The Glazer family are set to pay off their controversial £220million payment-in-kind notes without using money drawn from Manchester United.

Co-chairman Joel Glazer has issued a 'voluntary free-payment notice' to the lending houses that stumped up the loan confirming it will be paid off in full.

Under the terms of the £500million bond which is United's responsibility, the Glazers could take £70million out of club funds to pay part of the PIK debt, which is lodged against the family.

However, it does not appear this is the case, even if there has been no comment from United about how the money to pay off the PIKs has been raised.

It is possible the Glazers could have sold a chunk of the club or sold off other business interests, which include their Tampa Bay NFL franchise, or they might have refinanced.

More may become apparent later today when United are due to publish their results for the last quarter to bond holders.

They are likely to be asked to address the issue in a conference call with investors.