Glazers to pay off £220m debts | The Sun |News

Glazers to pay off £220m debts | The Sun |News: "MANCHESTER United's owners are set to pay off their £220million high-interest payment-in-kind (PIK) loans — without drawing money from the club.
The money was borrowed from three US hedge funds to help finance the Glazer family's £790m takeover of Man Utd in 2005.
In January, the Glazers were given the freedom to take up to £70m from the club's revenues to pay down the PIKs.
However, they do not appear to have done that.
Co-chairman Joel Glazer issued a 'voluntary free-payment notice' to the lending houses that stumped up the loan, confirming it will be paid off in full.
There has been no comment from United about how the money to pay off the PIKs has been raised.
It is possible the Glazers could have sold a chunk of the club or sold off other business interests, which include their Tampa Bay Bucaneers NFL franchise.
More may become apparent later today when United are due to publish their results for the last quarter to bond holders."

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