You may have seen the Man Utd financial figures for the 12 months ending 30th June 2007, figures which they have trumpeted as a demonstration that they are the biggest club in the world. Undoubtedly they are a big club, sell out 76,000 every home game and make a lot of profit from the football club. This is not in doubt and the the high income sustains the second highest wage bill in football after Chelsea.

However, to up their turnover by the degree achieved, there have been some changes to the way the club have put their figures together, presumably to make a point to Arsenal that, no, they are not overtaking United in the rich league.

In the ten year deal with Nike, the sportswear company took full responsibility for retailing and MUFC only showed the commission they received from Nike. In this set of figures, they are showing gross sales. Arsenal could do this by showing the total catering revenue from their contract with Delaware North, but at present only Arsenal’s share of the income is shown in the revenue figures.

So United have found a way to ensure they have a moment of financial glory, despite the reality of the situation. What will be interesting to see is the amount of club-created fanfare that occurs when the colossal amount of debt service costs are disclosed – incurred as a result of the Glazers purchase of United in 2005. They will disclose these figures later this year when the accounts of the holding company are released.

United claim that the debts "continue to be comfortably serviced by the business". This is true whilst they are paying "interest only" on most of the loans as the actual repayments are back ended and do not really kick in for a few more years. The equivalent of an endowment mortgage if you like.

So to break down the figures, in year up to July 2007, the football club made about £60m of pre tax profit – about the same amount as the interest bill on the near £700m of debt. This money used to pay the lenders is about 2/3rds of their total matchday revenues.

But there may be trouble ahead. With the credit markets in near turmoil United are failing to refinance their debt to secure lower interest costs and this debt mountain will not go away. It seems inconceivable that it can be paid off by the club without it being sold again. In the meantime, as the Glazers await an oligarch with money to burn or the Sultan of Brunei to become a United fan, the continued need for major silverware is paramount! With the need to keep raising admission prices year on year, it’s squeaky bum time in the Old Trafford boardroom!