Flotation cash to reduce United's debt

Cash generated will be used to reduce United's debt (GETTY IMAGES)

Manchester United's proposed £600m flotation will be used to reduce the club's £480m debt, rather than to pay off personal debts the Glazer family have racked up to buy the club.

United's application to list on the Singapore Stock Exchange this month included a draft prospectus in which their reasons for the sale of up to 30% were laid out.

With £45m a year of the club's earnings going on interest payments, the float could create potential for investment in players. As The Independent stated on Tuesday, the use of the £600m to reduce personal debt would bring the family under pressure from investors and fund managers taking shares – as well as from fans wanting investment in the team.