37m in interest costs. United operate with two principal forms of debt, comprising the senior secured notes and a secured term loan facility believed to be worth $225m (£168.3m).
Both can be traced directly back to Malcolm Glazer's deeply controversial takeover, which saw £604m of debt loaded onto the club. Taking everything into account, United's total debt will reach £728m, with £485m dating back to the Glazers' leveraged takeover.
Yet within the notes filed to the US Securities and Exchange Commission, an additional £93m in cash has been set aside for "general corporate purposes". United have already made their mark in the transfer market.
MANCHESTER, ENGLAND-AUGUST 9 : (L to R) Joel Glazer, Avram Glazer and Bryan Glazer, sons of owner Malcolm Glazer, are seen before the Champions League third qualifying round, first leg match between Manchester United and Debreceni VSC at Old Trafford on August 9, 2005 in Manchester, England. (Photo by Clive Brunskill/Getty Images)
The Glazer Family bought Manchester United in 2005(Image: Getty Images)
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They have virtually secured the signing of Brazilian midfielder Ederson from Atalanta, a deal expected to set them back around £39m. On top of that, they are the front-runners to land West Ham United midfielder Mateus Fernandez, valued at £80m.
The business under Michael Carrick's first full season at the helm is unlikely to stop there. United are also thought to be hunting for a left-back, a forward, a back-up goalkeeper and a central defender.
The additional funds raised through the aforementioned refinancing could be channelled directly into these recruitment drives. Furthermore, the club may look to tap into a £250m revolving credit facility, having already paid back roughly £110m of it since April.
Mateus Fernandes of West Ham United
Mateus Fernandes has been linked with Manchester United(Image: Rob Newell - CameraSport via Getty Images)
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Last season proved to be a fruitful one for the Red Devils. Their Champions League qualification and third-place finish is thought to have netted the club approximately £191.5m once prize money and wider financial considerations are taken into account.
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