Sir Alex Ferguson's career has been long and varied enough to lend itself to any interpretation. He's the autocratic leader whose ranting feels like a hairdryer, but he's also the master of dealing with pampered young players who wear headphones like necklaces and discuss their "tekkers" on Twitter. He's the madman who smacked a football boot through David Beckham's eyebrows, but he's also the caring boss who defended the kung-fu fighting of Eric Cantona.

When the United players walked into the dressing room at Selhurst Park after Cantona had flung himself at Matthew Simmons, Ferguson ripped into Gary Pallister for letting Gareth Southgate score Crystal Palace's equaliser. After he finished ranting, Ferguson turned to his fragile striker, put an arm on his shoulder and said: "Eric, you can't be doing that son." This is the same manager who called Rafael Benítez "disturbed", Arsène Wenger a "novice", Paul Ince a "big-time Charlie" and stood up to a raging Peter Schmeichel in case he looked small in front of his players.

His transfer dealings are as pragmatic as his man-management. Ferguson enjoys his reputation as the man who has emulated Matt Busby and promoted young players into the United first team. While addressing a group of Harvard students last year, Ferguson said that the six players who define his reign at the club are Ryan Giggs, Paul Scholes, David Beckham, Nicky Butt and the Neville brothers.

But, for all his fledglings, Ferguson is as fond of spending money as the next manager. He has broken the British transfer record three times and could put out a team against Liverpool on Sunday that cost more than £205m. David de Gea (£18.3m) would play in goal ahead of a defence of Phil Jones (£17m), Rio Ferdinand (£30m), Chris Smalling (£7m) and Antonio Valencia (£16m), with Nani (£17m), Anderson (£17m), Michael Carrick (£18.6) and Ashley Young (£15m) supporting an attack of Wayne Rooney (£27m) and Robin van Persie (£23m).

Ferguson has played the miser and the millionaire and, for all his love of "finding value in the market", he has blown some serious money in his time. You could build a sad looking squad from his duds: Massimo Taibi, David Bellion, William Prunier, Liam Miller, Eric Djemba-Djemba, Manucho, Kleberson and Bébé.

More often than not, Ferguson chooses the players he needs to win championships. Van Persie could become the latest player to tip the title in Manchester United's favour. His impact so far this season has been as profound as Cantona's in 1992 and Dwight Yorke's signature before the Treble year. But let's not get carried away. Van Persie has a long way to go before he can be called one of Ferguson's best ever signings. The United manager put together the team below for half the money United paid Arsenal for Van Persie:

Sir Alex Ferguson's bargain XI

1. Peter Schmeichel: £750,000 from Brondby

Ferguson called the deal that brought Schmeichel from Brondby to United "the bargain of the century". It's difficult to argue with that assessment. The keeper played for United 292 times before cartwheeling out of the club on its greatest ever night. After two years in Portugal with Sporting Lisbon and a season at Aston Villa, Schmeichel ended up back in Manchester. Gary Neville was unimpressed by his homecoming, but for most United fans he remains the best goalkeeper in the club's history.

2. Paul Parker: £2m from QPR

Most football fans remember Paul Parker for his role in England's World Cup semi-final against West Germany at Italia 90. Andreas Brehme's opening goal was deflected in off Parker's leg but the full-back made amends by setting up Gary Lineker for England's equaliser. Parker made 146 appearances for United and remains one of the few players to have won the Premier League, FA Cup and League Cup with the club. He now writes a football column for Yahoo.

3. Denis Irwin: £625,000 from Oldham

Denis Irwin was so championed for being underrated that he became one of United's most celebrated players during his 12 years with the club. Only seven players have made more than his 529 appearances for the club. Irwin could strike free-kicks like David Beckham and he was as reliable as Cantona from the penalty spot. Cantona gave him a mention in Ken Loach's film Looking for Eric. In a poignant scene midway through the film, Cantona is asked about his greatest moment on a football field. "It was a pass," says Cantona, as he talks his way through Irwin's goal against Spurs in 1993. "I know how clever he was. Left, right-footed. It came in a flash. I just flicked the ball with the outside of my boot and surprised everyone. He took it in his stride and my heart soared." Irwin now works for MUTV. When asked to pick his best Manchester United 11, he went out of his way not to pick himself. Modest to the end, Irwin stuck Jaap Stam at left-back.

4. Steve Bruce: £825,000 from Norwich

Not many centre-backs score 19 goals in a season, but Steve Bruce managed it in 1990-91. Three of those came during United's victorious Cup Winners' Cup run. He was never as prolific again, but his two late headers against Sheffield Wednesday in April 1993 will always be remembered as one of the club's most spectacular comebacks. Bruce hadn't scored in six months, but his goals pushed United towards their first championship in 26 years.

5. Gary Pallister: £2.3m from Middlesbrough

Signing Gary Pallister was considered a risk in 1989. He was overpriced for a defender and looked too lightweight to survive at the very top. Pallister was playing non-league football for Billingham Town at the age of 19, but by the time he was 24 he had become the most expensive defender in English football. His fee didn't look too bad 317 games later, when he had won three Premier League titles and three FA Cups.

6. Paul Ince: £1.8m from West Ham

In the eyes of some Manchester United fans, Paul Ince sullied himself by playing for Liverpool and celebrating wildly when he scored against United. Like Mark Hughes, Schmeichel and even Andrei Kanchelskis, who spent some time on loan at Manchester City, his late playing career tempered some of the goodwill supporters had for Ince. That being said, his six seasons at the club were hugely successful before Ferguson shipped him out to Internazionale at a £5m profit.

7. Eric Cantona: £1.2m from Leeds

No one at Manchester United seems to remember exactly how the Eric Cantona transfer came about. Everyone at Leeds would rather forget. The club's decision to let him leave in 1992 looks extraordinary with the benefit of hindsight, but Cantona had also been turned down by Sheffield Wednesday before he became the King of Old Trafford. Cantona scored 82 goals in his five seasons at United, but his impact cannot be measured in statistics. He inspired the team that won the inaugural Premier League; he scored those penalties in the 1994 FA Cup final to set up the club's first Double and he inspired the group of young players who went on to win the Treble after his retirement. He also kept alive the aura of the No7 shirt.

8. Roy Keane: £3.75m from Nottingham Forest

Dwight Yorke tells a story about his first day training with Manchester United. He was in the same team as Roy Keane in a five-a-side – an essential part of any session for the competitive United captain – and Keane kept smashing his passes at the new striker. As soon as Yorke miscontrolled one of these overhit passes, Keane walked over to him, shook his head and said: "Welcome to United. Cantona used to kill them." Cantona had been the catalyst United needed to win the league title, but Keane was the driving force that pushed them forward in Europe. That he couldn't play in the 1999 final makes his outsider allure all the more appealing. As the Stretford End banner puts it: "Roy Keane – adored in Manchester."

9. Ole Gunnar Solskjaer: £1.6m from Molde

Many United fans hope Solskjaer will take over from Ferguson. He has now won the league twice with Molde and his celebrations remain as iconic as they were the night he slid on the Camp Nou turf in 1999. Solskjaer was known as a super sub while at United, and while he was capable of coming off the bench and scoring four goals in 12 minutes, he was also an intelligent and accomplished striker who could double up as a right-winger if David Beckham was injured or out of favour.

10. Mark Hughes: £1.8m from Barcelona

While discussing the musical crimes perpetuated by Stevie Wonder in the 1980s and 1990s, Jack Black's character in High Fidelity asks: "Sub-question: is it in fact unfair to criticise a formerly great artist for his latter-day sins, is it better to burn out or fade away?" Perhaps Mark Hughes's career should have burned out after he left Manchester United in 1995, but he remains an important player in the Ferguson era. His goals won the 1991 Cup Winners' Cup and kept United on course for their first ever Double.

11. Andrei Kanchelskis: £1m from Shakhtar Donetsk

When Alex Ferguson needed to replace Mike Phelan with a quicker player on the right, he turned to the notorious football agent Rune Hauge. Hauge recommended Kanchelskis and Ferguson took Martin Edwards to watch him play for Russia against Germany. Kanchelskis became one of only 13 players not from the British Isles to play in the first round of Premier League games (three of them feature in this Alex Ferguson bargain XI). Kanchelskis was United's leading goalscorer in the 1994–95 season and is probably best remembered for his hat-trick in the Manchester derby. Ferguson made a profit on Kanchelskis when he became Everton's record signing in 1995.