18 Jun 2026 00:44:40
When do they, the Glazers and Ineos, start looking at the cost the huge debt is taking each year? Surely any business can see this needs to be reduced not increased.
18 Jun 2026 06:41:15
Most businesses work perfectly well with large debts and if their interest cover is good it's not really an issue, so I doubt they will be too bothered at this stage.
18 Jun 2026 07:06:02
Gds,
I wish people understood finance, this debt is definitely an issue.
Debt is used to help the business maximise its opportunities, to build premises, buy things for the business, help it grow. The Glazer debt is not that. It has been a millstone round the club's neck for 20 years plus.
Most businesses, as you say, run with debt, but it is to help them run efficiently. Ours was just to make the Glazers rich, with no beneficial impact. So, Gds, once you max your personal credit and then want to borrow to buy a car, what happens? You can't.
Redcon,
They are running at the maximum, made losses in recent years, cannot afford a significant repayment plan.
When they make a profit the owners take dividends. Unless there is a major change, or change of owners, the debt will remain a millstone. The Glazers have never made a major change to the stadium, because it's punitive to borrow more money to do it, given the level of debt we have. Plus, it didn't benefit them. The only improvement came at the beginning, where the money and commitment were there from the old regime.
In summary, the debt is a disgrace and a disaster, a continuing millstone round the club's neck.
18 Jun 2026 07:16:02
At this point, the Glazers have cost United about £900 million in interest payments on their debt, since they placed the club in debt in 2005. It equates to £45 million per year, although it had been much higher around 2010, and much lower in recent years. That's essentially an extra big-name signing per summer for the last 20 years, or, alternatively, a damn good start on building a new stadium.
We have, however, just refinanced the old $425 million in bonds with shiny new $550 million in bonds at a higher rate. Combined with the variable interest rates on our other loans and revolving credit facility, we will comfortably be paying a further £35-45 million every year in interest for the foreseeable future.
Obviously, I understand this is far from disastrous, having earned much greater Premier League prize money in the 25/26 season versus the 24/25 season, and the significant extra revenue from Champions League football next season, not to mention an enormous deal with Amazon.
But, this is not a debt that has ever been in any way helpful for the club, in the way that borrowing large sums in the short term can be beneficial for long-term growth for ordinary businesses. It has been nothing but a burden that has hampered this football club for two decades now, and the Glazers deserve to walk away with nothing.
We won't be paying off the bonds any time soon, since they are secured at a fixed rate for the next 5 years, so the interest on that will cost us at least $29 million per year. But, hopefully, even with making some significant moves in the transfer market this summer, all this extra revenue will allow the club to reduce the principal on our other loans and our revolving credit facility.
Perhaps one day the leeches will sell up and pay off the bonds themselves, since the bonds are solely their own debt, but I won't be holding my breath.
18 Jun 2026 08:01:19
Gilly,
Spot on.
18 Jun 2026 08:04:14
What realistically are the options for the club to get out of the debt cycle that it is in?
Glazers are not going to change tack now and pay off the debt they put on the club, and are not likely to take less should they sell with the balance going to pay this off on their way out. Ineos. I am not convinced this is something they would look to do should they take over; would they even be in a position to, on the basis they would be paying billions to buy the Glazers out.
New owners clearing it on the way in? As we saw with the last sale process, there are not many out there willing to buy at the Glazer price.
So, what can the club realistically do whilst still looking for success?
18 Jun 2026 09:08:41
The only way the debt will be cleared is if Utd get a new rich Saudi, Qatari owner.
18 Jun 2026 14:44:43
They didn't increase the debt overall. They increased the fixed long-term debt, which would correspondingly decrease the revolving short-term debt and/or increase cash reserves. It actually makes some sense, since the fixed debt was apparently repayable next year anyway.
The only way overall debt reduces is by making profits, selling assets, a capital cash injection, a merger, or outright sale.
18 Jun 2026 15:17:32
How many times has this been flogged to death? It is what it is, and there are no queues of buyers lining up, so hardly any point revisiting the same ol same ol.
Ineos has not got the money to buy either, so it is what it is.
18 Jun 2026 17:29:33
JSU
It gets revisited because someone said the debt isn't an issue.
18 Jun 2026 18:38:30
Like some on here need a reason to harp on about the same ol thing for the past 2 decades.
There is no buyer in waiting with bag loads of cash, SJR has not got it, so it goes on, but what's the point in keep harping on about same ol problem week after week, month after month... Pointless even worrying about.
19 Jun 2026 06:48:05
Jsu,
Until the club is free of the poisonous Glazers and runs debt free, I will never give the leeches a free pass (as you basically suggest) as long as I live.