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Man Utd chief Gill dismisses finance doubts

Manchester United chief executive David Gill has played down talk of a financial crisis, insisting profits will "amply cover" the club's debt.

Reports have surfaced over the last few weeks that the Glazer family are struggling to cope with massive interest rates, raising the possibility they could sell at least part of their stake in the Old Trafford outfit.

Unnamed consortia from both the Far East and Dubai have been linked with a potential move for the club, although the Glazers have unequivocally denied any desire to do business.

"Things are going very well," he told Radio Five Live's Sportsweek programme .

"Because of the changes in the economics of the business, with the expansion of the stadium and the (new) television deal, both our revenues, and importantly, our cash profits will be up significantly.

"We can amply cover what are the long-term financing plans for the business."

Earlier this year, United did attempt to restructure the debts incurred by the Glazer's controversial £790million in 2005 but in the end decided not to.

As a former financial director at Old Trafford, Gill is perfectly placed to judge United's ability to meet their obligations. And he sees no cause for concern.

"In the summer of 2006 we put in place a long-term financing plan which brought down the interest costs on the business as compared with the takeover in 2005," he said.

"Since then we have fixed the interest rates, we are moving forward.

"Our interest cover is excellent, and over time we will generate sufficient funds to make sure the business is on a sound financial footing, and continues to be so."

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