MANCHESTER UNITED have denied any transfer funds are being kept from Alex Ferguson - despite having to spend ?3.3million a year to service the club's massive debt. The Old Trafford giants went from being one of the richest clubs in football to the most indebted following the takeover by the Glazer family four years ago.
United's American owners borrowed most of the ?50m needed to buy the club.
But the Glazer family's spokesman, Teshin Nayani, put a positive spin on the situation while out here for United's Far East tour.
Nayani said: "We do have debt service and carry a significant amount of debt.
"But our interest payments are around ?3.3m a year while our operating profit was ?0m topped by an extra ?5m from transfer profits.
"So we are talking about a net amount of about ?0m. That's cash that can be reinvested in the squad, doing up the toilets or new carpets.
"The point is there is money coming into United.
"One thing that is certain, because of globalisation and the growing middle classes in India and the Far East, the appeal of football is set to grow. We are part of that story."
Manager Ferguson has spent only ?2m ]of the ?0m United received for Cristiano Ronaldo. But Nayani says the manager has not been denied any money because of the financial position the club is in.
He said: "The truth is a lot more prosaic than that.
"The delay is because the manager has not been able to locate the players that he believes fit into the Manchester United mindset, ones that are motivated to play for United.
"You don't want mercenaries... to pay over the odds for players not willing to give their all for the club."
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While United are having to service the massive debt, Nayani says the club's revenue continues to go up.
He said: "Our operating profits are climbing and we continue to secure significant sponsorship deals.
"Our stadium is packed out and we have very good media revenues coming in. On a normal business level Manchester United is in a very strong position and so far unaffected by the downturn.
"It would be foolish to say there would be no impact, period, because you never know what's going to happen down the line. But our season-ticket sales stand up well to comparisons in previous years.
"I've been saying that one should expect an impact on our corporate sales but every club is faced with that.
"Having said that, the manager has a significant amount of money to invest if he wants to."