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8:31 am, January 14, 2010
Glazers could sell Old Trafford, says bond prospectus
Manchester United owners the Glazer family could sell and lease back the Old Trafford stadium and the club's training ground in Carrington, according to the prospectus for their £500m bond issue.
The document sent to potential investors in the refinancing of the club's £700m debts says that “the indenture governing the Notes will limit our ability to sell or transfer, but not prohibit us from selling or transferring our training ground facilities and our stadium.”
It adds: “Although in the sale or transfer of any of these properties, the transferee will be required to enter into a long-term lease with us to enable us to continue to have substantially the same access to such property as we currently do, if we sell or transfer either or both of these properties, we will no longer control them.”
On the Carrington training ground, the document says that it may be transferred to a holding company linked to the Glazer family but says that if this happens, the club “will be granted a lease”.
The club currently owns the freehold of the 108-acre site, which has 14 pitches, restaurants, physiotherapy and treatment rooms.
Carrington is not part of a portfolio of properties being used as security for the bond and a £75m revolving credit facility which is also part of the refinancing. The property assets used as security do include Old Trafford, however.
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