"We have had a very large offer for Hargreaves from Manchester United and it remains valid until this coming summer.
"But he has a contract with Bayern Munich until 2010 and we are in the fortunate position that our finances are in top shape.
"We'll be presenting another first-class balance sheet this year, so we can still say 'no' if a club like Manchester United come in with a large offer for one of our players.
"Fortunately, Bayern Munich enjoy special status. There aren't many players of Owen Hargreaves' quality in the holding midfielder position and our aim is to build a team capable of great things, not just domestically, but in Europe."