Manchester United and Michael Carrick: The manager’s future seems inevitable, but the owners’ problems are much bigger

The debt they initially imposed on the club now stands at more than £1.15 billion, according to their latest accounts. The amount of interest it cost was £852 million, according to respected football finance blogger Swiss Ramble. In the last financial year, interest payments totaled £37 million, an increase on £34 million the previous year.

The argument is that the money could have been used much more productively to sign better players.

There had been hope that Ratcliffe, a childhood United fan, would change that when he struck a deal with the Glazers to become a minority shareholder on Christmas Eve 2023.

Instead, a succession of decisions led to major questions about his management of the club.

On the management side, the United hierarchy ultimately backed Erik ten Hag after discussing alternatives following the shock 2024 FA Cup final triumph over Manchester City, spending more than £200 million on the likes of Leny Yoro, Matthijs de Ligt and Manuel Ugarte.

Last week, Ten Hag told The Athletic, external the club have gone back on their promise not to sell Scotland international Scott McTominay to fund Ugarte’s £50 million move from Paris St-Germain. They sacked the Dutchman in October 2024.

They then persuaded Ruben Amorim to leave Sporting mid-season, when he wanted to wait until the summer.

They stuck with him after an unprecedented 15th-place finish, and again after United lost to League Two Grimsby in the EFL Cup, then sacked him in January when he clashed with director of football Jason Wilcox over his style of play.

This led to the arrival of Carrick at the end of the season, which turned into a permanent appointment after returning the club to the Champions League after a two-year absence.

A third dismissal in three seasons wouldn’t do anyone any good.

The ‘Standards’ banner held aloft at the Stretford End showing images of legendary skippers Bryan Robson, Eric Cantona and Roy Keane was there to remind the club’s directors of the history they should aspire to.