Glazers line up payment

THE Glazer family are about to pay back their controversial £220million payment–in–kind loans – without using money drawn from Manchester United.

Co–chairman Joel Glazer has issued a voluntary free–payment notice to the lending houses that advanced the loan ,confirming it will be paid in full.

Under the terms of the £500million bond — which is United's responsibility — the Glazers could take £70million out of club funds to pay part of the PIK debt, which is lodged against the family.

But it seems this won’t be the case — though there has been no explanation of where the repayment cash will come from.

It is possible the Glazers could have sold a chunk of the club; sold other business interests (which include their Tampa Bay Bucaneers NFL franchise), or refinanced the loan.

Supporters will remain sceptical about the news.

Fans opposed to the Glazer family have always claimed that such talk was false, with the money being earmarked for the PIK loans, which are now attracting interest at an eye–bulging 16.25-per-cent.

Last month United reported losses of £83.6 million, with more than £40 million attributable to interest payments on the £500 million bond issue, and accrued interest on the PIK loans.