London – Sir Alex Ferguson released a statement on Thursday making clear he does not stand to benefit financially from Manchester United's planned share issue.
The Glazer family, who own the club, having decided against listing the club on the New York stock exchange, will sell more than 19 million shares.
They are looking to raise up to 244 million pounds (383million dollars) but have been criticised by fans groups after going back on their promise to use all the funds from a successful flotation to reduce United's 437-million-pound debts.
“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,” Ferguson said.
“In regards to suggestions that I have praised the Glazer family because I stand to financially benefit from the proposed IPO (initial public offering), 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.”
Ferguson said he felt insulted by the suggestion he might benefit and was keen not to damage his relationship with the fans.
“My decisions and beliefs are not based around what is best for my personal financial gain,” he added. “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 out because I do not want a situation to develop whereby the media and other parties create a rift, however small, between myself and any Manchester United fan.
“I've spent 25 years of my life pushing this club forward and not only could I not have done it without those fans, I do it for them.” – Sapa-dpa