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Manchester United reveal they have 95m in the bank as Glazers insist: We're not selling

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28 May 2010 15:15:15

Manchester United reveal they have 95m in the bank as Glazers insist: We're not selling

Manchester United have reiterated that the club is not for sale after revealing increased revenues and £95million cash in the bank. Under-fire American owners the Glazer family have until now remained distant from talk that the so-called Red Knights consortium offinanciers hoped to seize the club with a £1billion bid. However, they have now gone public to confirm that they will not entertain offers for the Barclays Premier League giants. Unpopular regime: United directors Joel, Avram and Bryan Glazer The club said in a statement: 'The board notes recent pressspeculation regarding a possible bid for Manchester United. The ownersremain fully committed to their long-term ownership of the club. 'Manchester United are not for sale and the owners will not entertain any offers.' Chief executive David Gill had earlier gone on the offensive, telling The Independent that Sir Alex Ferguson would not have his hands tied in the transfer market this summer. 'The money is there,' said Gill. 'People say Alex is saying that (money is there) because he has to. Anyone who knows Alex Ferguson knows he wouldn't say that if he didn't mean what he said. 'The money is definitely there. The (financial) results will show the figures are about £95m cash. Protests: Manchester United supporters have been wearing green and gold colours as a show against the current owners 'We arenot in a situation whereby Alex is restricted in what he wants to do with the club and his modus operandi as a manager. 'We have never said: "You can't do that, we have to pay interest (on the debt)." Ican look you in the eye and say that. 'He (Ferguson) would say exactly the same thing. People don't believe it. We never said to him: "You can't go for that player because he's too much."' Financial figures covering the last quarter have now confirmed the club has a cash balance of £95.9m and net assets of £794.9m. Revenues for the year rose 14 per cent from £193.3m to £219.3m. Overall debt now stands at £520.9m, although that sum does not include the controversial payment-in-kind (PIK) notes for which the Glazer family are themselves responsible and now attract interest at an eye-watering 16.25 per cent. Despite the debt mountain, the Glazer family have succeeded in making United afar more streamlined operation, with their satellite commercial arm in Londonnetting over £200million alone. On target: Nani scores at Sunderland earlier this month as United finish second in the Premier League United fans have led a high-profile campaign against the owners because of their concerns about the club's debts. Supportershave made their feelings known by wearing green and gold at Old Trafford, harking back to the club's original Newton Heath colours. However,Gill rather patronisingly dismissed the protest by claiming the dissenters were in the minority and that many didn't understand want they were doing. 'The green and gold campaign and the momentum behind that can get a bit tiring,' said Gill. 'We understand people's desire to protest and I think it is a minority. It's a visible minority in the stadium. Case for the defence: Manchester United chief executive David Gill has again insisted the club is in safe hands under the Glazer family 'Wouldwe prefer not to have them [green and gold scarves]? Yes. They have aright to protest. A lot of the fans clearly care about the club andthat is a strength. 'But a lot of the other fans want to know that the team is playingattractive football, exciting Manchester United-style football, winningfootball. Who owns it is a bit irrelevant to them. 'I think that (the green and gold) minority will go away. A lot of people understand what it means but a lot of them don't.' Regardingthe financial plight of the club, Gill added: 'I firmly believe thatthe financing we have in place and the growth we have seen in ourcommercial operations, even with the (annual) interest of £45million,we can sustain that and still be a top, top club. 'We can investin the players, invest in the training ground - we have plans for that- invest in the stadium and do those things.'  United chief Gill blasts 'green & gold' protest as minority who will fade awayManchester United's finances under Glazer family to be investigated by BBC's PanoramaGreen light for Hernandez as £7m Man United recruit is granted work permitMANCHESTER UNITED FC


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