Manchester United will reportedly save £10m of interest per year following their decision to refinance through the Bank of America.

The Premier League champions are thought to have refinanced £177.78m of sterling bonds, for which they pay a rate of 8.75%, while the club have also refinanced around £17m of dollar bonds.

Due to their loan with the Bank of America, it is understood that the North-West outfit, who are run by the Glazer family, will save money on an annual basis, according to the Daily Mail.

It has been said that United's current debt sits at £370m.