Source: Team_Talk
Gill comfortable with finances
David Gill has answered criticisms of leveraged buy-outs at clubs by claiming Manchester United are "very comfortable" with their finances.[LNB] Concern over organisations borrowing money to mount takeover bids was one of the eye-catching issues raised by the damning 116-page report into football governance delivered by the Culture, Media and Sport select committee on Friday.[LNB]That was exactly how the Glazer family managed to secure control of the Old Trafford outfit in 2005, plunging them into huge debts that presently stand at £490million, with no explanation forthcoming as to how they managed to pay off £220million-worth of payment-in-kind notes that were attracting a massive interest rate.[LNB]However, whilst fan groups have already mounted a campaign to get United around the negotiating table, something else being encouraged in the report, chief executive Gill insists the Old Trafford outfit are quite happy as they are.[LNB]"With respect to Manchester United, we are very comfortable with our financial structure," he said.[LNB]"We are producing record turnover and record profits and we can meet our obligations.[LNB]"We have been clear all along. There is money in the bank.[LNB]"Some people have not believed us but if a player is required to improve the squad and challenge for top honours, the money is there. That is still the case.[LNB]"We are not afraid to spend big money on players of a certain age."[LNB]Indeed, United have already splashed out £50million on Ashley Young, David de Gea and Phil Jones, with the possibility of someone else to come if the right deal can be done.
