Manchester United have had to mortgage their stadium as collateral for a bond issuance.
This is just the latest in a series of financial setbacks for the successful English Premier League football club, who are debt laden after their takeover by American sports business tycoon Malcolm Glazer.
The stadium, Old Trafford, is a landmark in the club’s culture, but now its mortgage is owned by J.P. Morgan Europe Ltd according to Bloomberg.
Manchester United have refused to comment on the mortgage.
This comes less than six years after the club’s David Gill denounced the takeover bid as a threat to Man United’s financial security.
Business Insider Emails & Alerts
Site highlights each day to your inbox.