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Manchester United is not for sale :Glazer family

Article Published: Friday 28 May 2010

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Manchester United is not for sale at any price, the Glazer family insisted on Friday.

A group of wealthy United fans calling themselves the Red Knights have been trying to put together a takeover bid to buy out the Glazers, while supporters at Old Trafford have taken to protesting against the American family's perceived financial mismanagement.

It had been suggested that the pressure from the Red Knights and the highly-visible green and gold scarf protest, which saw United fans don the colours of the team's forerunner Newton Heath, could make the Glazers decide to sell.

But the Americans, who bought the Premier League club in 2005, have quashed any suggestion they may be willing to walk away.

As they released their latest quarterly statement, the Glazers took the opportunity to dimiss any sale talk.

"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 is not for sale and the owners will not entertain any offers," the statement read.

The figures included in the latest financial statement show growth in all revenue areas, apart from matchday, which has gone down by one million pounds (1.4 million dollars) compared to the same three month period last year.

Overall debt now stands at 520.9 million pounds (758 million dollars), 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 16.25 percent.

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 200 million pounds (291 million dollars).

 
 
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