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Manchester United's Chief Executive David Gill confirmed this week that the club had failed to meet its season ticket sales target for the current season by a narrow margin. Gill said the club had sold 51,800 season tickets compared to the target of 54,000 while the executive seat sales were on track to reach the target. Gill insisted that the club is in good shape, especially in the current economic climate. As the media continues to paint a bleak picture for the Manchester giants it raises a larger question about the state of football in general in England.

The Glazers have been pilloried in the last 12 months for saddling the club with huge debts and for not providing funds to invest in new players. The fans have been voicing their concerns over the current state of the club as represented by the Green & Gold protests. The Glazers borrowed a majority of the £790 million they used to purchase the club back in 2005, using risky PIK loans and loans against United's assets to finance the takeover. As things stand, United are £720 million in debt, £520 million in gross debt and around £200 million in the form of PIK loans. The 14.25% interest rates on the PIK loan combined with the £45 million annual interest payments to the banks have put the club's future in jeopardy.

The Glazers raised £500 million by issuing bonds earlier this year. The bond gives the owners financial security in the long term, helping them clear the PIK loans quicker. But therein lies the issue of concern for United fans, certain provisions in the bond give the Glazers the right to take almost 50% of the club's revenue to pay for the PIK loans. The bond, which matures only in 2019, while giving the owners security doesn't ensure the club's safety in the long term. The Glazer sowned First Allied Corporation, which runs 64 malls in the USA and has been hit hard by the recession, making United's revenue vital to the clearance of the family's loans. The Glazers have £2.344bn in assets and £1.175bn in debts, and therefore net assets of £1.169bn, so the prospect of the Americans going completely bust in the near future seems farfetched but the revenue that's being forced out from ManU and into the pockets of the Americans is the main cause of fury from the fans point of view.

But let's also give credit where it's due. Contrary to popular belief, the Glazers have brought in countless investments in the past few years, Hublot, Singha Beer, Turkish Airlines and Kumho Tires to name a few. The 4 year sponsorship deal with AON worth £80million is the most lucrative shirt sponsorship deal in football while United were named the most valued brand in sport by a recent Forbes study. They have always backed Sir Alex when it comes to transfer funds and unlike other owners they have never interfered in football matters giving Gill and Ferguson complete control.

Much to indignation of the supporters, the ticket prices have increased by almost 50% since the takeover in 2005. The owners run the risk of further alienating the loyal working-class supporters with their increase, but the situation regarding the season ticket sales is emblematic of the times we live in. English football has been grossly mismanaged in the last decade, aided by the lucrative TV deals across the world and general lack of fiscal management. The player's wages have spiralled ridiculously out of control, Manchester City being the biggest culprits. A recent study by fourfourtwo magazine in their August issue, which had a look at the season ticket pricing around England revealed a shocking statistic. Ipswich Town's most expensive season ticket, priced at £1000, is more expensive than Liverpool and Manchester United. Arsenal, who haven't won a trophy in 5 years, have the highest season ticket price at a staggering £1,825. The most expensive season ticket at Old Trafford is £931, almost half of that at the Emirates and considering United have been hugely successful under the Glazers, winning three league titles, reaching the Champions League final twice and winning one, winning the World Club Cup and two Carling Cups. Spurs have the 2nd most expensive season ticket in the Premier League at £1,695 while Chelsea come in 3rd with £1,210 and Newcastle United is 4th with £975. Clubs like Fulham and West Ham charge around £900 for their most expensive season tickets while Liverpool increased their season ticket price by 7% this year. Surprisingly, Manchester CIty's most expensive seaon ticket costs a mere £515.

A point to be noted in the above survey is that 5 of the clubs are based in London. London is one of the most expensive cities in the world, so the cost of maintaining a football stadium increases proportionally. The clubs in the North, like United, City and Liverpool aren't exposed to the opulence of the bright lights of London, hence they can afford to charge relatively lower prices for season tickets. Meanwhile, Real Madrid's most expensive season ticket costs £1,204 while Barcelona charge somewhere in the region of £1,200, indicating the situation surrounding expensive tickets is prevalent even overseas.

While this study focuses on the highest priced tickets alone, a look at the lowest priced tickets at the respective clubs reveals a similar story. The lowest season ticket prices at the respective clubs are:

Arsenal: £893
Liverpool: £680
Spurs: £650
West Ham: £585
Chelsea: £550
Wolves: £522
Manchester United: £513
Manchester City: £420

This showcases the sheer absurdity of the Premier League brand and the furor surrounding United's supposed exorbitant ticket prices. Despite being the most successful team in the last 20 years, United's ticket prices are lower than the Spurs, Wolves, West ham and Liverpool, teams who haven't been remotely successful in the Premier League era. English football moved away from its working class roots eons ago. Its a brand and a commodity that is sold to millions around the world, as disappointing as that may sound its the harsh truth.

The media and a section of supporters have been clamouring for a "star" signing even going as far as claiming Sir Alex and United are in decline and the end is near. But United have a very good squad with a wonderful blend of experience and youth. The team is filled with talented individuals and looks set to dominate English football in the near future. There isn't a requirement to splash the cash on a "superstar" who isn't going to improve the squad a great deal. The Youth system has always been at the heart of the Manchester United way of working. From the time of Sir Matt Busby its been entrenched into the club's fabric, the likes of Duncan Edwards, Bobby Charlton, George Best, Paul Scholes, Ryan Giggs, David Beckham and many more have all passed through the gates of the Cliff training ground. In an inflated market where average players are being sold at ridiculously high transfer fees, United have shown the way by investing sensibly in young players. The lack of prudence and patience demonstrated by a small section of the fans, which are aided and abetted by the various information media of the modern world would have disappointed Sir Alex.

The fans have rightfully been voicing their anger against the debt the American owners have loaded the club with, but many protesters have been reactionary and impulsive, some have even gone as far as demanding Sir Alex to step down. The extreme factions of the protesters seem to have unsettled the club and the players, who seem to be flustered by the angry chants during games against the Glazers. The two extremes of this clash, namely, the Glazers and "Red Knights", have left the average fan disillusioned and confused.

The most important question that's never asked is, if the Glazers are for some reason forced to sell the club, who has the credentials to buy the club and make it debt-free? Prospective buyers in all likelihood will transfer part of the debt-financed takeover onto the club and the idea of an owner in the mould of Sheik Mansour or Roman Abramovich wont sit easy with the fans either. The Glazers have caused quite a lot of distress to a club that's held close to the heart by millions across the world but until a viable alternative appears on the horizon, the players and Sir Alex need to be given the full backing of the supporters.

The reported £700 million debt doesn't give the full picture and doesn't take into account the huge revenue United will continue to generate over the next few decades. United is a global phenomenon and the prospect of the revenue stream drying out soon is unforeseeable. The Red Devils have a great squad, who are strong favorites to win the title this year while the debt situation, unsettling as it may be shouldn't take the focus away from the excellent structure of the football club from the training ground to the youth system to the stadium, which ensures the success of the club in years to come. ‘Glory Glory Man United'

References: Daily Mail & Sporting Intelligence

File Photograph Copyright: Bernt Rostad