The Glazers, according to reports have bought back around 20% of the high-interest loan owed by the company they used to take control of our football club, Manchester United.
According to Bloomberg, the US-based family bought part of the Payment-in-kind loan issued by the company after the fave value price fell during the global recession in 2008 and may have payed as little as £12.6 million the stake. The PIK (Payment-in-kind) increased to about £200 million since 2006.
It’s expected to be announced next month, when Manchester United are scheduled to file there accounts for the financial year. They could of used funds from our club to pay down their other debts. That would more than likely end up with more LUHG protests.
The debt of Manchester United is estimated to be more than £800 million which is totally ridiculous for the Worlds greatest football club.