This loan was provided by three New York hedge funds: Citadel, Och-Ziff Capital Management and Perry Capital.[54] The total amount was £660 million, on which interest payments came to £62 million a year. The club stated, "The value of Manchester United has increased in the last year, which is why lenders want to invest in the club ... This move represents good housekeeping and it ensures that Sir Alex Ferguson will be provided with sufficient funds to compete in the transfer market."