GILL RULES OUT A TAKEOVER BID

Last updated : 05 October 2003 By Editor
David Gill, quoted in the Times:

“I can be very clear on this, we haven’t been approached,”
says Gill. “We put an announcement out on September 15 that,
contrary to speculation, we have not received any
approaches. That situation has not changed.

“The share price has moved up significantly in the last
year. The speculation would be an element of that, but then
we have delivered as well. We are an interesting story.

“We never comment on purchases of shares by investors. We do
have regular meetings with our shareholders to discuss our
results and the long-term business strategy.

“We have paid increased dividends every year since our
flotation. Our normal dividend has gone up in the last few
years and we have recognised the cash-generative nature of
the business by special dividends, which give us extra
flexibility.

“We have got sufficient resources and cashflow- generative
aspects to make sure the success.

“Our manager has the team he wanted, which he felt could
challenge for honours. Chelsea can only buy a finite number
of players. The trick is moulding that into a squad. You
cannot have world-class players sitting on the bench all the
time getting splinters.

“I have been entrusted and it’s an honour to lead a business
that’s been around since 1878. We have got to make sure that
the brand and the club are protected.”