The Glazer family have moved to slash Manchester United's massive debts.

The Mail on Sunday says United have asked banks to help them raise £600million in a bid to cut the massive debts they owe financial institutions.

United have been labouring under mounting debts since the Glazer family took over in 2005, burdened by the cost of the takeover.

The Americans have been desperate to refinance as interest payments soared to almost £69m last season on debts of around £700m.

Now the Glazers have asked JP Morgan and Deutsche Bank to assess a £600m bond issue, which would reduce interest payments, according to reports last night.