Manchester United are £478m in debt but . . .
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Manchester United are £478m in debt but can still afford to let Sir Alex Ferguson spend, spend, spend this summer
Wanted man: Inter Milan midfield star Wesley Sneijder could be on his way to Old Trafford in a £35million move
When the Glazer family took control at Manchester United in 2005, they did so against a backdrop of protest and cynicism. Perceived as know-nothing foreign owners with their eyes purely on profits and not on the ball, it was feared that they would burden the club with debt - and maybe even destroy it.
Six years later and some of the fears have been realised. Latest figures show that United have debts of £478million on their books, while a further £369m has been spent in that period on loan interest and fees - from the club's coffers. That interest, supporters argue, should have been spent on players.
Marshalled by the 'Green and Gold' campaign, fans have protested about steep hikes in ticket prices, about the Glazer-imposed scheme that initially made the purchasing of all cup tickets mandatory for season-ticket holders, and about the treatment of some supporters who have persisted in protesting.
Only last week, a 27-year-old trainee social worker and season-ticket holder, Carly Lyes, claimed that she had been the subject of 'horrific treatment' for displaying a 'Love United Hate Glazer' banner at Old Trafford last month.
After refusing to hand over her flag, she was taken to a cell in the stadium and then to a police station before being released without charge. A club spokesman said she infringed the ground rules of the stadium and was 'obstructive and aggressive'.
All these ingredients - debt, ticket prices, the remoteness of the owners and a perception that they do not care about 'ordinary' fans - have led to a heady cocktail of animosity towards the Americans.
In the frame: Sir Alex Ferguson has the money to spend on Jack Rodwell
Yet on Saturday night at Wembley, United took on Barcelona as they contested their third Champions League final in four years. They have won the Premier League title in four of the past five seasons and the League Cup three times since the Glazers arrived.
And for all the talk about steep prices, Old Trafford has been packed at more than 99 per cent capacity for years, with average gates of more than 75,000 people per game - or 15,000 higher than their next closest challengers, Arsenal.
It might also come as a surprise to some that for all their debt, United have cash in the bank. A lot of cash. This summer their bank balance will reach an all-time peak of about £170m, and that money might bankroll the biggest summer spending spree United have ever had.
In some part, this is down to the biggest growth area in United's business activities; not selling tickets or the income from TV rights, but commercial deals with dozens of companies who pay top dollar to be associated with the club.
The names of the players linked to United read like a Who's Who of transfer targets from the game: from Wesley Sneijder, Alexis Sanchez and David de Gea to Ashley Young, Jack Rodwell, Charlie Adam and Alex Oxlade-Chamberlain - about £130m of talent in total. And United manager Sir Alex Ferguson can afford to buy them.
He is already looking to seal a £14m deal for Young, whom he sees as a successor to Ryan Giggs, before the Aston Villa player is selected for England against Switzerland at Wembley on Saturday.
Equally, should a 'marquee' name come on to the market, a single player who would command a fee in excess of the English record £50m that Chelsea paid for Fernando Torres, then that player, too, would be within reach.
Some reports have suggested that Cristiano Ronaldo, who left United for Real Madrid for £80m two years ago, might be one such player, although sources in Spain say it is unlikely. But Neymar, the 19-yea-rold Santos striker who thrilled for Brazil against Scotland at the Emirates recently, would be well within United's price range, as would most players, barring Barca superstar Lionel Messi.
What is certain is that Ferguson wants a goalkeeper to replace Edwin van der Sar, who played his last game for United in last night's Champions League final at Wembley.
Keeping the faith: David De Gea of Atletico Madrid has been lined up as a replacement for Edwin Van der Sar
It has been assumed that De Gea, a 20-year-old Spaniard with a price tag of almost £18m, will soon move from Atletico Madrid to United. But should that deal not happen, Van der Sar has recommended a Dutch compatriot, 28-year-old Maarten Stekelenburg of Ajax, as an alternative. He would cost about £12m.
Of similar urgency to Ferguson is finding long-term replacements for Paul Scholes and Giggs, which is where Young and a host of other midfielders from home and abroad come into the equation.
Sneijder, 26, was a key part of the Holland team who reached last year's World Cup final in South Africa and although he has said in recent days that he is not thinking about leaving Internazionale, things change quickly in football.
His sole focus until the end of this weekend will be the Milan club's Coppa Italia final today against Palermo. After that, he might well look further afield and, with a price tag of £35m, he is easily within Ferguson's summer budget.
Young has made it plain by deed if not word that he does not see a long-term future at Aston Villa by turning down a contract extension.
The England winger-cum-striker has a year left on his deal at Villa Park and Ferguson feels he will be able to sign him for a relatively knock-down price of about £14m.
Wing man: Aston Villa's Ashley Young could be the successor to Ryan Giggs
Another man with the same price tag is Jack Rodwell at Everton, who are in no situation to turn down decent offers. Blackpool, relegated from the Premier League after just one season, could cash in on Adam for upwards of £8m, perhaps more if a bidding war between clubs escalates the price.
An intriguing possibility is that Ferguson will renew his interest in a young, left-sided Welshman to replace his 37-year-old left-sided Welshman Giggs, namely Tottenham's Gareth Bale.
A gem already at 21, he fits the profile of being the kind of young, pacy (and sensible) player that Ferguson admires. The only drawback would be cost, at upwards of £30m, but money should not be an obstacle this year.
For that reason, all manner of players come into the reckoning, from Sanchez, the 22-year-old Chilean wide man now at Udinese (£30m), to the 18-year-old French centre-half Raphael Varane (currently with Lens, who want about £9m), to Oxlade-Chamberlain, 17, the latest Southampton wonderkid from the same Saints academy that produced Wayne Bridge, Theo Walcott and Bale among others. He could be available for upwards of £10m.
United's commercial income has accelerated since the Glazers arrived and sought partners from Singha Beer to Turkish Airlines, Smirnoff to Epson, DHL and numerous telecommunications firms.
Collectively, they paid £40m in 2010-11 (above and beyond 'toprank' cash from Aon and Nike) to be associated with the club, and spent another £80m on marketing campaigns to promote their associations.
In another few years, United will likely have an official cola partner (Coke or Pepsi), energy partner, an electronics partner and fridge partner, you name it.
Their marketing experts are also working on ways to 'monetise' their online fanbase, including 14m-plus 'followers' on Twitter, and how to make more on match day, perhaps via packages for the 'uber-rich' involving helicopter to the ground, limo transfer across the car park, private lift to a suite and Michelin dining during the match.
More immediately, Sir Alex will be pondering how to spend money, and the Glazers wondering what to do with what is left over, including clearing some of that debt.