Glazer plans to cost Utd £54m

McFLY

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THE GLAZER family are planning to spend another £54million of Manchester United's cash to fight their huge debt.

The figure represents fees and charges incurred as part of an operation to raise £500m through a bond issue to give the club breathing space.

The unpopular owners had to pay £15m to investment bankers and lawyers just to set up the bond issue.

They then had to splash another £39m as a charge for effectively refinancing their debt.

The figures come with the club having recently announced they are £716m in debt.

This £54m just adds to that, with the club having to find an initial £11m payment off this new bill while the rest has been deferred.

News in the bond prospectus that the Glazers could sell Old Trafford and their Carrington training base sparked another wave of fans' protests.

There were anti-Glazer banners and chants of "Glazer out" during Saturday's 4-0 win over Hull.

Some fans also had green and gold scarves and banners, which are the colours of the new protest movement. They represent colours the club had in its original form as Newton Heath.

United boss Alex Ferguson addressed fans in his programme notes.

Fergie said: "The family of Manchester United is now under pressure as a result of the issues surrounding the ownership and financial situation.

"Some of our fans are unhappy with our financial position, but we mustn't allow the situation to become divisive.

"The danger is that we could be presented as being split, which would be harmful and inaccurate. The vast majority of fans are behind us."
 
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