Manchester United are happy with the club's financial situation.

United chief David Gill claims the recent bond issue will ease the club's financial concerns.

He told the Manchester United Disabled Supporters Association magazine 'Rollin' Reds': "In essence, it changed third-party bank debt with various maturities into new debt, so it was like re-mortgaging your house with what we feel is a better instrument.

"There are no covenants if you meet interest payments every quarter - you are very much left to your own devices.

"So while debt is obviously on the minds of the supporters the simple answer is while we didn't reduce overall debt we now have more flexibility with what we believe is a better instrument and the bond issue attracted roughly double the target, so in that sense it was a success."