Manchester United and the Glazer family are considering a £600 Million Bond issue to bring the clubs debts under-control. The Glazer family have appointed two well-known banks to advise them on methods of easing the clubs massive debt. JP Morgan and Deutsche Bank are currently working on finding feasible investors on a Bond issue to pay-back outstanding debt.

United's income is the largest of anyone in the sporting world, The Red Devils are the richest but also the most in-debt club in the world. United were left debt-ridden after the £800 Million Glazer family takeover of the club in 2005. Many United fans disagreed with the takeover, citing that the club would be burdened with hundreds of millions of debt.

United's directors always reassured the fans that the debt was 'manageable', as United's operating profit was £75 Million, compared to £70 Million in interest repayments in 2009.

The debt includes £175 Million in 'Payment-in-Kind' (PIK), with an interest rate of nearly 15%. The original loan was worth £140 Million, but accumulated over £35 Million in unpaid interest. 

The outstanding loans, secured against the club, are worth £520 Million. It is unclear whether the Bonds proceeds will be used to pay-off the PIK or the remaining £520 Million in loans. The Glazers may look to pay back the high-cost PIK loans first, but the bank officials may order them to pay back the bank loans before paying back the PIK loans.

The Glazer family put a refinancing plan in place in 2006, however with the scarce availability of credit this has made it more difficult and more expensive. 

It is still unclear to what has happened with Cristiano Ronaldo's £80 Million transfer fee - will Sir Alex have it available to buy players in the January transfer window, or has it gone to repay some of the club's loans. 

Chelsea owner Roman Abramovich recently turned Chelsea's remaining £350 Million debt into equity and halved their annual loss to £22 Million.