Date:16th November 2010 at 1:30am
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So late yesterday it emerged that the Glazers are to pay off a £220m PIK (Payment-In-Kind) loan by November 22nd.

The loan started at £138m but with interest it rose to £220m. Red Football Joint Venture Ltd have decided to pay the loan back in full but it begs the question where have they got the money for this? The Glazers are ‘entitled’ to £95m of the club’s money so assuming they took that (meaning the Ronaldo money has gone to paying off debt) where has the rest of it come from? Reading some of Andy Green or Andersred thoughts on the situation and he raises some interesting points.

1. Was the money obtained via the Glazers selling a stake of the club? This is a long shot but a possible source of income.

2. Have they refinanced and effectively acquired a new debt to pay off an old one?

Today sees the club announce it’s first quarter results so there are bound to be various questions and answers stemming from them but the predominant thing on everyone’s mind will be how have the Glazers managed to pay off this loan?

This is just a very base insight into the whole affair you can read a more in depth analysis of the situation here on Andersred’s actual site.