The Glazer family debt problems are – as we’ve been saying for two years – now beginning to impact negatively on Premiership champions Manchester United.
Thanks to bad vibes about the Glazer family’s credit rating, Manchester United’s issue to clear the £600Million debt (brought by the Addams Family as a dowry) has flopped.
While the club secured the £500m ($798m) for the refinancing instrument, immediate paper losses suffered by investors mean the club will be unable to use the Bond route again.
Here at Slogger’s Roost, we’re still asking the same question: what do United do the next time the Glazers are in trouble/the club fails to qualify for something/a sponsor drops out/the credit market gets more expensive?
The bid price of Manchester United’s £250m of sterling denominated bonds tumbled to just 93 per cent of their face value. For the $425m of dollar-denominated bonds the bid price has fallen to 94.5 per cent of face value.