Their problems started when they came up with the ruse of Rooney's transfer request in 2010. They'd been tightly managed financuially up to then with a wage structure that was well below ours and Chelsea's. They could offer trophies but none of the top players would go there as it would mean taking a pay cut. Hence why there was "no value in the market". But Baconface's ability to make a title winning team that had players of more modest ability saw them right.
To get round this problem, Gill, Ferguson and (I assume) Rooney's agent Paul Stretford came up with the wizard scheme of getting Wazza to put in a "transfer request". There was never any such thing of course as we asked for evidence of this request before we'd talk to Stretford and none was forthcoming. But Chelsea weren't quite so cautious & put an offer on the table, which they used to batter the Glazers into submission and they reluctantly sanctioned the new contract, which was double what he'd been on previously.
That solved one problem but started another. They could pay decent money now but there were a few other players who were paid top money and they all had to have new contracts at the same rate. And everyone below that had a commensurate increase so their wage bill went up significantly. In turn, that meant they had to run just to stand still financially and had to sign up sponsors like there was no tomorrow.
I'm also convinced that Baconface's recommendation of Moyes to succeed him was his way of sticking two fingers up at the Glazers. Of course they then fell out of the top 4, lost CL money and had to spend big to try to get back there. Their buying has been knee-jerk, short-term and at least as much about making headlines and for commercial reasons than footballing ones. And the wage bill has got out of control as a result while their revenue growth has slowed down. Commercial income has been flat for three seasons and it's only the new domestic TV deal that has underpinned revenue growth. Their revenue is going to be flat for at least the next two years while the wage bill is set to rise again.
With at least £50m being skimmed straight off the top for interest and dividends every year, they' could be more stretched financially leaving them less able to compete in the market. I can see that they'll be desperate to get rid of any high earners that aren't pulling their weight, such as Pogba and Sanchez. The problem is, who'd pay them what they're getting? And st some point there'll be a big pay-off for Peg to come and the need to get yet another manager. And all that because Granny Shagger wanted a pay rise.