One of Sir Alex Ferguson’s biggest regrets when he left Manchester United after 26 years was that he did not enjoy greater success in the Champions League.
Twice they were crowned European champions under the Scot’s reign, but it was not enough. They had under-achieved.
He, like many at Old Trafford, will now similarly lament the plight of the current side as they struggle to reach the competition in which they were perennial contenders.
The impact of last season’s seventh-placed finish, in a Premier League where United triumphed on 13 occasions with Ferguson in charge, was felt in recent financial figures for the first quarter despite a profit of £8.9 million (Dh51m).
Missing out on the Champions League – worth £36m (Dh206.7m) through broadcast payments in 2013/14 – saw revenues drop £98.5m (Dh565.6m), in the three months to September 30 last year, to £88.7m (Dh509.3m) this time, including matchday revenues down from £19.3m (Dh110.8m) to £15.1m (Dh86.7m).
With inconsistency and defensive problems causing concern about their ability to achieve a place in the top four in this campaign, is it time to panic at a club named the world’s third most valuable by Forbes at $2.8 billion (Dh10.2bn)?
“I don’t sense that,” says Stuart Mathieson, who has covered the club for local paper, the Manchester Evening News, since 1995.
“But when you see the results, in black and white, of not being in the Champions League it is a sobering thought.”
While United’s hierarchy may not be too worried, comforted by the shirt deal with Chevrolet and forthcoming 10-year sponsorship with adidas, worth a record £750m (Dh4.3bn) and shattering the £302.9m (Dh1.73bn) agreement with previous kit suppliers Nike, the reality is that the club cannot afford continued failure on the pitch.
Not only will that disappoint and disillusion fans, but also players who strive to play in the major tournaments.
And factor in a penalty clause in the adidas deal that will see United’s income drop from £75m (Dh430m) per year to £52.5m (Dh301m) if they miss out on Champions League football for two successive seasons once the new contract starts in 2015.
“So much of the way the club is now, it is dependent on them being among the elite,” adds Mathieson.
“We have been told in the past they can function and survive with one year, possibly two without Champions League football.
"They have budgeted for that in the past, but beyond that, that’s when things start to tell.
“It also becomes harder to get all these partners and sponsors because they want to work with a successful club.
"The adidas deal is a massive cushion for them. They could have been in trouble without that in place.”
A summer spending spree of £118.5m (Dh680.5m), including the £59.7m (Dh342.8m) British record purchase of Angel Di Maria from Real Madrid, has seen them try to improve fortunes.
With an average home crowd of 75, 207 last season, and merchandising popular worldwide, there still remains a loyal, fervent following too.
Supporter and financial analyst Andy Green, though, believes more needs to be done.
Despite the spending on employer benefits falling by £3.5m (Dh20m) to £49.4m (Dh283m) through lower wages and no European bonuses, he was bemused by comments from executive vice-chairman Ed Woodward (pictured) that there was a “low probability” of further signings in January.
“It did concern me a lot because you can see the holes in the back four and there’s a need for further investment,” says Green, who writes a blog on football finance.
“The club has under-invested historically in the last five years and they need to catch up.
"It was astounding how quickly the wheels came off last season from a championship-winning squad.
“Having that big spend and then saying we are done is pretty dangerous.
"They have to spend consistently more to compete with other clubs and get into that top four.
“The Champions League contributed to about 30 per cent of the club’s profits last year so it’s a massive financial element in the club’s strategy.”
It will also help to control the oft-criticised gross debt, which now stands at £362.2m (Dh2.07bn) as the figures revealed it had increased by £1.1m (Dh6.3m).
A proud and trophy-laden history has helped elevate United to a global status envied by many, but no team can live off their past, nor be immune to troubled times.
After all, United themselves ended a 26-year wait for a top-flight title when they finished first in 1993.
Green accepts it will be interesting to see how their fan base will be affected if they falter again.
“What hasn’t been tested is, with all due respect to supporters in Jakarta or Bangkok, is how much they remain supporters if the club spends a long time out of the Champions League,” he says.
“Liverpool retained a lot of their foreign fan base despite being out for years. On that basis maybe the club will do OK, but I do think there’s a lot of flaky supporters.”
They can also be fickle, with the pressure bound to increase if the big names don’t deliver for Louis van Gaal, just as they did not for Ferguson’s much-maligned successor David Moyes.
“The club are still convinced they will get it right,” adds Mathieson.
“But as we saw with Liverpool many years ago, you don’t just get it right because you are Manchester United or Liverpool and because you always had success before.”
While Chelsea and Manchester City look to have the resources and quality to assure themselves of a place in the top four, there is intense competition for the remaining two spots with Arsenal, Liverpool, Spurs, Everton and Southampton sure to challenge United.
Mark Ogden, Northern Football Correspondent for the Daily Telegraph, says: “Man United are built on Champions League and European football so, for them, it’s important to get it.
“If United are in the Champions League they are like a juggernaut.
"They can get the best players, they can pay the top wages and compete to win it.
"But if they are not in it, then getting the best players is hard because they want to play in the Champions League.”
It mirrors the scenario for neighbours City before they qualified for the competition in the 2011-2012 season and had to pay substantial wages to lure players of the calibre of Carlos Tevez, David Silva and Yaya Toure.
“It is all about the Champions League for clubs of that stature,” adds Ogden.
“In terms of the impact next season if United miss out again, it would hurt them yes, but it would be more reputational damage than financial.
“I think there are four or five clubs who can withstand a season without the Champions League and that’s Bayern Munich, Real, Barcelona and United.
“Three of them are never going to be out of it because the leagues they are in are soft. United’s problem is they are in a competitive league.
“Another problem will come if the Premier League loses a spot and it becomes three teams who can qualify.”
Unless United can maintain their current position of fourth, then there could be more suffering on a football and financial level.
