Ferguson 'insulted' by IPO claims

02 August 2012 04:16

Manchester United manager Sir Alex Ferguson has said he is "insulted" by claims his recent backing of the Glazer family is motivated by personal gain.

It has been suggested that Ferguson stands to profit from the controversial initial public offering (IPO), which the Glazer family are now saying will only partly go against United's massive debts.

A clearly angered Ferguson on Thursday hit back, saying: "There is not a single grain of truth in this allegation. This is an accusation that insults me."

Ferguson said he felt the need to address the issue to prevent a schism developing between him and the United fans.

A clause within the prospectus for the IPO, which the Glazer's signalled an official intention to launch in New York on Monday evening, suggests senior management figures will receive shares.

Almost immediately, some of those opposed to the Glazer family's ownership of United wondered whether Ferguson was amongst them.

"Being aware of the media coverage that is currently ongoing I felt, on this occasion, that I should make my position clear to the Manchester United fans," said Ferguson in a statement.

"In regards to suggestions that I have praised the Glazer family because I stand to financially benefit from the proposed IPO, there is not a single grain of truth in this allegation. I do not receive any payments, directly or indirectly, from the IPO."

Source: PA