Last updated : 28 January 2007 By Ed

David Gill on BBC Five Live this morning:

"It [any bid] would be turned down straight away.

"One benefit of being a private club as opposed to one on the stock exchange is that we can take a long-term view and invest in our assets.

"As Arsene Wenger has said on many occasions, clubs aren't banks, we are there to put on entertainment and play a top-class team and there is no point having £35m or £45m if you can't replace that talent.

"At 21, Ronaldo has had a great season and we believe the best is yet to come."