Manchester United has struck a new
loan deal to cut the amount of
interest it pays on its huge debts.

The Premier League club, which is
owned by the Glazer family, has refinanced £178m of outstanding debt, a move that should save it £10m a year. The Glazers bought Manchester United in 2005, taking out hundreds of millions of pounds' worth of loans to fund the takeover. That has prompted concerns over the
financial stability of the club. It still has about £307m in debts, but
has continued to enjoy on-field success
under the Glazers, with five Premier
League titles and one Champions League victory.

The club has also spent significant
amounts of money on big name
signings, including Robin van Persie
from Arsenal last year. Its finances continue to be bolstered by TV revenues. In the 2012-13 season, it is
reported to have made more than £60m
- more than any other club. The refinancing deal has been struck
with Bank of America and means that
interest rates on the loans of between
8.75% and 8.38% will be cut to a variable rate.

Last year, the club paid about £50m in
interest alone. David Bick, chairman of Square1 consulting, told Radio 5 live that the deal meant Manchester United would now be paying off their debts "on more reasonable terms". He said the club still had "a long way to
go" in paying off its debts, but said the
Glazers appeared to have made the most
of the club's global presence, which has drawn revenue in from places such as East Asia. "It's a massive global brand, they have extracted commercial income from all corners of the globe," he said.

Good one Malcom Glazer and co