Ferguson denies reports of gain from NY flotation
Fri, 03 Aug 2012 10:32a.m.
Manchester United manager Alex Ferguson insisted he will not gain financially from the Premier League club's flotation on the New York stock exchange.
Ferguson released a statement in response to claims in the British media that he could benefit from an Equity Incentive Award Plan in the release of the Initial Public Offering (IPO).
"I do not receive any payments, directly or indirectly, from the IPO," Ferguson said. "My decisions and beliefs are not based around what is best for my personal financial gain. That is an accusation that insults me. If that was the case, I would have left Old Trafford a long time ago."
He also responded to reported discontent amongst some Manchester United fans about his praise of the owners of the club, the Glazer family, while on a pre-season tour of South Africa.
The Glazers are unpopular with some fans because of their leveraged buyout of the club, valued at US$1.47 billion in 2005. As of March 31, the debt on the club was rated at £423 million pounds.
"The Glazer family have let me get on with my job, there is no interference or obstruction, only support," Ferguson said. "Ultimately, I run the football side of this club and in order to do this, you need backing from above."
Manchester United begins its Premier League season on Aug. 20 away to Everton.
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