Glazers to pay off £220m of Man Utd loans

Manchester United's American owners plan to reduce the the club's debt by paying off high-interest loans, worth around £220m.

The Payment in Kind (PIK) loans were taken out with three US hedge funds to help the Glazer family bankroll a £790m takeover of the club in 2005.

Joel Glazer, the club's joint chairman, has written to the lenders to inform them the loans will be paid in full on 22 November, according to reports.

The football club's total debts are estimated at more than £720m.

It is not yet clear how the Glazer family were able to raise the money to pay off the loans but it is not with funds from the club.