Man Utd. Not For Sale

Manchester United’s Florida-based owners appear to be trying to kill stories of a takeover by insisting the famous soccer club isn’t for sale.

The Glazer family, which has controlled the current Premier League leaders since a leveraged buyout in 2005, is aware that continued reports of interest from the Qatari royal family could drive up the value of the high-yield bonds attached to the club.

Over the last year there have been widespread reports that the Qatarai royals are considering a £1.6 billion ($2.6 billion) bid for United.

The Glazers have now sent a formal letter to bondholders that says the club isn’t for sale at any price.

“The owners remain fully committed to their long-term ownership of the club,” it says. “No discussions have taken place, Manchester United is not for sale and the owners will not entertain any offers.”

United’s quarterly accounts show the club’s debt now stands at £489.4 million ($788.3 million) and has been reduced by £25 million by the buy-back of a portion of the bond.

The club has cash reserves of £134.5 million, largely from to selling Cristiano Ronaldo to Real Madrid for £80 million and receiving a £35.9 million installment on a shirt sponsorship deal.

United is also on track to become the first UK club to break the £100 million ($161 million) barrier for commercial revenue.