Glazers hit back over debt allegations

THE Glazer family have strongly denied that Manchester United’s debts are spiralling out of control.

A report from the Manchester United Supporters Trust, due to be released today, claims that the club’s interest payments have increased by £28m this year.

It also claims that increased TV revenue and money from a new shirt sponsorship deal with AIG is being used to service debts. But a Glazer family spokesman yesterday dismissed the report saying: “The story is inaccurate. Nothing has changed.

“The debts continue to be comfortably serviced by the business, which is performing better than ever.

“As always there have been substantial funds for the manager to purchase players over the summer.”

United have spent heavily since the end of last season, recruiting Owen Hargreaves, Carlos Tevez, Nani and Anderson, and Alex Ferguson has not been restricted in the transfer market since the Glazers completed their £790m takeover in 2005.

United fans have been hit with a 14% rise in ticket prices this season but the club has to fund rising player salary demands and keep stars like Ronaldo, and Wayne Rooney at Old Trafford.

The Trust report claims that the Glazer family “continue to face an extraordinary and growing debt problem”.

The report states that since last year’s refinancing, United and the Glazers have been faced with “a series of interest rate rises which have increased the annual debt service bill from £62m a year on the total debt of £660m.

“The interest bill is currently an annualised £100m-plus, of which £73m is payable this year and the other £27m in the future – a ticking debt time-bomb.”

Reports have emerged over recent weeks of potential buyers for United based in China and Dubai but the Glazers have stressed that they have no interest in selling and are completely committed to the club.

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