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Manchester United have denied reports that controversial owners the Glazers have ordered behind the scenes cost cuts of 15 percent.

The club’s famed academy was said to be one of the areas set to be hit by the cost cutting measures .

But a United source insisted no such directive had been made by the Florida-based family, adding, “We have the most transparent cost base in football because we publish quarterly accounts.”

It was claimed that the Glazers had ordered a reduction in expenditure despite United being expected to record revenues of as much as £500m this season.

The hugely-lucrative sponsorship deal with Adidas and their return to the Champions League has led to financial experts predicting United will overtake Real Madrid and Barcelona at the top of football’s rich list.

It was claimed that spending on the first team squad would not be included in the cut backs.

The news would have been sure to provoke an angry response from fans.

In the face of increased competition from Manchester City for the best local talent, United are desperate to stay ahead in the battle to produce and develop the next generation of stars.

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There are already serious concerns about the state of the academy in the wake of former director Brian McClair’s departure last year.

United have been famed for producing world class talent from the Busby Babes to Sir Alex Ferguson’s Class of 92.