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David Gill: Debt is not an issue at Manchester United
Chief executive has faith in Glazers...
19 May 2010 07:44:00
By Zack Wilson
Manchester United chief executive David Gill believes that the Glazer family are still the right people to be in charge at Old Trafford despite the spiralling debt levels at the club.
United's debts now stand at more than £700 million, meaning that supporters should perhaps expect a very quiet summer in the transfer market.
The Glazers took out an additional £138m loan in 2006 and will owe an extra £75m in August following a rise in interest rates.
But Gill insists that the situation is well in hand and expects United fans to continue to give their support to to Sir Alex Ferguson's side.
"We haven't had any boycotts. Every game at Manchester United has been sold out," he told reporters at a press conference on Tuesday.
"If there's a threat then we'll see but our season ticket sales and renewels for this upcoming season are on track for previous years. Our executive ticket renewals are on track, so we'll have to see at the start of the season, but we're envisaging sell-out crowds going forward for Manchester United.
"I think we've been clear. The owners we have at Manchester United have been true to their word since they took over the club in 2005. They've brought commercial expertise and commercial benefit to us in a number of areas and we've seen our revenues grow significantly.
"I think the structure we have in place in terms of the bond which was issued in January of this year means that our interest costs are set for the next seven years.
"The revenues coming into the club but also into football are significant and we can easily meet those interest payments, so we're very confident that the business model we have in place will be secure and will ensure the club can continue to compete at the top of football for many years to come."
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United's debts now stand at more than £700 million, meaning that supporters should perhaps expect a very quiet summer in the transfer market.
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The Glazers took out an additional £138m loan in 2006 and will owe an extra £75m in August following a rise in interest rates.
But Gill insists that the situation is well in hand and expects United fans to continue to give their support to to Sir Alex Ferguson's side.
"We haven't had any boycotts. Every game at Manchester United has been sold out," he told reporters at a press conference on Tuesday.
"If there's a threat then we'll see but our season ticket sales and renewels for this upcoming season are on track for previous years. Our executive ticket renewals are on track, so we'll have to see at the start of the season, but we're envisaging sell-out crowds going forward for Manchester United.
"I think we've been clear. The owners we have at Manchester United have been true to their word since they took over the club in 2005. They've brought commercial expertise and commercial benefit to us in a number of areas and we've seen our revenues grow significantly.
"I think the structure we have in place in terms of the bond which was issued in January of this year means that our interest costs are set for the next seven years.
"The revenues coming into the club but also into football are significant and we can easily meet those interest payments, so we're very confident that the business model we have in place will be secure and will ensure the club can continue to compete at the top of football for many years to come."
Become a fan of Goal.com UK's Facebook fan page for all the latest news and insight into everything related to the beautiful game!
| Sign up with 188BET for a FREE bet up to £25 – Great Prices, Every Game |
|
| Open an account with Sportingbet today and get up to £50 in free bets! |
|
| Sign up with William Hill for a free bet up to £25 |
|
| Sign up with bet365 for a free bet up to £200 |
|
| Sign up with Paddy Power - Bet £10, Get £20! |
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