Manchester United Mortgaged Old Trafford - Report

Stadium used as security in recent bond issue...

11-Feb-2010 3:26:00 PM

By Zack Wilson

More On :  Manchester United
CL: Outside of Old Trafford, Manchester United vs, Milan
Manchester United included their Old Trafford ground as security in their recent bond issue that raised over £500 million in order to refinance old debt at the club.

Bloomberg reports that the stadium had been secured against a loan that has now been replaced by the new bond.

Documents filed at Companies House indicate that the Red Devils took out the mortgage on January 29 with JP Morgan Europe.
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Club revenues and sponsorship deals were also used to provide additional security.

Red Football Joint Ventures Limited, United's parent company, recorded debts of  £716.5 million in the year ending June 2009, with net interest for the same period totalling £68.5m.

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