Glazers to pay off £220m of United debt

The Glazer family, who own Manchester United, are set to pay off £220million of high-interest loans.

Holding company Red Football Joint Venture will pay off the entire Payment In Kind debt next week, according to a notice seen by Bloomberg.

The American family will use their own money to settle the debt. The move should reassure United fans who have been concerned about the debt burden on the club – now the debt will be solely the £526m bond agreed earlier this year.