Manchester United has said it plans to raise £500m through a bond issue in order to refinance its debts.

The announcement came as the club announced pre-tax profits of £48.2m for the year to 30 June 2009, compared with a loss of £21.4m a year ago.
The profit includes the £80m fee the club received from Real Madrid for Cristiano Ronaldo last summer.
US businessman Malcolm Glazer bought the club for £790m in 2005, borrowing heavily to do so.
Group turnover rose to £278.5m from £256.2m the previous year, the club's holding company Red Football Ltd said.
There has been much speculation in recent weeks that United was considering a bond issue to address its debts.
Although no total debt figure was disclosed in the results announcement, it has previously been reported as £699m.
The Old Trafford club paid £41.9m in interest on a £509.5m loan.
Without the sale of Ronaldo, United would have reported a loss of £31.8m, despite winning the English Premier League for the third year in a row, as well as the Carling Cup and the Club World Cup last season.
The team also finished runners up in the Uefa Champions League.
Last week, United's big-spending neighbors Manchester City reported an annual loss of £92.6m after splashing out on top-class players since new owner Sheikh Mansour bought the club in September 2008.
Current Premier League leaders Chelsea made a loss of £44.4m last year but said it was now ""virtually debt-free"".
(Source: BBC)