Friday, January 15, 2010

Man Utd hunts Asian funds to relieve owner's debt

English Premier League club Manchester United is hoping to sell $801 million worth of senior high-yield bonds to help refinance the debt taken on by the USA-based Glazer family to buy it. Investor presentations took place in Asia this week to drum up interest for the notes to replace existing borrowings secured against the club.

At the roadshow, the club cited margins of over 30% but revenues have reportedly been beefed up by one-off sales of players, Reuters reported. The club would have posted a loss for the year to end-June 2009 without the sale of winger Cristiano Ronaldo to Real Madrid for a record transfer fee of $130.7 million.

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