It Has Come To This: Manchester United Has Mortgaged Its Stadium As Collateral
Manchester United have had to mortgage their stadium as collateral for a bond issuance.
This is just the latest in a series of financial setbacks for the successful English Premier League football club, who are debt laden after their takeover by American sports business tycoon Malcolm Glazer.
The stadium, Old Trafford, is a landmark in the club’s culture, but now its mortgage is owned by J.P. Morgan Europe Ltd according to Bloomberg.
Manchester United have refused to comment on the mortgage.
This comes less than six years after the club’s David Gill denounced the takeover bid as a threat to Man United’s financial security.
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See Also:
- Man United Crisis Escalates, As Debt Tops $1.166 Billion
- Goldman Exec Says Man-U Is Way Over Leveraged As Bond Sale Leaves Investors Skittish
- DANGER: European Junk Bonds Are Now The Hot New Retail Product
