A reminder to all supporters of Manchester United (Football Club)…
Anyone listening to Gill’s Fivelive interview a couple of Sundays ago would have been “choking back the vomit”. The following should serve as a reminder of what makes David Gill’s world go round. This is taken from United’s website in 2004:
Can you explain the reason why the Board have terminated discussions with the Glazer family?
“I think it is down to this simple reason: We have been looking at the proposals the Glazer family made, analysing them with our advisors, and the key aspect of that proposal was the level of debt they were going to use in order to make their offer. We felt as a Board that that level of debt, coupled with their business plan, meant it was an unattractive proposal. We’ve seen many examples of debt in football over the years and the difficulties it causes. We know what that means and we think that is inappropriate for this business. We need to have a sensible structure for the Board to take the club forward.”
Six years on Gill puts United’s supposed £700m debt on a 90 degree wash and it comes out sparkling:
You still have a debt of over £700m don’t you?
Well, this is a misconception, we do not. I mean I think the debt at Manchester United at the moment, the gross debt, is £500m. That was bank debt. We’ve replaced that with a bond issue of £500m… The other thing in the club, we have well over £100m in cash. We haven’t spent the Ronaldo money, it’s still in the business… our net debt within the group is £360m.
The proliferation of G&G is, as Gill himself might put it, ridiculous. Our game and our club are actually in great hands. Mobilise.