Co-owner Avram Glazer has insisted that Manchester United will not be sold.

Glazer was asked about the future of United on the day the club published their quarterly accounts and the £14.5million cost of getting rid of manager Erik ten Hag, sporting director Dan Ashworth and other members of football staff was revealed.

Sir Jim Ratcliffe, United’s co-owner, has a 28.94 per cent stake in the club through his Ineos group and has made cuts at Old Trafford amid a substantial drop in revenues and operating profit.

The Glazer family remain majority owners of the Premier League side.

Asked by Sky News in Miami whether he would sell the club, Glazer gave an emphatic one-word answer: “No.”

The quarterly accounts showed that United’s earnings before interest, tax, depreciation and amortisation (EBIDTA) were £70.5m for the second quarter, but player trading and interest costs meant they ended up recording a £27.7m loss.

Total revenue was down 12 per cent year on year to £198.7m, with net finance costs up from £300,000 to £37.6m on the prior year quarter due to an “unfavourable swing” in foreign exchange rates on unhedged US dollars borrowings.

The 1958 fan group said the second quarter figures made for “grim reading” as they prepared to protest before the home fixture with Arsenal on March 9.