Date:Thursday October 9 2008
The Glazer family insists that Manchester United are not affected by the credit crunch that is a serious concern for the economic world.
A spokesman for the Glazer family told Manchester Evening News:
'The credit crunch is not having a negative bearing on United. It is having zero impact on United. 'We continue to benefit from the sell out of Old Trafford and the growth in our commercial operation.
'We refinanced back in 2006 and that structure provides long term stability. The debt continues to be comfortably serviced by the club's strong growth in cash flow.'
The question is, can we believe them? If rumours are true, even Barclays and the Royal Bank of Scotland are struggling with difficulties and are in need of assistance. It is no rumour but a solid fact that our shirt sponsor AIG was on the verge of going bust and were saved only by an intervention of the American government as they couldn't allow such a vast company to go bust as the effects would have been too severe.
In the circumstances, it sounds a tad hollow that United, which is after all a business firm as well, is unaffected by this recession. I'm no economist though so I'm forced to take their word on it, especially as independent experts regularly contradict each other about the current situation.
Of course I do not fear some monumental collapse of the club: I know full well that the name Manchester United itself assures that even if the Glazers go bust then we find one of Blatter's and Platini's worst enemies: a new investor. It is uncertain whether AIG will keep up their deal with us but there are countless companies out there who are prepared to pay similar amounts for such a heaven-sent business opportunity.
But, even though I do not fear major problems, who wants seven lean years to come after the recent successes? No one at all. So let's hope the Glazers talk sense - after all, you can hate them with all your fury but can't deny that they are extremely able businessmen. At least.
Date:Thursday October 9 2008
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