Man United cuts interest bill
Manchester United have cut their interest bill by £10million a year after a major refinancing through Bank of America.
United have refinanced £177.78million of outstanding sterling bonds, on which they are currently paying a rate of 8.75 per cent.
In addition they have refinanced approximately £17million of dollar bonds on which they are currently paying 8.375 per cent.
Through the new loan with Bank of America, club sources estimate they will save approximately £10million per year.
United's present debt is £370million, the sum remaining from a highly leveraged takeover by the Glazer family in 2005.
With their commercial income rising rapidly, it now seems that United are able to compete in the transfer market, hence the £24million arrival of Robin van Persie last summer.
It is also thought new manager David Moyes will have funds to spend should he wish this summer.