They borrowed heavily to buy the first major stars of Fergie's reign. I've posted stuff on this before (and frequently on my Facebook and twitter). Utd were making losses in 1989 and borrowing to fund the likes of Bruce and while people can go on about creating sustainable businesses etc. had that 1990 FAC and the subsequent ECWC success not happened then their entire financial landscape could have been somewhat different. Their buys worked - good manager - unlike at so many other clubs in the 80s (including City). City, Wolves and others borrowed money to fund expensive transfers but their purchases/management got it wrong or failed and the clubs were then always struggling to catch up.
If UEFA had any sense of what was fair and good for football financially they'd be celebrating owners who invest in teams - ensuring they also invest in their stadia, facilities and communities - and punishing those in debt or those that borrow huge sums in the hope the transfers pay off.
