London, July 23 (ANI): The U.S.-based Glazer family, which owns Manchester United has denied rumors of transfer being kept from Alex Ferguson, but has acknowledged that it is spending 43.3 million pounds a year to service the club's massive debt.
The Old Trafford giants have gone from being one of the richest clubs in football to the most indebted following the takeover by the Glazer family four years ago, reports The Sun.
According to the tabloid, Ferguson has spent only 22 million pounds of the 80 million pounds that Manchester United received as transfer fee for Cristiano Ronaldo.
The Glazer family's spokesman, Teshin Nayani, said Ferguson has not been denied any money because of the club's financial position.
"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," he was quoted, as saying.
Though United are servicing a massive debt, Nayani said 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."
"Having said that, the manager has a significant amount of money to invest if he wants to," he added.
For the record, United's American owners borrowed most of the 750 million pounds they needed to buy the club. (ANI)