Manchester United's £500 million raised last week through a bond issue cost the club £54 million, according to UK newspaper reports. According to The Sunday Times, in raising the money United had to pay £15 million in fees and expenses to investment bankers and lawyers and also took a £39 million hit from the unwinding of interest rate hedging arrangements on the debt that has been refinanced by the bond.
The Glazer family, which has a variety of interests in US sports clubs, bought United for £828 million in 2005, funding one third of the acquisition with bank debt.
