Although United posted a record operating profit of £100.8 million and a turnover high of £286.4 million in figures published on Friday, interest payments of £42.3 million and £40.7 million in refinancing charges related to the club's £521.7 million debt, contributed to the loss. With the losses also made up of "non-cash" figures such as £35.4 million in "goodwill charges" (related to the 2005 Glazer takeover), £19.2 million in unrealised foreign-exchange losses and £40.08 million in the depreciation of fixed assets (playing squad), United can point to much of their balance sheet being made up of paper losses. But with Uefa due to roll out its fair-play rules from next season, clubs risk being prevented from participating in the Champions League should they, from 2013, post losses in excess of £13 million per year. Gill insists, however, that the rules will not affect United and he claims that Uefa's move is welcomed within Old Trafford.

"In terms of the accounts, charges related to goodwill and depreciation of fixed assets are ignored by Uefa," he said. "As a result, we can comfortably meet the qualifying criteria of the financial fair-play (FFP) rules.
"We have been involved in the discussions with Uefa and the European Club Association and believe FFP will benefit the game in terms of clubs having to adopt business models to work within the parameters. "By posting operating profits of £100 million, we are maximising our earnings and can comfortably cover our interest payments from those profits. "And with our wages running at 46 per cent of turnover, we have a sensible business model, which is within our target of keeping wages below 50 per cent of turnover. We are more than capable of retaining and attracting top players."

With the figures showing that United's net transfer spending was outstripped by interest payments, supporters opposed to the Glazer family, the club's owners, argue that manager Sir Alex Ferguson's transfer budget has been eroded by the debt burden. But Gill dismisses that suggestion, claiming that Ferguson has substantial funds available should he require them. "I cannot disagree that, without the debt, we would have more money within the club, but the interest payments do no impact on the club's ability to attract players," he said. "We have more than £160 million earning interest in the bank and the Ronaldo money (£80 million) remains largely unspent. The money is definitely there, if Alex requires it.

"There is absolutely no pressure to sell our best players, be that Wayne Rooney or anybody else. We are not a selling club. We are investing in talent. The only reason Ronaldo left was because he wanted to go."Sandwiched geographically between the mammoth wealth of Manchester City and crisis-torn Liverpool, United would appear to cast envious glances at one, and fearful visions of the future at the other. But despite United's debt and the need to repay the club's £500 million bond in Feb 2017, Gill claims that the accounts underline the strength of United as a moneymaking operation.

"We have achieved record turnover and record operating profit and there has also been considerable growth (17 per cent) in commercial revenue," he added. "These are very good results for the club with records here, there and everywhere but they are complicated with non-cash items and exceptional one-off hits."