Fergie 'Insulted' By IPO Claims

Sir Alex Ferguson says he feels 'insulted' by suggestions his support for Manchester United owners the Glazer family is motivated by financial gain.

The Glazers have been controversial owners of the Premier League club and the recent initial public offering (IPO) has only served to increase fans' ire against the American businessmen.

The IPO will only partly pay off United's massive debts, which have been incurred during the Glazer tenure, and there have been claims Ferguson will benefit financially from the move following his recent backing for the owners.

However, a clearly angered Ferguson has hit back by issuing a statement after saying he felt the need to address the issue to prevent a schism developing between himself and the United fans.

"Being aware of the media coverage that is currently ongoing I felt, on this occasion, that I should make my position clear to the Manchester United fans," said Ferguson in a statement.

"In regards to suggestions that I have praised the Glazer family because I stand to financially benefit from the proposed IPO, there is not a single grain of truth in this allegation.

"I do not receive any payments, directly or indirectly, from the IPO.

"Ultimately, I run the football side of this club and in order to do this, you need backing from above.

"The Glazer family have let me get on with my job, there is no interference or obstruction, only support.

"My decisions and beliefs are not based around what is best for my personal financial gain.

"That is an accusation that insults me. If that was the case I would have left Old Trafford a long time ago.

"I am speaking because I do not want a situation to develop whereby the media and other parties create a rift, however small, between myself and Manchester United.

"I've spent 25 years of my life pushing this club forward and not only could I not have done that without those fans, I do it for them."