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Manchester United have a £300m transfers ‘credit card’ with Bank of America

Manchester United have a £300 million limit with Bank of America, which gives them room for significant spending, reports The Athletic.

The Red Devils gained a line of credit with Bank of America Securities to aid cash flow during the COVID-19 pandemic.

They have been able to recruit players since then as a result.

The short-term borrowing allowed Man United to sign Brazilian duo Casemiro and Antony.

They currently owe £206m on what has been dubbed a ‘company credit card’.

The Old Trafford club could make repayment soon, but they plan to recruit in the summer with the same method.

They can spend up to £300m as long as Financial Fair Play limits are not exceeded.

Man United plan to sell more players in a bid to balance the books.

They are in plenty of debt, but it will not affect their chances of bolstering the squad.

The Red Devils owe £960m, but they have promised to repay the £200m debt owed on a ‘revolving credit facility’ by June 30.

Man United still have around £280m to pay on future transfer instalments, with £55m coming their way from other clubs.

With £300m available to spend if the Glazers are still around during the next transfer window, Erik ten Hag has no worries.

The Red Devils manager wants new signings recruited before the pre-season tour of the United States in July.

Ten Hag wants a new striker, midfielder and attacking right-back.

Money is available, and it is up to him and the scouts to identify the best options for the project.