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[33] David Gill Q&A on Sky News in full here - hedgy on his own benefit, comfortable with it all, asked semi-toughish questions

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  • [33] David Gill Q&A on Sky News in full here - hedgy on his own benefit, comfortable with it all, asked semi-toughish questions

    David Gill Q&A on Sky News in full here - hedgy on his own benefit, comfortable with it all, asked semi-toughish questions


    Q. No dividends, no voting rights, what's in it for investors?


    "I think you'll be investing in a growth company, I think we play in the best sport in the world, football, SKY is a big part of that, and from our perspective we can demonstrate the opportunity we have, in terms of our sponsorship income, what is happening in the broadcasting income, so you will be investing in a great, great club in a great sport."


    Q. You are hoping to raise £150m, what is going to happen to that money, where is it going to go?


    "Well, we've raised the money, we've done the deal at $14 per share, 50% of that will go to retire some of the bonds that we have in place, the balance, the other 50% goes to the owners, the Glazer family."


    Q. So £75m is going to go into the pockets of the Glazers, do you think that is going to go down well with fans, surely that money should be used to pay off some of the huge amounts of debt that Manchester United have?


    "Well, yeah, they own the club, they are entitled, it's sort of is not money within the club that, they own the club, and they have sold a part of that to investors who want to be a part of Manchester United going forward. And I think what I would say is the level of debt that we have had in the club since they have taken over hasn't, despite what fans say, hasn't, certain fans say, hasn't impacted on what we have done as a team in that period. We've won 4 Premier Leagues in that period, we've been to the Champions League Final three times, we have had ongoing success on the pitch, and we fully understand, the owners fully understand what happens on the pitch is crucial to us and we will make sure that we have sufficient funds to invest in the team going forward and as I say we're comfortable with the level of leverage that we have had, we're reducing that as you said quite rightly through this process and we believe that given the growth opportunities we've got ahead of us - for example we signed Chevrolet for 7 years shirt sponsorship commencing in 2014 which is over twice what our current shirt sponsors pay, we have got a lot interesting and good opportunities to improve our cash flow and head profitability going forward."


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    Q. You say that Manchester United are doing well, you lost out the title to Man city last season, which is backed by a family who has poured lots of money into them, why don't you use this money raised for the transfer market, and really invest in players in oredr to ensure the future success of the club?


    "We lost out in the last minute on goal difference. We've got to be realistic, any one team can win the league, it was disappointing obviously but it was still a good season, we were disappointing in the Champions League but I reiterate, we aren't impacted at all by what's the capital structure, and what we do for the team. I've been in this business for 15 years, the owners have owned us for 7 years and previous to that they still owned the Tampa Buccaneers, do you think Alex Ferguson would not be wanting to invest in the team, do you think he would take that? The success we have had, the players we have bought - we fully understand what Manchester United means to everyone following it around the world, we fully understand we need a successful team. Without doubt we have sufficient funds to invest properly, and sensibly, in our playing squad. We have got great Academy kids coming through so we're very comfortable that we have the resources to ensure Manchester United continues to be at the top of world club football."


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    Q. Can I ask you, have you benefitted personally, or are you going to benefit personally from this flotation?


    "The shares of, there is an executive share scheme but the details of that are yet to be decided and whatever. I mean, not in for that, I'm well remunerated, I understand that, this is being done for the future of Manchester United, so I think it's not something that worries me or interests me."


    Q. So the answer to that is yes, you are going to benefit?


    "I don't know, I haven't seen it. It's not uncommon for executives of any corporation, whether it's listed or even if it's a private company to benefit if the company meets its goals, as long as that is an appropriate sort of remuneration, reflects the demand for talent, etc, then I am very comfortable with that but as I say I have no details to give you today, but let's see, we're not doing it for David Gill or other people, we're doing it for the benefit of Manchester United."


    Q> Do you feel confident you have the money you need to attract players of the quality of say Robin Van Persie who you are negotiating with right now?


    "Well I've said… I've gone through this, Manchester United, ever since I have been involved with it, ever since the Glazer family has been involved, have sufficient funds, will continue to have sufficient funds to attract and try and retain the best players, we've done that, we will continue to do that, and that's a key part of our business model. What happens on the pitch is a key factor as to what happens off the pitch, we understand that, it's a simple sport, and we're very comfortable as to what we want to do in the transfer market both this window and going forward."


    Q. So what's the latest on Van Persie, where are you?


    "I'm not going to, we're not going to discuss individual players. It would be inappropriate, we're here talking about the listing of the shares and the business model and opportunities for Manchester United, it's best for that to be kept private, if something happens on any transfers, in or out, between now and the end of August 31st, I'm sure Sky Sports News are already starting their ticker wind down, we will let you know as the deals are done."


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