Despite restraints, European success is the demand at Old Trafford

Sports writer

Wednesday 19 September 2012

A drop in revenue is not incidental to Manchester United, but the club has seemed to thrive despite its financial circumstances.

Veterans Paul Scholes and Ryan Giggs are still significant figures in the Manchester United team

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Richard Wilson

Nobody would feel pity for an institution that is still the third highest-earning side in world football, behind Real Madrid and Barcelona, but the ownership model employed by the Glazer family can still be seen as a hindrance. Despite a rise in profits, and a recent share issue, United's debts only decreased from £459m to £437m.

It is a burden that vexes the United support. The Glazers borrowed heavily to complete their purchase in 2005, then saddled the club with the debts. There have still been four Premier League titles since then, as well as the 2008 Champions League triumph, but the perception remains that on and off the field, United are restricted.Sir Alex Ferguson has had to operate shrewdly in the transfer market, for instance, and the renewal of his side has encountered the occasional setback. Paul Scholes spent less than six months in retirement before returning to provide the missing spark of creativity to United's midfield last season. The team was also knocked out of the Champions League group stages.That failing was particularly galling since United had contested three of the previous four finals, and it is also directly responsible for the club's revenue dropping by 3.3% to £320.3m. Figures released yesterday showed a rise in profits of 79.2% to £23.3m, to June 30, although the results included a £28m tax credit. They also do not contain recent commercial deals with various partners, including Chevrolet. As a business, United remain robust, but supporters will forever imagine what might be possible if there was not such a large debt to service.Ferguson's era has always involved periods of evolution from one formidable team to another. Since 2005, he has mostly bought for the future. There is less of a premium to pay for potential, and Ferguson moved swiftly to sign the likes of Chris Smalling, Phil Jones and David de Gea. Other purchases, such as Ashley Young and Antonio Valencia, provide ballast to the squad, but United have shopped modestly in comparison to their leading domestic rivals.Ferguson has described the extravagance of some clubs as "kamikaze spending". There will be an element of pragmatism to his view, since there is little to be gained in criticising, even obliquely, the club's owners. Arsene Wenger, too, would be justified a wry smile, since United still found the means to sign their top scorer, Robin van Persie, for £24m in a deal that dramatically increased the striker's wages. Yet the prudence of Arsenal is in itself a contrast to the largesse of Chelsea and Manchester City.Budgets must seem a quaint term at a club that considers winning the Champions League for the first time as the ideal moment to rejuvenate its squad. Chelsea spent heavily on Eden Hazard and Oscar, two players who primarily operate in the same attacking midfield areas. United, on the other hand, found value for money in the modestly-priced capture of Shinji Kagawa, another attacking midfielder, while also signing Nick Powell from Crewe Alexandra. After the latter scored in the 4-0 victory over Wigan Athletic last Saturday, Ferguson remarked that he could eventually take over from Scholes.The comparison is generous. This remains a period of transition for United, though, since Ryan Giggs and Rio Ferdinand are also still significant figures in the team. They may feature, along with Scholes, against Galatasaray this evening, since it was callowness that led to United being knocked out of the group stages last season. Ferguson has vowed to not be caught out in the same way in this campaign, although a group that also contains SC Braga and FC Cluj should be straightforward.Money does not secure peace of mind. Chelsea begin their defence of the trophy at home to Juventus, the Serie A champions, tonight. The delay in permanently appointing Roberto di Matteo as manager could be interpreted as a doubt about his ability to improve the team. There were tactical innovations as he led the side to glory last season, and already Fernando Torres looks more engaged with his old certainties but, like United, success will be measured by their achievements in the Champions League.

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Despite restraints, European success is the demand at Old Trafford

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