United chiefs allow Fergie to splash cash on players

Manchester United manager Alex Ferguson has been told he can spend up to 60 million pounds on new players.

Ferguson has been relatively quiet in the transfer market since the end of the last season despite losing Cristiano Ronaldo and Carlos Tevez.

The Scot paid 16 million pounds for Wigan’s Antonio Valencia, three million pounds for Bordeaux starlet Gabriel Obertan and landed Michael Owen on a free transfer from Newcastle before insisting he wouldn’t be making any more signings.

That angered some United fans, who claim United’s owners, the Glazer family, have weakened the club’s financial position by amassing huge debts when they bought the Premier League champions.

Glazer family spokesman Tehsin Nayani conceded that United have to fund interest payments of 43.3 million pounds a year to service the 750 million pounds loan used to buy the club.

But he insists their financial position remains healthy enough for Ferguson to spend big on players if he wants.

“We do have debt service and carry a significant amount of debt,” Nayani told the Sun. “But our interest payments are around 43.3 million pounds a year while our operating profit was 80 million pounds topped by an extra 25 million pounds from transfer profits.

“So we are talking about a net amount of about 60 million pounds. That’s cash that can be reinvested in the squad, doing up the toilets or new carpets.

“The point is there is money coming into United. One thing that is certain, because of globalisation and the growing middle classes in India and the Far East, the appeal of football is set to grow. We are part of that story.”

United have been criticised over their failure to make a big signing while neighbours rivals Manchester City have been splashing the cash with a host of expensive new arrivals.

Yet Nayani claims Ferguson is selective regarding his transfer policy and that he will not pay over-the-odds or fund excessive salaries.

“The truth is a lot more prosaic than that,” Nayani added. “The delay is because the manager has not been able to locate the players that he believes fit into the Manchester United mindset, ones that are motivated to play for United.

“You don’t want mercenaries, to pay over the odds for players not willing to give their all for the club.”