While figures at Manchester United insist the Premier League's profitability and sustainability rules limit their spending power in the transfer market, external sources maintain the biggest obstacle to Erik ten Hag sufficiently strengthening his squad remains the club's owners.
As mindful as United have to be of financial fair play, multiple sources are adamant they would have more to spend if the Glazer family topped up the club's cash flows, so low it made the announcement of the strategic review in November inevitable.
The Glazers have never invested a single penny into United since they completed their takeover in May 2005.
United sources have suggested they have a budget of around £120million, supplemented by any player sales. That is lower than the de facto £150m budget former managers Louis van Gaal, Jose Mourinho and Ole Gunnar Solskjaer operated under.
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Mourinho felt so constrained by that ceiling he blamed it for United's failure to sign Ivan Perisic in 2017. Perisic went on to score in the 2018 World Cup final for Croatia and win the Champions League with Bayern Munich in 2020.
A well-placed source says up-front fees are a current issue. United refused to meet Chelsea's demand of an initial fee of £58m for Mason Mount, with £7m in add-ons.
United also have a number of historic transfers to pay off. As of March, they owed clubs £308m in transfer fees.
That could be offset be accruing cash from the Premier League, Europa League broadcasting revenue and sponsorship payments which include deferred payments from the Covid-19 pandemic.
The mooted impending sale of United is likely to discourage the Glazers from sanctioning more funds from the credit line, which industry observers believe could hold United back more than FFP.
United have £260m available on their Revolving Credit Facility, drawn down from £300m. "Leaving £40m unpaid on their credit facility means they’re needing cash," a financial source said.
United projected a record revenue of up to £640m in their results for the third quarter that were published on Tuesday. Provided the Glazers intend to sell the club, it would be logical for United's financial position to be as strong as possible in order to maintain the high share price.
The knock-on effect is the family would not release or sanction capital outlay if they deem it unnecessary. United have had little blowback in their refusal to meet Chelsea's demand for Mount, who has played 13 times this calendar year and is out of contract next year.
Despite frittering hundreds of millions in recruitment over the last decade, the Glazers have gained a reputation for thriftiness. United did not spend £30m on a player for four-and-a-half years after they received a then world record £80m from Real Madrid for Cristiano Ronaldo in the summer of 2009.
United broke club, British and world transfer records to buy Juan Mata, Angel di Maria and Paul Pogba between 2014-16, but they did not break the £150m barrier in fees paid for permanent signings until last year. Club sources admitted that the £70m deal for Casemiro and £85.51m investment in Antony were "bankrolled".
The Glazers have also not sanctioned a single expansion of Old Trafford during their 18-year ownership. There have been limited enhancements of the stadium and the club's Carrington training complex during that time.
