Investing.com -- Manchester United is exploring options to refinance $425 million of debt set to mature next year through the private placement market, according to a Bloomberg report on Friday.

The Premier League club is reportedly in early discussions with banks but has not finalized plans for the refinancing, the report said. Banks and institutional investors have shown interest in the transaction.

The club is refinancing debt from 2015 that carries a fixed interest rate of 3.79%. Due to high demand, the new funding could reach up to $500 million, providing the club with additional funds beyond the refinancing amount.

The refinancing discussions occur as some members of the billionaire Glazer family consider selling their stakes in the football club, which they have owned for more than 20 years. Several stakeholders have been examining the possibility of divesting part or all of their holdings, Bloomberg reported earlier.

When the Glazer family acquired Manchester United through a leveraged buyout in 2005, the club had about £50 million ($67 million) of debt. The family has since contributed hundreds of millions of their own funds, but also increased the club's liabilities.