DEBT LOOKS SET TO KEEP GROWING

Last updated : 23 July 2007 By Ed
More from the Grauniad.

Plans by the Glazers to restructure the club's £660m debt have been put on hold because of a downturn in the global debt markets, but Gill insists that the American owners are fully committed to United and have no plans to sell, despite recent speculation to the contrary.

He said: "This thing comes out from various soccer 'gurus', who shall remain nameless, that they [the Glazers] are looking to do this or that. They are not at all. They are very wealthy individuals. They see the asset and they're very happy with it and the growth they see in it.

"We have a stable structure off the field and a stable structure on the field. We are still in debt but banks don't lend money if they're not comfortable that there's a good covenant on and that the interest payments can be met. Our turnover this year will be over £200m. Our profits will be substantially up and that was before we knew all about the new TV deals, which come in next year."