Glazers - Fergie can spend

23 July 2009 09:03
Manchester United manager Sir Alex Ferguson has upwards of £60million to spend on new players this summer, according to a spokesman for the Glazer family. Fans have been unhappy the Red Devils have been relatively quiet in the transfer market despite the £80million exit of Cristiano Ronaldo and Carlos Tevez's decision not to stay beyond his two-year loan. Old Trafford does have new faces in the shape of Antonio Valencia, Gabriel Obertan and Michael Owen, although the trio are believed to have cost around £22million with the latter a free transfer. Ferguson has claimed that there will be no more new signings this summer, but that is not because there are no funds available for him to invest. Although Glazer family spokesman Tehsin Nayani has conceded that United cough up interest payments of £43.3million a year to service the £750m loan used to buy the club, he insists their financial position remains healthy. "We do have debt service and carry a significant amount of debt," confirmed Nayani. "But our interest payments are around £43.3million a year while our operating profit was £80million topped by an extra £25m from transfer profits. "So we are talking about a net amount of about £60m. That's cash that can be reinvested in the squad, doing up the toilets or new carpets. "The point is there is money coming into United. One thing that is certain, because of globalisation and the growing middle classes in India and the Far East, the appeal of football is set to grow. We are part of that story." United have been criticised over their failure to make a big summer signing while neighbours rivals Manchester City have been splashing the cash with a host of expensive new arrivals. Nayani claims Ferguson is selective regarding his transfer policy and that he will not pay over-the-odds or fund excessive salaries. "The truth is a lot more prosaic than that," Nayani continued. "The delay is because the manager has not been able to locate the players that he believes fit into the Manchester United mindset, ones that are motivated to play for United. "You don't want mercenaries . to pay over the odds for players not willing to give their all for the club."

Source: SKY_Sports