Manchester United News: Flotation Won’t Affect Transfers, Says Gill.
Manchester United will still have money to buy players following their flotation on the New York Stock Exchange, according to the club’s chief executive David Gill.
Members of the owning Glazer family pressed the iconic bell at the Wall Street exchange yesterday morning to signify the commencement of trading in the shares albeit at a level some half a billion dollars lower than had been expected.
United raised £150million through the share sale with £75million going to the Glazers and another £75million going to pay down some of the club’s debt mountain, but Gill said there would still be money to spend on players despite the appearance that nothing was going directly into the playing side as a result of the flotation.
“The level of debt that we’ve had at the club since they’ve taken over hasn’t impacted what we’ve done as a team,” Gill said of the club’s time under the Glazers, who bought United in 2005.
“We’ve won four Premier Leagues, we’ve been to the Champions League final three times, we’ve had ongoing success on the pitch.
“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.”
Gill added: “Manchester United, ever since I have been involved with it, has had sufficient funds and will continues to have sufficient funds to attract and retain the best players.
“That’s a key part of our business model. What happens on the pitch is a key factor to what happens off the pitch.”