Manchester United's controversial bond issue has been over-subscribed.

The Daily Mail says United's controversial £504million bond issue has been over-subscribed.

United officials, including chief executive David Gill, have been on a whistle-stop world tour to drum up interest in the bonds, which will run until February 1, 2017.

Plenty of doubt was cast over the prospects of controversial American owners the Glazer family being able to sell the bonds in a difficult market, and there were others who suggested the interest rate would have to hit nine percent in order to achieve their target.

In the end, £250m sold in sterling has been pinned to a rate of 8.75 per cent, with the remainder in dollars going for 8.375 per cent.

It means the overall outlay will amount to just under £45m in interest during the course of the bond, money that will come out of group operating profits, before depreciation and amortisation of intangible fixed assets, that are currently in excess of £91.3m.

That figure is not touched by either the world record £80m sale of Cristiano Ronaldo to Real Madrid, or the current interest bill of £41.9m lodged against the club, that is actually due to rise because of the bond.

A spokesman for the family claimed the deal brought a "transparency" to United's finances for the next seven years.