Manchester United pay off £120m of ‘credit card debt’ using Sir Jim Ratcliffe’s cash injection…which was meant for Old Trafford refurbishment

Manchester United have paid off £120million of debt on the club’s revolving credit facility following Sir Jim Ratcliffe’s investment in the club.

Ratcliffe took a 27.7% stake in the club following his purchase of around £1.05bn.

However, the 71-year-old pledged a further £235m to the club to be used for refurbishment of the stadium.

But United’s financial results on Tuesday showed the club owed £773.3m, excluding the money owed on transfers.