Manchester United manager Sir Alex Ferguson has said he is "insulted" by claims his recent backing of the Glazer family is motivated by personal gain.

It has been suggested that Ferguson stands to profit from the controversial initial public offering (IPO), which the Glazer family are now saying will only partly go against United's massive debts.

A clearly angered Ferguson on Thursday hit back, saying: "There is not a single grain of truth in this allegation. This is an accusation that insults me."

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