Love them or hate them, Manchester United have dominated the world stage for the last four decades. On paper, they have everything, a good team, and a global brand, and a fantastic ground – but the good times might be coming to an end at Old Trafford. Here's why: Alex Ferguson is getting old. No Premiership manager has such a longstanding and mutually dependent relationship with his club. He has stamped his mould all over the club, and will be a very tough act to follow. No doubt they will have plans for a successor, but stability is a major factor in long lasting success, and this may prove elusive. Alex Ferguson has such close control of his team, that whoever takes over may well find that he has to totally rebuild the squad. Such rebuildings do not happen overnight. They are owned by an American consortium with many other business interests. Although Manchester United itself may remain profitable, the income may well be exported to the U.S. to shore up the group's other undertakings. This loss of investment would have a disastrous effect on their ability to compete in the top flight. If the worst came to the worst, they may even have to sell players to help their balance of payments. They have a lot of very expensive assets, which may be needed to support the U.S. Operation. How hard the recession bites in the U.S. could be a major factor here. How long will it last, and how much damage will it do to the rest of the Glaser empire? Any sustained problems in the States could be devastating for Manchester United. If things get so bad in America, the Glasers may not be able to keep the club. But who could afford to buy it? It would probably mean a complete financial restructuring. There are very few clubs that go through that process without losing form, and a club only needs one bad season to end up in the Championship! Not all the purchasers of Manchester United merchandise are fans. If the club falters, and doesn't progress very far in domestic or European competitions for a couple of seasons, the people who buy Manchester United merchandise around the world, and make Manchester United a large proportion of their profit may well change their nominal allegiance to whichever club assumes ascendancy. Both Chelsea and Arsenal are well placed to pick up this extra income. However, with the possible U.S. problems looming large, any drop in merchandising income could be another nail in Manchester United's coffin. As well as possible money worries, there are also clubs queuing up to try to take Manchester United's place, and United can't afford to slip up.

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