• Premier League

Man Utd strike deal to save £10 million per year

ESPN staff
May 24, 2013
David Moyes is expected to have money to spend at Manchester United this summer © PA Photos

Manchester United have cut their interest bill by £10 million a year after a major refinancing through Bank of America.

United have refinanced £177.78 million of outstanding sterling bonds, on which they are currently paying a rate of 8.75%.

In addition they have refinanced approximately £17 million of dollar bonds on which they are currently paying 8.375%.

Through the new loan with Bank of America, the club is estimated to save approximately £10 million per year. United's current debt is £37 0million following the 2005 takeover by the Glazer family.

But due to a staggering rise in the club's commercial income, United are expected to hand new manager David Moyes the funds needed to keep the Red Devils competitive against their rivals.

© ESPN Sports Media Ltd.