Gill talks up potential of £2.5 billion United float
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Manchester United chief executive David Gill has spoken for the first time about the "potential" in floating shares on the Singapore Stock Exchange with the Glazers seemingly now valuing the club at a staggering £2.57 billion.
The Glazers paid £790 million to buy Manchester United - although the final bill amounted to £850 million including the legal and advisory costs - and they recently rejected offers of £1.5 billion from China and Qatar as, it is now clear, they fell well short of their valuation.
The Glazers are seemingly planning to float 25 per cent of Manchester United on the Singapore Stock Exchange at a value of $1 billion (£643 million), which would value Manchester United at £2.57 billion. If the shares are sold, they could carry voting powers of only 12%, which would fall well below the 25% threshold that allows shareholders to contest decision-making.
"It's a potential," Gill told the Sunday Telegraph. "I think the finances of the club are in robust health in terms of the bond interest against the EBITDA [earnings before interest, taxes, depreciation, and amortization] that we do have, so in that respect I am not concerned.
"But it was an opportunity, and is a potential opportunity, to strengthen them even further. If the proceeds were by and large used to pay down the bond debt then that would take some of the interest costs out."
The Glazers' advisory team - including Morgan Stanley, JP Morgan, and Credit Suisse - will inform the owners when the time is right to press ahead with the plans and, given the parlous state of the global economy at present, it appears they will have to wait.
"It is not officially on hold but the owners will be taking appropriate advice from the advisors and determining what the markets are telling us," Gill added. "But I don't think it's the level of the market - it is the sheer volatility. That's the challenge."
Although United recently posted an operating profit of £110.9 million for the past financial year, paying down the bond debt would free up greater funds for investment into the squad. Gill, though, denies Sir Alex Ferguson has been significantly hindered.
"It [the debt] hasn't been a problem," Gill, who was in Senegal to support a UNICEF initiative, said. "There have been a lot of comments and a lot of criticism. On the one hand, you argue clearly our interest costs have gone up now as a limited company, but it is not 45 to 0 because as a listed company we had corporation tax payments, we had dividend payments.
"The owners have never been anything other than 100% supportive on delivering to Alex or me the players we need to keep ourselves going, but people don't believe us.
"If you look at it, we are spending £13 million revamping Carrington [the training ground] and we have just completed this summer at Old Trafford our box redevelopment. There has never been any money that we have needed to develop the club that hasn't come forward."
Fergie blocks Welbeck's U-21 call
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Manchester United boss Sir Alex Ferguson has blocked Stuart Pearce's plans to recall Danny Welbeck to the England Under-21 scene.
Pearce is down to one fit striker after Nathan Delfouneso and Martyn Waghorn picked up injuries in Thursday's European Championship qualifier in Iceland - and pondered turning to Welbeck for Monday's match in Norway. However, Pearce revealed a chat with Ferguson ended those plans.
The England Under-21 manager told Sky Sports News: ''I spoke to Sir Alex straight after the (Iceland) game. He had concerns about Danny travelling back from Montenegro (with England's senior side) and then getting on a plane to Oslo.
''I quite understood that but I had to make the call because I've only got one striker in the squad. I had a decent chat with him and moved on from there. I quite understand his position.''
Pearce's side are top of Group Eight after two games and travel to Norway to play their second match in five days on the back of the 3-0 win in Iceland, secured thanks to an Alex Oxlade-Chamberlain hat-trick. The manager revealed Tottenham's Kyle Walker will also not be considered.
Pearce added: ''His girlfriend's due to have a baby in the next week or so and he had concerns about being away.''
England U-21s last played Norway in a friendly prior to Euro 2011, winning 2-0 at Southampton in June, but Pearce insists there is no comparison with the side they will face tomorrow.
''This isn't the Norway side of the last time we came here and it's not even the Norway side we played prior to the Championship,'' Pearce added on the FA website. ''They have some very good players and it'll be a tough test for us.
''They've won both of their games on the road so far in the group so arguably they can say they are the best in the group. But we know that if we can get a good result here it'll put us in a strong position. It's very unforgiving, this group, and they are on home soil and will want to win it to back up two victories on the road. It's a tough game for us.''
It will be the first time Pearce's side will play a competitive match on a 4G artificial pitch, which comes with its own challenges.
''It's our first time on [the 4G]. We've trained on it today, we'll train on it tomorrow and then it's obviously the game, so by the time it comes round we'll be used to it,'' he said. ''Usually [teams] only let you come on a grass pitch for an hour the night before a fixture, but for this one we've had the opportunity to have two good sessions on this.
''We've changed our training slightly to make sure we get plenty of passing in to get an understanding of how the ball moves before we go into the game. What I see in training over the next two sessions might influence my team selection. I've got a couple of places up for grabs, so whoever catches my eye might get the nod.'
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