Glazer’s borrow £20 million from United

It has been revealed today that the Glazer family have borrowed millions of pounds from Manchester United at low interest rates.

The financial figures released yesterday show that more than £20 million has gone into the Glazer’s pockets while the club itself draws closer to financial ruin.

The £20 million includes £10 million in “management and administration fees,” and another £10 million in personal loans to six family members, not due for repayment for five years.

The figures are sure to anger fans who are becoming increasingly concerned with the Glazer’s financial plan, which now looks to be focused on raising £500 million through the sale of bonds in the hopes that it will lower the crippling interest payments which this year stood at £41.9 million. It will also put the repayment date back from 2013 to 2017.

Despite Sir Alex Ferguson‘s attempts to allay fears by claiming he has cash to spend, it’s becoming increasingly evident that the opposite is true as his bizarre claims of there being “no value in the market” are looking more and more transparent.

The whole situation makes one think of the old adage of “re-arranging deckchairs on the Titanic”.

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