Unpopular regime: United directors Joel, Avram and
Bryan Glazer
Manchester United have reiterated that the club is not
for sale after revealing increased revenues and £95million cash in
the bank.
Under-fire American owners
the Glazer family have until now remained distant from talk that
the so-called Red Knights
consortium of financiers hoped to seize the club with a £1billion
bid.
However, they have now gone
public to confirm that they will not entertain offers for the
Barclays Premier League giants.
The club said in a statement: 'The board notes recent press
speculation regarding a possible bid for Manchester United. The
owners remain fully committed to their long-term ownership of the
club.
'Manchester United are not for sale and the owners will not
entertain any offers.'
Chief executive David Gill had earlier gone
on the offensive, telling The
Independent that Sir Alex Ferguson would not have his hands
tied in the transfer market this summer.
'The money is there,' said Gill. 'People say
Alex is saying that (money is there) because he has to. Anyone who
knows Alex Ferguson knows he wouldn't say that if he didn't mean
what he said.
'The money is definitely there. The
(financial) results will show the figures are about £95m
cash.
Protests: Manchester United supporters have been
wearing green and gold colours as a show against the current
owners
'We are not in a situation whereby
Alex is restricted in what he wants to do with the club and his
modus operandi as a manager.
'We have never said: "You
can't do that, we have to pay interest (on the debt)." I can look
you in the eye and say that.
'He (Ferguson) would say exactly the same
thing. People don't believe it. We never said to him: "You can't go
for that player because he's too much."'
Financial figures covering the last
quarter have now confirmed the
club has a cash balance of £95.9m and net assets of
£794.9m.
Revenues for the year rose 14 per cent from
£193.3m to £219.3m.
Overall debt now stands at £520.9m, although
that sum does not include the controversial payment-in-kind (PIK)
notes for which the Glazer family are themselves responsible and
now attract interest at an eye-watering 16.25 per cent.
Despite the debt mountain, the Glazer family
have succeeded in making United a
far more streamlined operation, with their satellite commercial arm
in London
netting over £200million alone.
United fans have led a high-profile campaign
against the owners because of their concerns about the club's
debts.
Supporters have made their
feelings known by wearing green and gold at Old Trafford, harking
back to the club's original Newton Heath colours.
However, Gill rather patronisingly dismissed
the protest by claiming the dissenters were in the minority and
that many didn't understand want they were doing.
'The green and gold campaign and the momentum behind that can
get a bit tiring,' said Gill.
'We understand people's desire to protest and I think it is a
minority. It's a visible minority in the stadium.
Case for the defence: Manchester United chief executive
David Gill has again insisted the club is in safe hands under the
Glazer family
'Would we prefer not to have them [green and gold
scarves]? Yes. They have a right to protest. A lot of the fans
clearly care about the club and that is a strength.
'But a lot of the other fans want to know that the team is
playing attractive football, exciting Manchester United-style
football, winning football. Who owns it is a bit irrelevant to
them.
'I think that (the green and gold) minority will go away. A lot
of people understand what it means but a lot of them don't.'
Regarding the financial plight of the club, Gill added: 'I
firmly believe that the financing we have in place and the growth
we have seen in our commercial operations, even with the (annual)
interest of £45million, we can sustain that and still be a top, top
club.
'We can invest in the players, invest in the training ground -
we have plans for that - invest in the stadium and do those
things.'