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. 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.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.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."With respect to Manchester United, we are very comfortable with our financial structure," he said."We are producing record turnover and record profits and we can meet our obligations."We have been clear all along. There is money in the bank."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."We are not afraid to spend big money on players of a certain age."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.

Source: Team_Talk