From Fergie Success to Doom and Debt

Back in 1986, when Sir Alex first walked into Old Trafford, United were a faded power, their last league title a distant memory from 1967. Over 26 years, he built an empire, breaking a 26-year drought in 1993 and launching an era of dominance. He had a knack for reinvention: Cantona’s flair, the homegrown spark of the Class of ’92, Beckham, Giggs, Scholes, and the Neville brothers, and later the brilliance of Rooney and Cristiano Ronaldo kept United untouchable. His final flourish, the 2013 Premier League title sealed by Robin van Persie’s unforgettable volley, felt like a perfect exit. Even after the Glazers’ takeover, Sir Alex’s touch delivered five more Premier League titles and the 2008 Champions League. He was the club’s heartbeat, hiding cracks that would become cavernous under lesser men.

The Glazers’ $1.05 billion leveraged buyout in 2005 changed everything. It saddled United with $731 million in debt, a sharp turn from their debt-free days. Interest payments have since drained over $1.126 million—cash that could’ve strengthened squads or spruced up Old Trafford. The Glazers also pulled millions in dividends, a move almost unheard of among top clubs, while raising ticket prices to cover the debt. Fans fought back, waving green-and-gold scarves to honor United’s pre-Glazer roots, but the financial weight only grew. The Scottish coach’s success kept the damage at bay, but once he left, the Glazers’ missteps showed in a transfer market ruled by deep-pocketed rivals like Chelsea and Manchester City.

Losing Ferguson was like losing the club’s compass. David Moyes, his chosen successor, buckled under the pressure, dragging United to 7th place in 2013-14. Since then, $1.9 billion in transfers has brought slim rewards: an FA Cup in 2016, a League Cup and Europa League in 2017, and another League Cup in 2023. A steady stream of unsuccessful coaching hires followed with more woeful transfer business, and that recruitment was tripped up by poor planning from executives like Ed Woodward, whose business acumen never matched football know-how.

While United falter, their rivals fly. Manchester City, bankrolled by the oil money from Abu Dhabi, have snatched six Premier League titles since 2013. Liverpool, reborn under Jürgen Klopp, took the 2019-20 Premier League and 2019 Champions League. United, meanwhile, have missed the top four five times since Ferguson left. Old Trafford, once football’s grand stage, now leaks, its aging stands a joke among rivals. The Glazers’ $7.98 billion valuation and stalled sale talks, even with Sir Jim Ratcliffe’s 2024 minority stake, leave fans stuck, their hope wearing thin.

Manchester United’s story is one of glory unraveled by the greed of the Glazers. The debt they saddled the club with choked a soccer titan, and Ferguson’s absence left a club unready for football’s new age. Old Trafford still holds its mystique, but until its owners find clarity, the Theatre of Dreams will stay cloaked in a shadow, and the dark clouds are a reminder that even giants can fall.