Top 10 Premier League clubs by revenue, wage costs

The Glazer family, the club's US owners, want to raise up to $330m (£210m) on Wall Street, having shelved plans to raise $1bn in Singapore.





The problems lie with the terms of the sale, and what the Glazers intend to do with the money raised.

Stronger competition

But there is no denying the club's heavy debts are impacting on the club's ability to maintain its pre-eminent position in the Premier League.



They have, for example, been blamed by many for the club's restrained activity in the transfer market in recent seasons, certainly when compared with free-spending rivals such as Chelsea and Manchester City.



Manchester United is bound by the commercial realities that do not, for now, affect its two biggest domestic rivals.



As Mr Jarman argues, running a successful football club and running a sustainable business are no longer compatible.



You just need to look at the recent success of Manchester City and the spending power of clubs such as Paris St Germain and Anzhi Makhachkala to see how the landscape is changing.



"Football has become a rich man's paradise," says Mr Jarman. And in today's market, it would appear the Glazer's pockets simply aren't deep enough.

Top 10 Premier League clubs by revenue
Club	Revenue (£000s)	Wage costs (£000s)	Operating profit/(loss)(£000s)
Manchester United	331,441	152,915	100,687
Chelsea	228,574	191,214	(48,679)
Arsenal	226,825	124,401	34,150
Liverpool	183,690	134,768	(2,795)
Tottenham Hotspur	153,486	91,255	32,294
Manchester City	153,185	173,977	(81,636)
Aston Villa	92,028	94,795	(34,241)
Newcastle	88,464	53,584	13,287
Everton	82,021	58,026	(529)