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Sources close to Malcolm Glazer have moved to play down the burden imposed on Manchester United by the controversial payment in kind (Piks) notes used by the Floridian businessman to finance his bid for the club.
The Lawyer can exclusively reveal that the Piks being used by Glazer have a 15-year term, which one source described as "a lifetime" compared with other debt packages.
The Piks have been structured as an obligation of Red Joint Venture, the holding company of Red Football Limited, which is in turn the bid vehicle used by Glazer to take over the club.
The return on the Piks will accrue over the notes' 15-year term and will not be payable until they are redeemed. It is understood that Red Joint Venture has the option to redeem the notes early.
"The Piks are more akin to equity higher up the chain. There's no recourse to the target," argued the source.
Piks are often guaranteed by the target, but in Manchester United's case the notes have no security, or recourse to, the club's assets. And although the Piks are assignable, according to the source the US sports tycoon has no intention of transferring the notes to either Red Football or to Manchester United.