Glazers: United 'not for sale'

• zocoss

  23 Feb 11, 09:00

  Manchester United owners the Glazer family set to issue statement in reaction to Qatari takeover speculation

  Manchester United’s owners, the Glazer family, are expected to use the release of the club’s quarterly accounts in the next week to issue a statement of their intentions amid speculation linking the Qatari royal family with a £1.6 billion takeover bid.

  

  Grand tradition: whatever the future for Manchester United off the field, the club's supporters will just want the footballing success to continue Photo: GETTY IMAGES

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  United's results for the financial quarter ending Dec 31, 2010, must be posted by March 1 because of regulations accompanying the £500 million bond issue by the Glazers in January last year.

  And it is understood that United’s Florida-based owners are considering a statement to bondholders, within the accounts, to clarify their position on the record to avoid accusations of allowing the value of the bond to continue to grow because of constant links with a Qatari buy-out.

  The club’s high-yield bonds rose to record highs last Tuesday because of the speculation, prompting sources close to Qatar Holding to insist that the investment arm of the Gulf state’s sovereign wealth fund “is not and has never been in discussions to buy Manchester United”.

  Despite the regular insistence of the Glazers’ spokesmen that the family is not looking to sell, the absence of a direct rebuttal from the family has ensured continuing speculation.

  Following attempts by the Red Knights to raise funds for a takeover early last year, however, the Glazers sanctioned a statement in their quarterly accounts last May, declaring: “The owners remain fully committed to their long-term ownership of the club.

  "Manchester United is not for sale and the owners will not entertain any offers.”

  A similar statement in the coming week would be viewed by the City as clarifying any ambiguity, with the Glazers also aware that a failure to repeat last May’s statement would only fuel speculation of an ownership battle at Old Trafford.

• Rooney9

  25 Feb 11, 23:52

  The Glazer family have confirmed their commitment to Manchester United after the club published their second quarter financial results.

  United's owners made a short statement to accompany the release of second quarter financial results, in response to growing speculation about a massive offer for the club from the Qatar Royal Family.

  It has always been stressed the Glazers view their United status as long-term, a point they are keen to emphasise.

  "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.

  "No discussions have taken place, Manchester United is not for sale and the owners will not entertain any offers."

  Whether the statement has any effect remains to be seen. A similar message accompanied their first quarter results but had little impact.

  Even a statement from the Qatar Holdings investment vehicle last week insisting there were no plans to launch a buy-out failed to halt the rising price of the bonds issued by United to raise £500million.

  It is widely assumed the Glazers would sell if they were offered an astronomical sum. A figure of £1.8billion has been mentioned, which would be more than twice the sum the Glazer family paid for the club when they launched their takeover in 2005.

  However, as no one from the family has publicly discussed United since the immediate aftermath of the takeover, that situation cannot be taken for granted.

  It also means mystery continues to surround exactly how they were able to pay off £220million in payment-in-kind notes earlier this year after already shelling out for punishing rates of interest.

  Qatari involvement has been suggested, although earlier this week a United spokesman insisted the Glazers still owned 100% of the club.

  The results themselves show United's debt has fallen from £512.5million 12 months ago to £489.4million on December 31, 2010.

  Whilst matchday and media revenues have been relatively stagnant, there has been a massive increase in commercial revenues of 30.2%.

  In the six months of the year so far, the commercial arm of the club has generated an incredible £50.4million, having secured a succession of new 'partnerships', the latest with global logistics company DHL.

  It is now virtually certain United will this year become the first football club to crash through the £100million barrier for commercial revenue alone, emphasising the incredulity at reports from some quarters that revenue might actually be falling, specifically in shirt sales.

  This surge in commercial revenues means that United's overall turnover has grown from growth £144.7million to £156.5million.

  However, operating costs have also increased from £86million to £95.9million.

  In buying back £24million of their own bonds - the reason for the reduction in debt - United feel the 8% saving in interest is a more prudent use of cash than leaving it as part of their bank reserves, which now stand at £134.5million.

  However, the club reserves the right to put the bonds back on the market should they so wish.