Manchester United

Earlier this week, the Red Devils announced a record revenue of £648m for the 2022-23 season, where Erik ten Hag made his mark by ending the club's six-year trophy drought in the EFL Cup.

Man United also finished as runners-up in the FA Cup and reached the quarter-finals of the Europa League last season, while sealing a return to European football with a third-placed Premier League finish.

High earners such as Edinson Cavani, Paul Pogba, Nemanja Matic, Juan Mata and Jesse Lingard were also removed from the club's wage bill, before Cristiano Ronaldo's contract was terminated before the World Cup.

Prior to the 2022-23 campaign, Man United's all-time highest revenue was £627.1m from the 2018-19 season, but the club remain saddled with debt and have apparently been borrowing money to fund transfers.

According to football finance expert Kieran Maguire, Man United still have outstanding payments of £317m on outgoing transfer fees, which has seen their debt swell to over £770m.

"Manchester United full accounts out and shows the club owes £317,809,000 cash in outstanding transfer instalments," Maguire wrote on social media. "Since the 30 June year end, Manchester United borrowed £50m on 3 July, £50m on 3 August and £60m on 10 October. This takes total gross debt to £773m."

Last summer, Man United spent big to reunite Ten Hag with former Ajax men Antony and Lisandro Martinez, while also dipping into their warchest to sign Casemiro and Tyrell Malacia.

Another initial £162.8m was spent on the treble acquisition of Mason Mount, Andre Onana and Rasmus Hojlund this summer, but Man United have still flattered to deceive in the early stages of the new term.

The Red Devils' alarming debt and lacklustre on-field displays have seen discontent grow towards the Glazer family, who will soon agree to sell 25% of the club to Sir Jim Ratcliffe for £1.4bn.

The unpopular owners announced in September that they would consider a full sale, sparking a two-horse bidding war between INEOS chief Ratcliffe and Qatari banker Sheikh Jassim bin Hamad Al Thani.

Sheikh Jassim was seen as the early favourite given his desire to complete a full, debt-free takeover, but the Qatari billionaire fell short of the Glazers' £6bn asking price with a best offer of £5bn.

As a result, Sheikh Jassim ultimately withdrew from the process after months of frustration, allowing Ratcliffe to strike a deal for a minority stake - which could eventually lead to a full takeover - unopposed.

Ratcliffe's arrival is expected to be confirmed before the end of the year, although Ten Hag recently said that he was in the dark surrounding the latest developments.