Joel Glazer, Manchester United co-chairman, has signed a "voluntary free-payment notice" confirming that 100 percent of the outstanding 220 million pounds payment-in-kind (PIK) loan would be repaid on November 22. United, bought by the Glazers five years ago, converted their debt into a 500 million pounds bond in January and under its terms they could take 70 million pounds from the club to repay part of their main PIK debt.
Last month MU announced a loss of 83.6 million pounds for the year ending June 30, much of it attributable to interest payments but their figures for the three months to September 30 released on Tuesday were more upbeat. Year on year revenue grew 9.7 percent from 57.7 million to 63.3 million, matchday revenues rose 0.5 percent from 19.6 million to 19.7 million, media revenues rose 3.7 percent to 19.4 million while commercial revenues were up 24.7 percent from 19.4 million to 24.2 million.
Overall there was a 4.9 million pound loss due to interest payments and other operating expenses.
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