Gill Backs Glazer Flotation

Manchester United chief executive David Gill has no worries about funds being made available to help the team, as shares in the club were publicly traded for the first time in seven years on Friday.

Some 16.6 million shares, equal to 10 per cent of the club, were floated on the New York Stock Exchange to great fanfare as members of the Glazer family rang the opening bell, with the American owners reportedly set to pocket around £75million.

The 134-year-old club offered shares for 14 US dollars (£9) a piece - giving United a market value of £1.5billion - but there was little price movement in early trade.

The offering was substantially lower than the 16 to 20 US dollars originally proposed by its advisers - which would have valued the club at £2.1billion at the top end.

The flotation will raise around £150million with roughly half the proceeds going to the Glazers, who bought the club in 2005 for £800 million, while the remaining proceeds will be used to pay down some of the Red Devils' £423million debt pile.

As trading started, United's co-chairmen Avram and Joel Glazer and chief executive Gill applauded from the stock exchange's balcony, which was adorned with the club's emblem, while New York traders wore the club's trademark red home kit.

Gill has no problem with the Glazers' actions, saying: "They own the club. They are entitled to sell to investors who want to be a part of Manchester United going forward.

"What I would say is that the level of debt in the club since they have taken over hasn't had an impact on what we have done in the team.

"We have won four Premier Leagues in that period, we have been to the Champions League final three times, we have had ongoing success on the pitch.

"We fully understand, and the owners fully understand, that what happens on the pitch is crucial and we will make sure that we have sufficient funds to invest in the team going forward.

"We are comfortable with the level of leverage that we have had and we are reducing that through this process, and we believe there are good growth opportunities ahead of us."