financial results revealed

Glazers take £20m in fees and loans from Man Utd

January 12, 2010
By Soccernet staff

Manchester United's owners, the Glazer family, have taken £20 million out of the club over the past year, a report has revealed following the release of the club's financial results.

The Glazer brothers.
GettyImagesThe Glazer brothers: Apparently unconcerned by the club's huge debts.

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The Guardian claim that the Glazers, who have loaded the club with more than £700 million in borrowings to fund their purchase, have spent £10 million on "management and administration fees", while they have also personally borrowed a further £10 million.

The financial results of the club, revealed on Monday, showed that six members of the Glazer family had borrowed a total of £10 million, which will not be repaid for five years.

Since July 1, 2006 a further total of £10 million has been paid in "management and administration fees", with the breakdown released in an offer document.

"During the period from July 1, 2006 to the date of this offering memorandum, management and administration fees of approximately £0.6 million, £1.8 million, £1.4 million, £3.1 million and £3.1 million were paid to our affiliates," it said.

Manchester United also confirmed on Monday they will look to raise £500 million through bonds to restructure their debts.