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8347374
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# Glazer family: Manchester United not for sale
## The Glazer family have attempted to dispel speculation that they are
preparing to sell Manchester United by issuing a statement within the club's
quarterly accounts which insists they "will not entertain any offers" for the
Premier League leaders.
![Old Trafford - Glazers: 'Utd not for sale'][1]
Staying put: The Glazer family has asserted its commitment to Manchester
United Photo: AP
By Mark Ogden 7:30PM GMT 25 Feb 2011
[Comments][2]
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.
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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.
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