'Not a grain of truth' in IPO profit rumours, insists Manchester United boss Sir Alex Ferguson

With senior Red Devils officials reported to be on the verge of making over £200 million from the club's New York Stock Exchange flotation, the manager denies any personal benefit
Sir Alex Ferguson insists that he does not stand to profit in any way from Manchester United's flotation on the New York Stock Exchange.

The Glazer family, who own the club, recently announced their intention to float an initial $330 million [£210m] in an attempt to alleviate some of the severe debt loaded onto the Red Devils when the Americans initially took them over.

However, with only £73m of the raised funds set to go towards paying down debts and senior club officials preparing for a windfall of over £200m, there had been suggestions that the manager would be among those to benefit following his praise of the Glazers, a claim which he has quickly sought to deny.

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"Being aware of the media coverage that is currently ongoing I felt, on this occasion, that I should make my position clear to the Manchester United fans," Sir Alex said in a statement.

"In regards to suggestions that I have praised the Glazer family because I stand to financially benefit from the proposed IPO, there is not a single grain of truth in this allegation. I do not receive any payments, directly or indirectly, from the IPO.

"Ultimately, I run the football side of this club and in order to do this, you need backing from above.

"The Glazer family have let me get on with my job, there is no interference or obstruction, only support.

"My decisions and beliefs are not based around what is best for my personal financial gain. That is an accusation that insults me. If that was the case, I would have left Old Trafford a long time ago.

"I am speaking out because I do not want a situation to develop whereby the media and other parties create a rift, however small, between myself and any Manchester United fan. I've spent 25 years of my life pushing this club forward and not only could I not have done it without those fans, I do it for them."