Salford bookie Fred Done believes investors would be mad to buy into the Glazers £500m bonds scheme, designed to ease the club's mammoth debt.
The lifelong United fan, who made his millions through his BetFred franchise, also revealed his fears that:
:: CITY will soon be the premier club in Manchester
:: UNITED could be on the verge of becoming the next Portsmouth
:: SIR Alex Ferguson will not be given the funds to undergo desperately-needed squad strengthening
:: CROWDS and sponsorship will start to fall
Done was as disturbed as most United supporters when the full extent of the club's debt was revealed on Monday.
Despite increases in matchday, media and commercial revenue, it took the world record £80m sale of Cristiano Ronaldo to prevent them from making a loss of £31.8m.
That is largely due to the £42m paid in interest on a £509m loan.
The Glazers are now looking to raise £500m in bonds, while intimating that both Old Trafford and their Carrington training base could be sold and leased back to make even more money.
Done view
Done said: "Every time I've seen sale and lease back plans it's meant the company is in trouble. You don't sell the family silver.
"From what I can see, the Glazers have not put any value on the club since taking over.
"When they finally cash in and sell up they will leave the club a poorer place than when they took over.
"If we are not careful we could end up like another Portsmouth, who look like they are headed for administration."
As the former official bookmaker at United, Done has enjoyed a close working relationship with both chief executive David Gill and Ferguson.
He is also a season ticket holder and says he can already see the cracks appearing at Old Trafford. So much so that he would warn off any potential investors.
"As a businessman, I wouldn't touch this time bomb with a bargepole," he said.
"Just look at the empty executive boxes. I go every week and I can see people dropping away.
"When could you ever buy tickets this close to a Manchester derby? But tickets are still on general sale for the Carling Cup semi-final."
Done is particularly pained to admit that mega-rich City could be on the verge of eclipsing United after decades of dominance.
"As a bookmaker I'd say it's odds on that City will be the premier club in Manchester in the next three years," he said.
"I never thought I would see the day when I'd say that, but where is the money to invest in the team.
"Sir Alex insists he has the funds to spend, but I think it is a smokescreen. I know him and David Gill very well and believe they are both fantastic at their jobs. But I think both are being forced to work with their hands tied behind their backs."
What do you think? Have your say.
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Redraw, Belfast (15/01/2010 at 09:45)
Pick a game and stay away
Luke O,zade, NRW Germany (15/01/2010 at 09:45)
We have been shafted, simple as that.
It wont be long before Sgt Bilko and his brothers do a runner.
It is the glory hunters that are dropping off, and moving across to the other side.
Turncoats.
Glory Glory Man United forever and ever.
moorz, Dublin (15/01/2010 at 10:01)
I've given up going to OT until they're gone and look forward to returning one day when the yanks have done one!
hector grengros, angus (15/01/2010 at 10:04)
The Colin - Leeds, Over the hills and far away (Mancunian Reject) (15/01/2010 at 10:07)
I like a bit of banter as much as the next Manc but one thing I don't want to see is you lot to go down the pan; it would be bad economically for Manchester and bad for football as a whole.
I can't stand Fergie, glory hunting southern Reds, I'm happy to see United falter against teams like Leeds in the FA cup and I'm bored of seeing them constantly winning and yes I admit to being a little bitter but the Glaziers must go for the good of Football and for the good of Manchester.
When the seagulls follow the trawler, N Ireland (15/01/2010 at 10:13)
Pick a game and stay away
Redraw, Belfast
15/01/2010 at 09:45
Your spot on and i said the same thing the other day but it has to be done on-mass as the odd couple of hundred here and there not turning up won't make a statement.
sara99, Windsor (15/01/2010 at 10:16)
hector grengros, angus (15/01/2010 at 10:17)
Rob, Worsley, UK (15/01/2010 at 10:19)
DarthGorb (15/01/2010 at 10:20)
Bob the Baker, Preston (15/01/2010 at 10:28)
Tick,tock,tick tock.
kinkys left peg (15/01/2010 at 10:30)
Your a great manchester United supporter you are. Whats wrong with people like you is that you have been spoilt rotten like a kid in a toffee shop, grow up! You think your team has a divine right to win all the time, buy the best players, and yes belittle other clubs less fortunate than you have been. If you want to boycott a game do it, i doubt you go anyway? dont drag any loyal fans down to your level. How do you think the so called smaller clubs supporters have fealt over the years, buying second rate players while you got the cream of the crop. Were they that childish that they turned their backs on their beloved club or follow them through thick and thin. Your club is now in a position where its needs you more than ever and you want to boycott.
I have a lot of good friends who are United fans and have been for many years and I know for sure as much as they are disapointed they will turn up and cheer the team on.
I was at your place in the stetford end seats with my city scarf as an 11 year old boy when Denis Law scored the famous back heel, relegation was looming, crowd invading the pitch, game abandoned. Were you there? because thats when United were rubbish but still they had a packed stadium. Thats because they werent glory hunters like you are and to be honest Manchester United dont need fans like you. Go support Fc United now there not a side them.
Dr. Mick, West Gorton Massive (15/01/2010 at 10:32)
I agree with other posters, now is the time for action. We must rise up and fight.
I say we start by trashing Lou Macari's chippy on Saturday.
Terry Worley, Dundee, South Africa (15/01/2010 at 10:40)
bobbydazzler (15/01/2010 at 10:41)
bobbydazzler (15/01/2010 at 10:43)
you hint at some machevelliuan plot. obviously it would be wrong to name him. howhever if you know that he has some vested interest in spewing the shite we have to contend with.
tell us all what is motivating him?
KAy (15/01/2010 at 10:45)
Monaghan Red (15/01/2010 at 10:49)
hector grengros, angus (15/01/2010 at 10:51)
United 18, Huddersfield Town 3, City 2 (League Titles), Wilmslow (15/01/2010 at 10:51)
15/01/2010 at 10:07
Spot on mate
The Glazers are spoiling a footballing institiuion and its a disgrace its happening whether we like it or not. Something has to be done.
richard west sussex (15/01/2010 at 10:52)
what Manu fans must realize is that they have collectively a power to force a situation, with intelligent thinking there must be ways of forcing out these Glazers - they are in it purely for profit not the love of the club or even football
Fans should rise together and GET SHOT OF THE GLAZERS!! - FOR THE SAKE OF MAN UTD
Dr. Mick, West Gorton Massive (15/01/2010 at 10:54)
Easy for you to say, you probably never go anyway. Armchair muppet. This time next year you'll be a Chelsea fan again.
hector grengros, angus (15/01/2010 at 10:57)
danny, WILMSLOW (15/01/2010 at 11:02)
G M USA (15/01/2010 at 11:03)
As a former commercial real estate lender I had knowledge of how to do this work (and did it!), in one case delving deeply into the finances of a certain Forbes 400 member. The individual's finance person complained at all the information I requested and questions I asked, but I did get it and I did gain a complete understanding of it all. What I found was that most properties were significantly overvalued (they had virtually no equity overall based on their true income) and that the individual's overall cash flow was only positive due to a very large refinancing by a certain MAJOR bank (which I won't name) who had no clue as to what they were doing. Incidentally, that bank was a recipient of government bailout money in the past 24 months. My customer told me that not even that bank had asked for the information I received. (As I recall, that individual's cash flow would have been about -$50M if the bank hadn't helped them out with a refinance. This was a bit over 15 years ago.)
So, beware of the present situation. It may very well explode in all of our faces. Perhaps the Glazers will sell if their bond financing scheme fails. Frankly, I don't expect public pressure in Manchester to do any good (though I certainly encourage it!); the Glazers seem to be a very stubborn lot.