Manchester United have hit back over claims of a cash crisis.

Although Sir Alex Ferguson has repeatedly stressed it is his decision to keep hold of the cash, it has not stopped consistent speculation that the money is required to be set against the mammoth £710million debt incurred by the Glazer regime.

The latest claim is that the purchase of defender Chris Smalling for Fulham has been delayed until the summer because United cannot afford the £12million fee.

It is an argument the Red Devils strongly deny.

And, after maintaining a diplomatic silence during the recent £504million bond issue, the Old Trafford outfit have decided to hit back.

A club statement read: "Manchester United is the most profitable football club in the world. Last year, on a record turnover of £278million, the club made a record cash profit of £91million. Interest payments were £41million and wages accounted for less than half of the turnover.

"The recent bond scheme has been very successful and provides the club with certainty in its interest payments, as well as greater flexibility with the removal of bank covenants.

"The cash from the sale of Cristiano Ronaldo is available for Sir Alex Ferguson to spend and it will be spent on players who are available for purchase and who the manager thinks can improve the squad, not to prove to pundits that it exists."