Source: Daily_Mail
Manchester United owners, the Glazers, vow to fight on amid £1.5bn Qatari bid
The Glazer family have confirmed their commitment to Manchester United and insist they have no interest in selling the club.[LNB]United's owners made a statement to accompany the release of second quarter financial results - that revealed the club's debt stands at almost ?500million - in response to growing speculation about a massive offer for the club from the Qatari Royal Family.[LNB] Unpopular: The United fans have never taken the Glazer regime to their hearts[LNB]It has always been stressed the Glazers view their United status as long-term, a point they are keen to emphasise.[LNB]'The board notes recent press speculation regarding a possible bid for Manchester United,' said the statement. 'The owners remain fully committed to their long-term ownership of the club.[LNB]'No discussions have taken place, Manchester United is not for sale and the owners will not entertain any offers.'[LNB] Enlarge Sheik up: Could Sir Alex Ferguson's visit to Qatar in January last year prove the start of a long-term relationship?[LNB]The results themselves show United's debt has fallen from ?512.5million 12 months ago to ?489.4million on December 31, 2010.[LNB]Whilst matchday and media revenues have been relatively stagnant, there has been a massive increase in commercial revenues of 30.2per cent.[LNB]In the six months of the year so far, the commercial arm of the club has generated an incredible ?50.4m, having secured a succession of new 'partnerships', the latest with global logistics company DHL.[LNB]It is now virtually certain United will this year become the first football club to crash through the ?100m barrier for commercial revenue alone, emphasising the incredulity at reports from some quarters that revenue might actually be falling, specifically in shirt sales.[LNB] [LNB] Protests: United fans have long let their voice be heard in response to the way their club is run[LNB]This surge in commercial revenuesmeans that United's overall turnover has grown from growth ?144.7m to?156.5m. However, operating costs have also increased from ?86m to?95.9m.[LNB]In buying back ?24m of their ownbonds - the reason for the reduction in debt - United feel the eightper cent saving in interest is a more prudent use of cash than leavingit as part of their bank reserves, which now stand at ?134.5m.[LNB]However, the club reserves the right to put the bonds back on the market should they so wish.[LNB]This week Sportsmail revealedthe royal family of Qatar are preparing a fresh ?1.5billion bid for theclub after the Glazers rejected an earlier offer.[LNB]A source close to the oil-richemirate's ruling Al Thani family confirmed that it tried to tempt theGlazers earlier this month with an offer of just over ?1bn.[LNB] [LNB] Pure delight: Trouble off the pitch, but on it, United's future looks very good[LNB] [LNB]The Al Thanis are on the verge ofraising the stakes, partly motivated by rivalry with the Abu Dhabiroyal family, whose wealth has transformed United's arch-rivalsManchester City into title contenders.[LNB]Going head to head on the pitchwould give the Al Thanis the opportunity to get one over on their Gulfneighbours, with the Manchester football scene offering a high-profilebattleground.[LNB]Qatar is also keen to portray itselfas a football-loving nation, after critics said it did not deserve towin the right to host the 2022 World Cup, because of its lack offootball history.[LNB]While Qatar's preference is a lonebid, it is also considering a Plan B that would see it go intopartnership with the Red Knights, a group of wealthy United fans whoput a ?1bn bid for the club on ice last year.[LNB]The collective of City financiersand wealthy fans have made clear their determination to wrest controlof the club from the Glazers, but do not have the funds to match theAmericans' price tag.[LNB]A partnership would combine thebillions of oil-rich Qatar with the groundswell of popular backing thatthe Red Knights could attract from fans.[LNB] Qatari royal family will ride anti-Glazer wave to force through takeover of Manchester UnitedQatari royal family in ?1.5bn bid to buy Manchester United from the GlazersCantona warns of trouble ahead for United when 'Gandhi-like' Fergie retiresAll the latest Manchester United news, features and opinion Explore more:Places: Manchester, Qatar
