(REUTERS) – Manchester United’s owners, the Glazer family, are said to be £1.1 billion in debt after their shopping mall business was severely hit by the recession. An investigation by the BBC’s Panorama programme which revealed the figures, puts the family’s debt at £400 million more than initially thought.
In response to the claims, a spokesman for the family said they hold more than £2B in assets.
The BBC’s report showed that the Glazers had borrowed £388M against the shopping malls they own and £66M against their NFL team the Tampa Bay Buccaneers.
Manchester United, meanwhile, are currently £700 million in debt and a portion of that debt will soon be charged interest at 16.25 per cent.
Supporters group the Red Knights put their bid to try and purchase the club on hold earlier this week after the Glazers said they had no intention of selling the club.
“The Red Knights remain committed to pursuing their efforts to try and help bring ownership of Manchester United to its supporters and under a structure with materially less debt,” they said in a statement.
“As we have maintained, however, since news of our ambitions first emerged in March, we will only attempt to purchase the club at a sensible price, consistent with the long-term interests of the club.”