Man U’s American owners to pay off PIK loansBy ANI
Tuesday, November 16, 2010
LONDON - Manchester United’s American owners have revealed that they will pay off their high interest payment-in-kind (PIK) loans, estimated to be worth around 220 million pounds.
The loans were borrowed from three US hedge funds to help finance the Glazer family’s 790 million pound takeover of the club in 2005, reports the BBC.
The BBC understands the club’s joint chairman Joel Glazer has written to the lenders and said the loan would be paid in full on November 22.
The football club’s total debts are estimated at more than 720 million pounds.
It is not yet clear how the Glazer family will raise the money to pay off the PIK loans. (ANI)