WHEN REPAYMENTS BITE HARD

Last updated : 28 June 2006 By Editor
From The Sunday World:

Malcolm Glazer is growing desperate as he tries to ease Manchester United's huge debt burden.

The Old Trafford owner has ordered top banking institution Goldman Sachs to trawl for new investers as the weight of a giant £540m overdraft threatens to cripple the club.

All the way through the US Tycoon's takeover, fan groups warned that the amount of money he and his family were borrowing could threaten United's future - now those gloomy forecasts look to be coming true.

It's understood that the latest payment of the loan due - £26million - has yet to be paid.

Glazer has promised Alex Ferguson around £35million in transfer funds this summer - which would hardly suggest that United are in money trouble.

But even the Glazers know that Ferguson's team has to be built up over the next few weeks if United are to have any real chance in the Premiership and the Champions League next year - and bring in the much needed cash those successes would generate.