Glazer family: Manchester United not for sale

United’s Florida-based owners, aware that ongoing speculation linking the Qatari royal family with a £1.6 billion takeover could distort the value of the high yield bonds attached to the club, have been divisive figures among United supporters since their controversial leveraged buy-out in 2005.

But despite year-long rumours of Qatari interest in United, the Glazers have now moved to clarify their intention by dismissing the prospect of a sale within a formal document to bondholders.

The statement said: “The board notes recent press speculation regarding a possible bid for Manchester United. 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.”

The release of United’s quarterly accounts, a stipulation of the £500 million bond issue in January last year, shows that the club’s gross debt now stands at £489.4 million (down by about £25 million) after the £24 million buy-back of a portion of the bond.

With cash reserves of £134.5 million – largely from the £80 million sale of Cristiano Ronaldo in June 2009 and a £35.9 million instalment of the club’s £80 million shirt sponsorship deal with Aon – United’s financial position appears strong.

While match day and media revenues have been relatively stagnant, there has been a sizeable increase in commercial revenues of 30.2 per cent.

In the six months of the financial year so far, the commercial arm of the club generated £50.4 million, having secured a succession of new ‘partnerships’.

It is now almost certain United will this year become the first football club to break the £100 million barrier for commercial revenue alone.

The surge in commercial revenues means United’s overall turnover has grown from £144.7 million to £156.5 million. However, operating costs have also increased from £86 million to £95.9 million.