Manchester United Transfer News: United Can Compete with Any Club in the Transfer Market Despite Crippling Debt, Says Vice-Chairman

Oct 24, 2012 01:37 AM EDT

Manchester United vice-chairman Ed Woodward insisted the Red Devils can compete with any club in the transfer market, despite their massive £360 million ($574 million) debt.

United reported a revenue of £320.3 million ($510.8 million) for the financial year up to June 30, a 3.3 percent fall from last year.

Woodward said the club and the owners had backed Sir Alex Ferguson in every single player he has wanted to bring to Old Trafford and will continue to do so - be it established stars or youngsters.

"If a top star who is over 25 comes along that Sir Alex wants, he'll be supported," he said. "Every player that Sir Alex has gone after has been approved.

"We're committed to making sure we have the best squad that we can have.

"The Robin van Persie deal perhaps stands out as people incorrectly viewed that we had a policy of only buying young players," Woodward added. "The DNA of the club has always been to buy young players and to develop players. And that's what Sir Alex has always preferred to do.

"But equally he's always taken the view that if a top player comes along that he wants then, once every few years, he'll do it. And he was backed to do that in a wholehearted manner and we'll continue to do that.

"Ever since the takeover the Glazers have supported Sir Alex Ferguson 100 percent in the transfer market. Every player that he has gone after, in conjunction with (chief executive) David Gill has been signed off and approved by Joel Glazer.

"Joel's never said no. It's not about how much money the club had, the club has always had sufficient funds to buy players and that position is even stronger going forward because of our financial strength."

Woodward also said the Glazer family, much criticized by the supporters since their takeover for allegedly asset stripping the club, would not sell the famous team for "many many years."

"There is always interest in this business," he said. "It is a phenomenal brand and club, but they are not willing sellers at all, they won't even engage, they are long-term investors.

"It's a very popular business that people have interest in. The answer is: 'not for sale'. I talk to them every day and the excitement they have in this club is undiminished and I don't see them selling completely for many, many years."

Woodward, however, admitted the family might be open to selling a few shares at some point in the future. "They could -- they are a family of six siblings and from time to time, seven to 10 years, who knows if one wants to sell a small piece or not."

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