Manchester United have officially confirmed their intention to raise €560 million through bonds in order to refinance their debts. The club made the announcement as they reported pre-tax profits of €54 million for the year to June 30th, 2009.
The figure includes the world record €90 million fee collected from Real Madrid for the sale of Cristiano Ronaldo and also €47 million paid out in interest on a mammoth loan of €570 million.
Turnover was also up, from €90 million in 2008 to €102 million a year later.
Without the sale of Ronaldo, the Red Devils would have been reporting a loss of €35.6 million, a situation that clearly is unsustainable over the long term, hence the Glazer's refinancing plans.
"Manchester United today announced that it will be seeking to raise approximately £500 million aggregate principal amount from an offering of senior secured notes due 2017," said a United statement.
"The notes, whose proceeds will be used to refinance existing debt secured against the club, will be issued by MU Finance plc."
Because the "senior secured notes" will be used to pay off the club debt, they will not touch the controversial €196 million worth of payment-in-kind notes that are currently attracting 14.25 per cent interest.
They are the Glazers' personal debt, so another avenue will presumably be pursued to try and reduce that interest, which is rolling up annually at a staggering rate.
In stark contrast to the days when United were a successful PLC and offered plenty of financial information on a six-monthly basis, including being a forerunner in stating what agents' fees they had paid out, now there is no financial requirement to do so, it is kept to a minimum.
Clearly though, there are areas of improvement, including confirmation that American finance giant Aon will be new shirt sponsors next season, while more sponsorship deals have been announced, underlining the massive attraction United remain across the globe.
Yet many supporters remain concerned about the financial structures underpinning the club, even if as recently as Friday, Sir Alex Ferguson tried to quell any fears, insisting the decision not to spend three-quarters of the cash received for Ronaldo was his alone.
"I don't have any concerns about the financial situation," he said. "There is absolutely no issue at all. I am really confident about that.
"Concerns of the supporters are down to the fact that I haven't moved in the transfer market. But that is nothing to do with the Glazers or with David Gill.
"It is simply because I am not going to pay £50million for a striker who is not worth it."