Manchester United chief David Gill has dismissed claims the club is in financial turmoil.
The Glazers have certainly maximised United's potential, to the extent they were able to post pre-tax profits in excess of £90million for the year to June 2009.
Yet it is the huge debts that cause most concern, although Gill is attempting to play down those fears.
"I couldn't disagree more," said Gill, when asked whether United was a club in turmoil.
"We had a record turnover, roughly £280million, and a cash profit in excess of £90million. Very few companies have posted such encouraging results at what is clearly a very difficult time.
"There is this misconception about our debt. We do not have a debt of over £700million. The gross debt in Manchester United is roughly £500million.
"That was bank debt. We have replaced that with a bond issue of roughly £500million. The bond gives us much more flexibility and is a much better instrument for the club going forward.
"The £716million figure is because the PIK (payment in kind) loans, that are well documented. But they are the responsibility of the owners. There is no security over Manchester United."