Alarm bells ringing over Adem Ljajic transfer collapse...

News that the transfer of Adem Ljajic to Manchester United had collapsed sent shockwaves through the media and massed ranks of the Red Army. When the story first broke the fans were to led believe it was simply a case of United having cold feet; according to the media United's scouts had monitored the Serbian's progress over the last twelve months and they weren't happy with his progress. It was a simple explanation but one that was greeted with scepticism by supporters groups.

News of the deal falling through brought an angry reaction from Partizan Belgrade president, Dragan Djuric, who suggested the real reason was more to do with an Old Trafford cash crisis "maybe the real problem is that Manchester United is in financial crisis."

In response, United mounted a damage limitation exercise when Ferguson's assistant Mike Phelan told the media that the club pulled out of the deal because of potential work permit issues.

The supporters weren't happy when United failed to make any significant moves in the transfer market following the sale of Cristiano Ronaldo. The talk was that the Glazers had banked that £80m instead backing the manager to the hilt in the summer transfer window.

The worry is that United had described Adem Ljajic as "Serbia's brightest young talent" and the reasons for pulling out of the deal while plausible, to a degree, are worrying nonetheless.

Initially, United agreed to sign former team-mate Zoran Tosic and Adem Ljajic, the latter was said to the better of the two which makes this news even more of a disappointment from the fans' perspective.

Following on from the Ljajic saga the Times claims United and the Glazers have financial problems due to the Glazers being unable to refinance the huge loans which enabled them to purchase Manchester United.

While the team has performed well under the Glazer regime and importantly Ferguson's management it remains to be seen what will happen to the club in the next few years. Fans group MUST recently said that it is their belief the Glazer family will no longer own the club in five years time. For now though, the fans will be looking to see evidence that Ferguson can compete in the transfer market when the need arises and as far as the Glazers debt mountain is concerned everyone connected with the United would like to see action taken to bring that debt under control without the need for UEFA intervention.