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Feb 25, 2011

Glazers stress United commitment

The Glazer family have stressed that they intend to stay on as Manchester United owners in an official statement released alongside the club's quarterly financial figures.

Glazers to underline commitment
Report: Qatar eye fresh United bid
United insist club not for sale

The Glazers moved to reaffirm their commitment to United in the wake of persistent rumours they will sell to the Qatar royal family in a £1.6 billion takeover deal.

The statement read: "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. No discussions have taken place, Manchester United is not for sale and the owners will not entertain any offers."

The club announced a "strong balance sheet", containing "net assets of £771 million and a cash balance of £134.5 million."

With £134 million in the bank, there would seem to be ample funds for Sir Alex Ferguson to rebuild his squad, and the figures suggest that Manchester United remains a cash cow for its owners.

The figures issued quarterly to Bond Holders told of a "solid on-field performance" in their 'Business Review', and the statement stressed "continued investment in the playing squad". Goalkeeper Anders Lindegaard signed in January, while Wayne Rooney and Anderson have extended their contracts until June 2015, Patrice Evra until June 2014 and Ryan Giggs until June 2012.

The club reported "year on year revenue growth of 8.2% from £144.7 million to £156.5 million driven by commercial revenues increasing 30.2% from £38.7 million to £50.4 million". The club also reported year on year EBITDA (earnings before interest, taxes, depreciation and amortization) growth of 3.2% from £58.7 million to £60.6 million.

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