Manchester United's American owners say they have not drawn cash from the English Premier League club to fund the repayment of high-interest loans.
Co-chairman Joel Glazer has told lenders that by Monday it plans to buy back the $353 million of loans that were used to fund his family's 2005 takeover. It's unclear, however, where the money is coming from or whether a new loan has been taken out.
The loans, which carry an interest rate of 16.25 percent, have provided a focal point for fans' anger toward the Glazers since their leveraged buyout.
In the latest set of financial results Tuesday, the Glazers didn't confirm the loan repayment - or make a direct reference to it - but announced they haven't drawn any funds from the club. The team had cash reserves of nearly $241 million as of Sept. 30.
Fan groups want to know how the Glazers are funding the loan repayment.
''Now is the time for the Glazers to finally come clean and tell the truth about what is going on at Manchester United and what their plans are,'' Duncan Drasdo, chief executive of Manchester United Supporters' Trust, said in a statement. ''What have they got to hide? No more secrecy. No more spin. Just tell the fans the truth.''
Forbes magazine has estimated that United is worth $1.8 billion - making it the most valuable soccer team in its rankings for the sixth straight year.
A third of the way through the Premier League season, the 18-time English champions are third in the standings - three points behind defending champion Chelsea.
