No squeeze on transfer funds: Glazer

New Manchester United owner Joel Glazer has told Alex Ferguson he will not have his hands tied in the transfer market as some fans fear.

It has been widely reported that in order to generate the funds to complete their £790m (€1.2bn) takeover at Old Trafford, the Glazer family have had an annual £25m (€37m) restriction imposed on their transfer spending.

However, in his first pre-recorded interview since his father Malcolm seized control last month, Joel, widely tipped to become United’s next chairman, insists the stories are untrue.

“When I read about caps and hands being tied it is very frustrating,” Glazer told United’s in-house TV station MUTV.

“It is absolutely not true. We are there to provide the manager with what he needs to compete at the highest and win at the highest level. You can’t have caps. Situations arise and things change.

“We would not get involved with this unless we could compete at the highest level not having our hands tied, so when you read about that, you get very upset and want to let people know it is not the case.

“It is not a bottomless pit but the way this club has been operating in the past is going to be the way it's going to operate in the future.”