Ferguson - racing connections

"You've just got to keep on with the running of the business and developing the business and deal with these issues if and when they occur.

"If it is hostile, they are certainly not going to tell you beforehand.

"The comments they have made are that they are value investors.

"There has been no indication that it's going to be any more than an investment.

"All the discussions we have had have been no more indicative, so it's a question of getting on with the business."

Roy Gardner, who will succeed Sir Roland Smith as plc chairman in March, feels United will not be a target for any takeover as long as they continue to be successful.

United's pre-tax profits rose to �19.4m for the year ending in July, and Gardner said: "I believe Manchester United has a tremendous future.

"Every company is vulnerable if it performs badly. But we're not performing badly; we're performing well.

"All the time we continue to perform well we can avoid the issue entirely.

"I believe if you have got a good business you should continue to perform as well as you can."

Sir Roland claims it is not a complicated matter and the board cannot just say it would never consider any takeover bid.

Sir Roland points out the directors would be duty bound to weigh up any offer and act in the shareholders' best interests.

"If someone comes along with a tremendous offer the directors have to consider it very, very carefully," he said.

"We can't just respond emotionally to it. As directors of a public company we have responsibilities."