Stefan Borson reveals Man United's 'worst-case scenario' as debt reaches £1.1bn

Manchester United's owners are allowed to have eye-watering debt, but the "worst-case" scenario could see the debt holders take over.

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider that there are no rules about the Red Devils' overall debt of over £1.1billion.

Accounts have confirmed that another £90million has been borrowed since 30 June, having spent £191.7m on players during the summer window.

This has certainly come as a surprise after Michael Carrick added Andrey Santos, Carlos Baleba, Youri Tielemans and Karl Darlow for the 2026-27 campaign.

Despite major cost-cutting techniques from minority owner Sir Jim Ratcliffe since 2024, United's debt remains at over £1.1bn, sparking questions over potential punishments.

In the wake of Man City's 114 charges, there has been some deflection to Old Trafford, but the Reds have no reason to worry, it would seem.

Man United's debt is no 'existential' situation

Speaking exclusively to Football Insider, Borson explained that United's debt is only hindering their own plans, breaking no rules in the process.

"Well, you can have debt. There are no rules against having debt, nor necessarily should there be," he said.

"Unless the club has owners that won't ultimately underwrite the debt in that situation in any event...

"Even if the worst case happens and United were to default on debt and the debt holders took over control of the company, it still wouldn't be the end of the world.

"Obviously, people like to talk about the debt a lot, and it restrains what, operationally, United can do, particularly in relation to transfer.

"So clearly, the fans don't like it, but I don't think it's particularly a big deal in existential terms or in regulatory terms."

Could Michael Carrick benefit from Man United's struggles?

On the pitch, the Red Devils are certainly struggling under Michael Carrick's leadership, with the club sitting 12th in the Premier League table.

The bookies have Carrick down as one of the favourites to be sacked next in the Premier League, alongside Tottenham Hotspur's Roberto De Zerbi.

Speaking to Football Insider, though, Borson believes that sacking Carrick would be too costly right now, especially with the added task of finding a replacement.

Brighton's Fabian Hurzeler is of interest, but the two moves would likely cost upwards of £20m, which United don't want to spend right now.