LONDON, July 18 (Reuters) Manchester United have finalised a 660 million pound (1.2 billion dollars) debt restructuring to cut their annual interest bill, Tuesday's Financial Times said.

The newspaper said the restructuring would strengthen the Glazer family's grip on the club and reflects their improving financial prospects.

A spokesman for the Glazers said the amended structure would continue to provide team manager Alex Ferguson with ''sufficient funds in the transfer market''.

The FT, citing people familiar with the package, said the club's annual interest charge would fall to 62 million pounds, compared to 90 million pounds under the old deal.

It said overall borrowings would rise to 660 million pounds from 580 million, but the club had halved to 135 million pounds the amount they owe in the form of higher risk payment-in-kind notes.

The club could not immediately be reached for comment.

U S financier Malcolm Glazer and his family took control of Manchester United just over a year ago after a bitter takeover battle.

United have not won the Premier League title since 2003 when they were crowned champions for the eighth time in 11 seasons.

REUTERS PM VC0905