Manchester United debt to surpass £1billion with the Glazer family set to do this

Man Utd
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Manchester United face being saddled with an overall debt in excess of £1billion following plans by the Glazer family for Manchester United.

The Glazer family, the owners of Manchester United, are keen on redeveloping Old Trafford and upgrading the club’s training ground.

No major work has been undertaken at Old Trafford since the Glazers bought the club in 2006.

Before the Glazers arrived, Old Trafford had one of the best facilities in England and also one of the best training facilities at Carrington.

After years of no development by the Glazers, the training facilities at Carrington have fallen behind that of rivals such as Manchester City and Liverpool, with the latter opening a brand new training complex in 2020.

Old Trafford also needs major work with the stadium now behind that of Manchester City, Tottenham Hotspur and Arsenal.

Despite the huge costs involved, failing to carry out necessary renovations and upgrades is not an option in the increasingly competitive landscape of English and European football.

According to Manchester United’s latest financial results, the club currently owes £495million.

Borrowing to fund work on Old Trafford and Carrington would likely exceed £500m, pushing overall debt beyond £1bn for the first time, according to 90min.

This will definitely anger Manchester United fans even further as it was the Glazers that plunged a debt-free Manchester United into millions of debt following their controversial takeover.

£300million is expected to spent on renovating just the Sir Bobby Charlton Stand on the south side of the stadium.

There will also be further costs to redevelop the rest of the stadium.

Manchester United chief executive Richard Arnold estimated £250million for a new training ground in his recent impromptu discussion with Manchester United fans.

“For the future and investing in a new stadium and that sort of stuff – a latest and greatest £250m training ground, we’ve got to get investors in and I need that to do what I want for the club. I’ve got to have more cash than we have now,” he explained to fans at a pub near his home.

“No club in the world has the money to do a new stadium without getting it from someone – you either borrow it or someone invests it.”