Manchester United owners in huge financial debt 07/06/2010 |
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The Glazer family, owners of Manchester United Football Club, are £1.1bn in debt according to an investigation by the BBC’s Panorama programme.
The latest news will send shockwaves through Old Trafford with the debt previously thought to stand somewhere around the £700 million mark.
Panorama reports that the Glazer’s have borrowed £388m against their US-based shopping centres and a further £66m against their NFL side, the Tampa Bay Buccaneers.
Furthermore, a slice of the Glazer family’s £700m Manchester United debt will soon see them forced to pay interest at a rate of 16.25%
City analyst and Manchester United supporter, Andy Green, revealed just how far the Glazer’s debts have risen in recent times.
He told Panorama: "They borrowed more money at inflated valuations right at the top of the cycle.
"These are people who tell us not to worry about Manchester United debt because they are great businessmen. In their core business in the US they got it absolutely wrong."
This latest disclosure has already captured the attention of several key figures inside the game with Wigan chairman, Dave Whelan, urging United to solve their financial problems.
"I don't think anybody can be satisfied with how Manchester United are being run,” he told Panorama.
“They have got somewhere in the order of three-quarters of a billion pounds worth of debt. That has got to be eliminated and eliminated quickly.”
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