"It has been a positive first year. The overriding view when the family took over at Old Trafford was that this was a marathon not a sprint.
"It was, and is, a long term investment and commitment to Manchester United and the Glazers want to be judged ultimately by their long term record at the club.
"The first 12 months have seen positives. Obviously being knocked out in the group stage of the Champions League was a negative and disappointing but the family reacted with the money for Sir Alex Ferguson to invest further in the transfer market during the January window and the manager will be able to spend again in the summer.
"The family have deliberately maintained a low profile and let chief executive David Gill and Sir Alex Ferguson get on with things.
"David Gill is on record as being content with the clarity and stability the ownership has brought as opposed to a plc company and the manager is also on record as saying he is pleased with the ownership and the resources he has had.
"The only true way for the fans to judge is by what happens on the pitch. It has only been a year and there has been modest progress. But they stress it is a long-term commitment."