Debt has no impact on Man U, says Gill
MANCHESTER United’s net debt of £370m and its annual interest payments of £45m have not hampered the club’s ability to invest in players or facilities.
That’s according to chief executive David Gill who told the House of Commons’ Culture, Media and Sport committee inquiry into football governance yesterday that the debt structure imposed on the club by its owners, the Glazer family, has had “no impact” on the way it operates.
Referring to the annual interest payment of £45m Mr Gill said: “If that wasn’t there it would be better in some respects but at the same time it’s not hampered the club… the net spend on players since the owners have taken over is greater than five or six years before.”
He added there have been investments at Old Trafford and £13m improvements to training facilities have just been approved. “In terms of what we’ve had to do as a club – investing in facilities, players and players’ contracts – I personally believe there’s been no impact in that respect,” said Mr Gill.
Mr Gill said the Glazer family had focused on commercial opportunities since buying the club in 2005 and as a result revenues have risen from £40m in 2006 to more than £100m.
Since they took over there has also been an investment in the workforce, said Mr Gill, with staff numbers rising from 460 to 600.
Figures published by the club last month showed increases in both turnover and earnings in the six months to December 31 to £156.5m and £60.6m respectively.
