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Friday, 12 March 2010

World News Gill Insists United Will Not Sell Old Trafford

Manchester United chief executive David Gill is adamant Old Trafford and the club's Carrington training base will never be sold to raise funds.

United have come under intense scrutiny in recent weeks as details of their financial structures have been made public.

Amongst the most contentious issues contained in a prospectus for an ultimately successful £504million bond issue was confirmation that Carrington and Old Trafford could be sold and then leased back to the club.

Even the mere mention of United losing ownership of two such iconic assets was greeted with alarm and brought ridicule from the anti-Glazer movement that has once again mobilised itself against United's controversial owners.

Yet, as he attempted to portray a picture far less bleak than the one that has been created by those same critics, Gill insists Old Trafford and Carrington will not be sold to pay off debt.

"I can categorically confirm Carrington and Old Trafford will never be sold to raise funds," he told BBC Radio Five Live.

"The sale and lease back opportunity for Carrington within the bond document is done for financial and tax planning.

"Manchester United will continue to have complete control over that asset and if it ever happened it would be for a peppercorn rent if it happens.

"But I am 100% convinced the sale and lease-back of Old Trafford will never happen under the Glazer ownership. I say that unequivocally, with no hesitation."

Copyright (c) 2009 Press Association

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