Manchester United have officially confirmed their intention to raise £500million through bonds in order to refinance their debts. Without the sale of Ronaldo, the Red Devils would have been reporting a loss of £31.8million, 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 £500million 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 £175million worth of payment-in-kind notes that are currently attracting 14.25% interest.