In an effort to cut down debt costs, Manchester United has struck a new loan deal.

If Manchester United's version is heard, the team has initiated with its new plan to cut down the amount of interest that it is forced to pay on its huge debts.

The Premier League club is owned by the Glazer family. According to the sources, the team has been refinanced with an amount of £178m for its outstanding debt, which its owner says is their new move planned to save them £10m a year.

Manchester United was bought by the Glazer Family in the year 2005. The ownership cost payment of hundreds of millions of pounds worth loans as the funding of the takeover. But the overflowing debt has now become a big concern for the club and its financial stability.

Reports confirm that Manchester United is presently under debt worth £307m. Despite this fact, the team has not lost its focus on the game and it is still enjoying its on-field success under its new owners i. e. the Glazers. The team has recently won five Premier League titles and one Champions League victory.

Now, the team has signed a refinancing deal with Bank of America, which has cut its interest rates on the loans to a somewhat variable cost from the figures of 8.75% and 8.38%.