Glazers say club is not for sale
MANCHESTER United’s owners have released a statement denying that the club is up for sale.
The statement, which accompanies second quarter figures showing increases in both turnover and earnings in the six months to December 31 to £156.5m and £60.6m respectively, says that the club’s current owners “remain fully committed to their long-term ownership of the club”.
Contrary to recent reports that the Qatari royal family have held talks about a potential deal, the club said that “no discussions have taken place”.
“Manchester United is not for sale and the owners will not entertain any offers,” the club said.
The figures released this morning show an 8% rise in revenues during the six-month period, while earnings before interest, tax, depreciation and amortisation (ebitda) were up 3%.
The revenue increase was driven by commercial activities, which jumped by £11.7m to £50.4m during the period. Media revenues remained largely flat, while matchday revenues actually fell back by £200,000 to £52.4m.
The club’s parent firm also bought back £24m of secured bond notes during the quarter. It said the purchases were made “pursuant to the board’s emphasis on prudent treasury management and improving the yield from its cash and cash equivalent balances”.
The notes are being held by parent firm Red Football, and could be sold back to the market at a future date “depending on the capital and operating requirements of the business”.
Its overall gross debt reduced to £489.4m, compared with £512.5m a year ago. Meanwhile, the amount of cash held on its balance sheet increased to £134.5m, from £122.1m.
