Manchester United boss Sir Alex Ferguson feels justified over his transfer policy this season after the week's Champions League results.

One of the arguments put forward by the Manchester United Supporters Trust for their opposition to the Glazer family's ownership of the club is that their massive debt prevented Ferguson plunging into the transfer market.

It is a claim which has been denied by senior figures within Old Trafford, including Ferguson himself, who stressed he has been put off by the vast prices being quoted for players little better than the ones he already has.

That inflation was fuelled by Real Madrid and Manchester City. City have known since last month there would be no end to their 34-year wait for a trophy - the Carling Cup semi-final defeat to United being part of the wreckage - whilst the sight of Ronaldo shaking his head as he made his way off at the Bernabeu in midweek after Champions League elimination to Lyon was further proof money does not automatically buy success.

"Spending money never has guaranteed you anything," said Ferguson. "It is not always the case it doesn't. But it is never a certainty.

"I am just glad that we are into the next stage. That is all we need to concern ourselves with.

"But I am disappointed for Ronaldo not having qualified. We had someone at the game and the report was he was absolutely fantastic.

"In my mind I had a thought that somewhere along the line we were going to meet them and Ronaldo would be up against us. We would have needed a machine gun to stop him.

"But it just shows you what European football is like. You get tricky games.

"Bayern Munich, Lyon and Arsenal are already through, plus either Chelsea or Inter and probably Barcelona, so there is not going to be an easy game now."