The Glazers are to pay off their high interest bearing Payment in Kind (PIK) notes in full next Monday. What is unclear at this stage is where the money has come from. There are three possibilities:
- The money has been taken out of the club. They are entitled to take out £100m a year under the terms of the bond agreement. This would, of course, enrage fans. However, Bloomberg (normally reliable on financial matters) are saying that the money will not come from this source.
- They have managed to re-finance elsewhere at more favourable rates. This is certainly possible.
- They have sold off part of the club to raise funds: an intriguing possibility, but the least likely.
The Glazers are to pay off their high interest bearing Payment in Kind (PIK) notes in full next Monday. What is unclear at this stage is where the money has come from. There are three possibilities:
More may become clear when Manchester United’s quarterly results are released later this morning.