Glazers To Pay Off £220m Of Man Utd PIK Debts

Chris Wright

16th, November 2010

3 Comments

By Chris Wright

Manchester United’s controversial owners, the Glazer family, have confirmed that they are about to pay off £220 million of their payment-in-kind (PIK) debts without using money from the club’s coffers.

Co-chairman Joel Glazer has issued a ‘voluntary free-payment notice’ to the American family’s lenders confirming that their PIKs will be settled in full.

Under the terms of the £500 million bond which was underwritten by United, the Glazers would be entitled to take £70 million of the club’s revenue to go

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