Man United face multi-million pound debt repayment cost as new documents filed in US

Manchester United face the prospect of paying millions more in debt repayments after borrowing an extra $125m (£93m) and at a higher interest rate.

>United refinanced a $425m debt by borrowing $550m in a new agreement, according to documents filed with the US Securities and Exchange Commission.

>Whereas the previous bond, which was due to expire in 2027, had an interest rate of 3.79 per cent, the new contract comes with a rate of 5.36 per cent. It could mean United pay around £10m more per year in interest.

>By the terms of the deal, United are allowed to use the £550m loan both to repay the $425m and “for general corporate purposes” in the running of the club.

>United have continued restructuring debt which was incurred when the Glazer family borrowed against the club to fund their leveraged buyout in 2005.

>United owe more than £1bn, either in debts, a revolving credit facility or in outstanding transfer fees to other clubs.