Tuesday, November 16, 2010

The GLAZERS WILL PAY 220 MILLION POUNDS ONTHE LOAN.

the Glazer family the American owners of the E.P.L club Manchester United will pay 220 million pounds , which are high imterest on the loan, which is now 16.25 percent. The loan was taken by the Glazers when they took a loan of 790 million pounds to buy the famous club in the year 2005. Joel Glazer the joint chairman of the club , says that the 220 million pounds will be paid up on 22/11/2010.
It is nnot yet clear how the Glazers have raised this amount, to pay of the P.I.K. Paymen In Kind. But signaficantly it is not from the club funds. It could be from a Hedge funds, like the first 790 million pounds was from 3 hedge funds, these may be charging less interest.
As for the 526 million pounds Bonds made in January 2010, The Glazers were given the freedom to take up to 70 million pounds of the club reveneus to pay the P.I.K.But it is clear that they have not taken this option as yet.

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