GLAZERS LATEST: “THE DEBT ISN'T AN ISSUE”

From the BBC:

The Glazer family have told Manchester United fans to stop worrying about the Premiership club's future.

The Glazers have come under fire this week after two of the club's three remaining non-Glazer directors quit. But a Glazer spokesman told BBC Sport they are committed to making the club a success, adding:

“They are very private people but they have the passion. United is a very stable, solid brand and what the Glazers have demonstrated is that they still add value.”

United directors Nick Humby and Andy Anson resigned this week, leaving chief executive David Gill as the only non-Glazer on the board.

Their exit will mean Malcolm Glazer's five sons and one daughter will fill six of the seven seats in the boardroom, with Gill the only exception.

“There were lots of scare stories last year of massive price hikes and the value of the club going down,” the family's spokesman added.

“But in the 16 months since they took over, no-one could argue that Manchester United isn't worth more.

“Investors are clamouring to get involved because they see the attraction of what the Glazers bring to the party in the sports business and the Manchester United brand.”

One issue of contention for fans opposed to the new regime is the refinancing package in July which saw United's overall borrowings rise to £660m.

But the spokesman added: “The debt issue is a red herring because United is a stable asset with a stable cash flow.

“Provided there's growth, spending trends continue and the club is well-run, which it is, then the debt isn't an issue.”

Of course the debt is no longer an issue for the Glazers, because it's no longer their debt nor their responsibility. It's the club's debt, and if/when things do go wrong it'll be the club left to deal with it, whilst the Glazers can crawl back to where they came.