It has been confirmed the controversial payment-in-kind notes, lodged against the family themselves and which have been attracting interest at an eye-bulging 16.25%, will be paid off in full on November 22.
Yet there has been no explanation where the £220 million (€258 million) has come from, other than an affirmation that it has not been taken out of club funds and the Glazers have not sold part of the Old Trafford outfit.
It is possible new loans could have been taken out at a more favourable interest rate, or the family might have sold off some of their other assets.
Yet it is hard to envisage how either could have taken place without news leaking out given the huge interest in the ownership of one of the world’s most recognisable sporting brands.
The PIKs were not discussed during a conference call for holders of the £500m worth of bonds that were issued at the start of the year, and clearly the Manchester United Supporters Trust (MUST), who have opposed the Glazer family since their controversial takeover in 2005, remain unimpressed.
Duncan Drasdo, chief executive of Manchester United Supporters’ Trust (MUST) said: “Now is the time for the Glazers to finally come clean and tell the truth about what is going on at United and what their plans are.”
“What have they got to hide?”
This latest development appears to confirm repeated statements from Alex Ferguson that he has a large transfer kitty at his disposal and he alone is responsible for it not being spent.
United’s quarterly results show a rise in total turnover from £57.7m to £63.3m compared to 2009. The main reason for that is a rise in commercial revenue to £24.2m, up over 25%. It was also revealed that United’s gross debt fell £514.7m to £509.4m up to September 30, 2010.
Meanwhile, Roy Keane’s Ipswich Town disclosed losses of £14.18m (€16.4m) for his first full year in charge at Portman Road. The club now has debt of £38m, most of which is shouldered by majority shareholder Marcus Evans.