7 Jun 2010Manchester United 'have debts of £1.1bn'

Football Clubs News | Football Finance News

English Premier League runners-up Manchester United are being burdened by debts of £1.1 billion, according to a report.

BBC TV's Panorama has revealed that the Glazer family have borrowed heavily against their retail assets in the US, leaving the Old Trafford outfit lumbered with arrears £400 million greater than previously thought.

Wigan Athletic chairman Dave Whelan called for the debt to be "eliminated quickly" and said: "I don't think anybody can be satisfied with how Manchester United are being run."

The programme uncovered that the Americans have borrowed £388 million against their shopping centres and a further £66 million against NFL side Tampa Bay Buccaneers, while the club could be forced to pay back some of its arrears at an interest rate of 16.25 per cent.

Last month, the Red Knights consortium aiming to launch a takeover bid for the side announced it had put its plans on hold, citing the Glazers' "inflated valuation aspirations".

Written by Terry Mitchell

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