WILL GLAZER TAKE NOTICE?

Last updated : 01 March 2007 By Ed
From today's Telegraph

Manchester United paid out more than £40 million last season to service the costs of the huge debts used to finance Malcolm Glazer's £800 million takeover.

According to United's full accounts for the year ended June 30, 2006, filed at Companies House this week one month after the club released a summary of the figures, Manchester United Ltd paid £44.3 million in loans to parent company Red Football Limited.

The figure is buried in a note to the club's consolidated cash flow statement and is the only direct reference to how much it is costing United to service the £660 million of debt secured on Old Trafford.

Last year the Glazers refinanced their borrowings by increasing the so-called senior debt facility to £575 million in an effort to reduce annual interest payments.

But news of the alarmingly large amount of money needed to service the debt last year will only add to the concerns of those supporters opposed to the American takeover.