The Glazer family are insistent that Manchester United boss Sir Alex Ferguson has upwards of 60million pounds to spend on new players this summer. Family spokesman Tehsin Nayani has conceded that United find interest payments of £43.3million a year to service the £750m loan used to buy the club, but insists their financial position remains healthy.

"We do have debt service and carry a significant amount of debt," confirmed Nayani.

"But our interest payments are around £43.3million a year while our operating profit was £80million topped by an extra £25m from transfer profits.

"So we are talking about a net amount of about £60m. That's cash that can be reinvested in the squad, doing up the toilets or new carpets.

"The point is there is money coming into United. One thing that is certain, because of globalisation and the growing middle classes in India and the Far East, the appeal of football is set to grow. We are part of that story."

Nayani added, Ferguson is selective regarding his transfer policy and that he will not pay over-the-odds or fund excessive salaries.

"The truth is a lot more prosaic than that," Nayani continued.

"The delay is because the manager has not been able to locate the players that he believes fit into the Manchester United mindset, ones that are motivated to play for United.

"You don't want mercenaries, to pay over the odds for players not willing to give their all for the club."