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CLUB owner the Glazer family has strongly denied Manchester United's debts are spiralling out of control.
A report from the Manchester United Supporters' Trust, due to be released today, claims that the club's interest payments have increased by £28 million ($69 million) this year.
It also claims that increased TV revenue and money from a new shirt sponsorship deal with AIG is being used to service debts.
But a Glazer family spokesman dismissed the report overnight saying: "The story is inaccurate. Nothing has changed. The debts continue to be comfortably serviced by the business, which is performing better than ever.
"As always there have been substantial funds for the manager to purchase players over the (northern) summer."
The Manchester United Supporters Trust (MUST) has challenged the Glazer family to "open up the books to independent scrutiny" amid claims that the club's debts are spiralling out of control.
A statement from MUST, released to the Press Association, said: "The Glazers' claim that 'nothing has changed' is laughable. Why then were they forced to cancel plans to refinance some of the debt this (northern) summer? Have interest rates not gone up? Has the global credit crunch not begun to bite?
"The Glazers' debt is tied into LIBOR (the London Interbank Offered Rate), and if the economics of the world change, then debt changes.
"Furthermore, our calculations are based on the Glazers' own refinancing documents of 2006, which were signed by Joel Glazer himself. If they wish to dispute the figures, then let them open up the books to independent scrutiny.
"Let the Glazers bring their own figures out and we would be happy to be proved wrong and for the club to be shown to be less debt-laden than we think it is."
The statement added: "The facts are simple: there is a vast debt of £660 million ($1.6 billion) hanging over the club, which carries with it vast interest rates and annual repayment demands of up to £100 million ($246 million), while ticket prices have risen astronomically in each of the last three seasons under the Glazers.
"Money for players has either been offset by sales, or has had payment schedules spread way into the future, with little money offered up front."
The statement concluded: "The team did wonderfully last season, and we're delighted, but sticking our heads in the sand about what's happening off the pitch would do a grave disservice to those marvellous efforts."
United have spent heavily since the end of last season, recruiting Owen Hargreaves, Carlos Tevez, Nani and Anderson, and Sir Alex Ferguson has not been restricted in the transfer market since the Glazers completed a £790 million ($2 billion) takeover in 2005.
United fans have been hit with a 14 per cent rise in ticket prices this season, but the club has to fund rising player salary demands and keep stars like Ronaldo, Wayne Rooney and Rio Ferdinand at Old Trafford.
The Trust report claims that the Glazer family "continue to face an extraordinary and growing debt problem".
It states that since last year's refinancing, United and the Glazers have been faced with "a series of interest rate rises which have increased the annual debt service bill from £62million (152 million)-a-year on the total debt of £660m.
"The interest bill is currently an annualised £100 million ($245 million)-plus, of which £73 million ($179 million) is payable this year and the other £27 million ($66 million) in the future - a ticking debt time-bomb."
Reports have emerged over recent weeks of potential buyers for United, based in China and Dubai, but the Glazers have stressed that they have no interest in selling and are completely committed to the club.
Press Association
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