Manchester United have dismissed claims they're ready to sell to a Chinese consortium for £1 BILLION.

The Daily Star says the American Glazer family, who own the Premier League champions, dismissed reports of a £1BILLION bid from a Bangkok-based Chinese consortium.

A spokesman for the Glazers said: "The club is not for sale. Simple as that."

Rumours have spread that United are struggling to repay the £60m-a-year interest on their £700m debt.

Manager Sir Alex Ferguson last week publicly denied suggestions he has no money to spend in the transfer market.

And, with the world still gripped by the financial crisis, speculation is rife that the Glazers need to sell. But the spokesman who pointed out that United were recently valued at £1.5bn, added: "The same newspaper printed the same story about three years ago.

"The situation is now as it was then: The club is not for sale."