I fear Manchester United are in too much debt says ex-chairman Edwards
08 Oct 2009 - 12:44:25
Manchester United could be thrown into financial turmoil if the Glazer family leave the club, former chairman Martin Edwards has warned.
Despite United completing a hat-trick of Barclays Premier League titles and reaching successive Champions League finals, the Glazers remain almost £700million in debt owing to enormous annual repayments on the money borrowed to buy the club in 2005.
Fearing the worst: Manchester United and their supporters face an uncertain future, says former chairman Martin Edwards (below)
Edwards, the man who hired Sir Alex Ferguson and spent 22 years as United chairman, became the first prominent Old Trafford figure to echo the fears of fans and question what may happen in the long term.
Edwards, now a United honorary life president, said: 'It concerns me that the club are in so much debt.
'The club are not in control, the family are in control of the debt. I can understand where the fans are coming from with their concerns. I'm not going to make any accusations because, up to now, they have behaved fairly well, supporting the manager. And they haven't disrupted the running of the club or the personnel within the club.
'But time will tell. The crunch time will come when they exit. Willthey saddle the club with the debt or just sell the club on for aprofit because that's all they are interested in? How will they leavethe club?'
When the Glazers bought United for £828m more than four years ago,they borrowed £556m, more than 70 per cent of which is secured againstthe club's assets. As of June last year, this debt stood at £699m.
Edwards' comments last night will elicit sympathy from many United fans, especially those who deserted the club in protest at the takeover and established the breakaway side FC United.
But his views will not endear him to manager Sir Alex Ferguson, who has several times spoken out in praise of the Glazers.
The Glazers' spokesman was not available for comment, but the Americans' standard response on the issue has been that they have bought into United for the long-haul and do not anticipate selling.
