By Chris O'Brien
July 25 2006

The Glazer family have announced a restructure of the club's finances that will cut annual interest payments by £28million. However, MUFC is £660million in the red as Chelsea continue to buy their way to an expanded trophy cabinet.

The Glazer family, the controversial owners of Manchester United FC, have confirmed a refinancing package which will save the club some £28million per year in interest payments.

US business tycoon Malcolm Glazer purchased MUFC for £790million last year, but the transatlantic takeover was met with hostility by supporters. The deal involved plunging the club into mammoth debt to finance the takeover and many fans were left concerned for the long-term future of one of football's biggest clubs.

It has now been announced that the Glazers have restructured the club's finances in order to save on interest payments, though the clubs debt has now risen to £660million from £580million.

"The refinancing plans allow the club to halve the £135 million the amount it owes in the form of “risky” payment-in-kind notes." read a report from the Financial Times.

The Glazers remain confident that their audacious financial plan for United will work. A recent sponsorship deal with American Insurance Group will have boosted club coffers, whilst a new television deal with BSkyB and Setanta will also improve club revenue. This refinancing package has been described as "good housekeeping" but will do little to appease supporters.