MANCHESTER, England (AP) -- Manchester United manager Alex Ferguson defended owner Malcolm Glazer on Friday, a day after the club reported a debt nearing $1 billion.
Glazer restructured payments of the loan to buy the club two years ago, which took $66.9 million annually out of United's profits, according to the 2007-08 financial report revealed Thursday.
But Ferguson said Glazer, who took over Manchester United in 2005 and also owns the Tampa Bay Buccaneers, has always backed him on player signings in the transfer market.
"Their support has never changed,'' Ferguson said Friday. "I do not know what these figures tell you. There has always been debt since Malcolm Glazer took over the club. Most buyouts are like that. But there is no change as far as I am concerned.''
While United's profits after winning the Premier League and Champions League rose to 80.5 million pounds ($118.3 million; ?89.3 million) in the fiscal year ending June 2008, the overall debt is 649.4 million pounds ($954.6 million; ?720.8 million).
According to Forbes magazine this week, United is worth $1.87 billion to be the world's most valuable football club.
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