Sir Alex Ferguson will have the funds to buy top new talent, according to Manchester United’s chief executive David Gill.
The old Trafford club floated a proportion of shares on the New York Stock Exchange and had a disappointing start, with share prices falling from an already lower than estimated initial price offered.
Many United fans has been critical over the clubs u-turn on their claim that all money raised from the sale would be used to reduce the club’s debt, but the Glazer family have now made a reported £75million out of it – about half of the money raised.
This amount of money going to debt and the owners sparked questions over whether United would still have the cash available to challenge in the transfer market, but Gill dismissed these claims and insisted the Old Trafford board new the importance of investment in Ferguson’s squad.
“We fully understand and the owners fully understand that what happens on the pitch is crucial to us and we will make sure there are sufficient funds to invest in the team going forward,” he said.
Gill also claimed the Glazer’s leveraged buyout, which put a huge amount of debt onto the club, had not effected Ferguson’s spending, and that the Scot had always had funds available when needed.
“The level of debt that we've had at the club since they've taken over hasn't impacted on what we've done as a team,” he added.
“We've won four Premier Leagues, we've been to the Champions League final three times; we've had ongoing success on the pitch.”
Ferguson will be hoping the money is there for another bid to buy Arsenal captain Robin van Persie, as he has already missed out on the signing of Brazil starlet Lucas Moura to PSG.
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