ManU will have to pay 1.1 billion pounds of debt in next nine yearsApril 12th, 2009 - 5:29 pm ICT by ANI
London, Apr 12 (ANI): Manchester United has to pay back a staggering 1.1 billion pounds of debt in the next nine years.
Malcolm Glazer and his family can refinance their borrowing or take drastic action; financial experts believe they are facing meltdown.
The controversial Americans could be forced to off-load top players, starting with Cristiano Ronaldo to Real Madrid, News of the World reported.
They might have to sell the club to one of a number of potential new owners waiting in the wings. A Chinese consortium that was willing to pay one billion pounds for United two years ago is still interested while another group from Qatar is also watching developments at Old Trafford.
City analysts with connections to United fans’ pressure groups have uncovered startling detail in accounts published this week by the club and its holding companies.
The Glazers will have to repay 75 million pounds in 2013, 150 million pounds in 2014, 150 million pounds in 2015, 150 million pounds in 2016 and a final payment of 600 million pounds in 2017.
The financial analyst said: “For the first time the accounts show the debt repayments that are due over the next nine years. The Glazers will obviously try to re- finance but that is not going to prove easy in the current global financial crisis.”
United’s finances are being monitored by supporters’ action groups who have campaigned constantly since the Glazers paid over 800million pounds for the club in 2005. (ANI)
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