The Glazer family have confirmed their commitment to
Manchester United after the club published their second quarter
financial results.
United's owners made a short statement to accompany the release
of second quarter financial results, in response to growing
speculation about a massive offer for the club from the Qatar Royal
Family.
It has always been stressed the Glazers view their United status
as long-term, a point they are keen to emphasise.
"The board notes recent press speculation regarding a possible
bid for Manchester United," said the statement.
"The owners remain fully committed to their long-term ownership
of the club.
"No discussions have taken place, Manchester United is not for
sale and the owners will not entertain any offers."
Whether the statement has any effect remains to be seen. A
similar message accompanied their first quarter results but had
little impact.
Even a statement from the Qatar Holdings investment vehicle last
week insisting there were no plans to launch a buy-out failed to
halt the rising price of the bonds issued by United to raise
£500million.
It is widely assumed the Glazers would sell if they were offered
an astronomical sum. A figure of £1.8billion has been mentioned,
which would be more than twice the sum the Glazer family paid for
the club when they launched their takeover in 2005.
However, as no one from the family has publicly discussed United
since the immediate aftermath of the takeover, that situation
cannot be taken for granted.
It also means mystery continues to surround exactly how they
were able to pay off £220million in payment-in-kind notes earlier
this year after already shelling out for punishing rates of
interest.
Qatari involvement has been suggested, although earlier this
week a United spokesman insisted the Glazers still owned 100% of
the club.
The results themselves show United's debt has fallen from
£512.5million 12 months ago to £489.4million on December 31,
2010.
Whilst matchday and media revenues have been relatively
stagnant, there has been a massive increase in commercial revenues
of 30.2%.
In the six months of the year so far, the commercial arm of the
club has generated an incredible £50.4million, having secured a
succession of new 'partnerships', the latest with global logistics
company DHL.
It is now virtually certain United will this year become the
first football club to crash through the £100million barrier for
commercial revenue alone, emphasising the incredulity at reports
from some quarters that revenue might actually be falling,
specifically in shirt sales.
This surge in commercial revenues means that United's overall
turnover has grown from growth £144.7million to £156.5million.
However, operating costs have also increased from £86million to
£95.9million.
In buying back £24million of their own bonds - the reason for
the reduction in debt - United feel the 8% saving in interest is a
more prudent use of cash than leaving it as part of their bank
reserves, which now stand at £134.5million.
However, the club reserves the right to put the bonds back on
the market should they so wish.