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For all the flak Ed Woodward has copped for his negotiating in the last two years he was not as naive as his predecessor, David Gill, was in 2009.

Manchester United had allowed Cristiano Ronaldo to join Real Madrid for a world record £80m and Carlos Tevez also departed, yet United ended the summer with four underwhelming acquisitions in Antonio Valencia, Michael Owen, Gabriel Obertan and Mame Biram Diouf.

United could have cherry-picked from Real's rejects, such as Wesley Sneijder or Arjen Robben, players who led their new clubs to Champions League glory. It was the summer of 'no value in the market'.

Real's obsession with Ronaldo was so intense United could have forced them to pass on Lyon's Karim Benzema. Instead, Real bought Benzema and United ended up with an often-injured Owen, recently relegated with Newcastle and courted by Stoke and Hull.

After Ronaldo let, right up until Ferguson's retirement, United refused to splash the cash. United have won two Premier League titles since Ronaldo left and the lack of investment, coupled with the David Moyes error, have set the club back three years.

Accurately, the Manchester United Supporters Trust described the last six years as a 'wasted opportunity'.

What symbolised Ferguson's final four years most was that mercurial 2010-11 season. United were dubbed the 'Unconvincibles' after going unbeaten in their first 24 Premier League games and came reasonably close to a second Treble, only to be sucker punched in the FA Cup semi-final by City and battered by Barcelona in the Champions League final.

In Rome two years earlier, United had a chance. At Wembley in 2011, they had no chance.

Ferguson pre-dated Manuel Pellegrini's suicidal 4-4-2 set-up against Barca by four years. Rather than adopt the innovative 4-3-3 formation that surprised Chelsea in Moscow in 2008 and began auspiciously in Rome, United looked like a team in a parallel universe at Wembley.

An insipid Marseille, imploding Chelsea and starstruck Schalke were vanquished by United in the knockout stages. Deceived, Ferguson stuck with Javier Hernandez and Wayne Rooney up front when one had to be demoted to counter Barca's 'passing carousel'.

The caveat was Ferguson had developed a phobia for signing midfielders and Darren Fletcher's ulcerative colitis was worsening. The alternative was Anderson, hooked at half-time in Rome.

Scholes revealed United intended to 'overpower' Barcelona, only they had lightweight midfielders in Michael Carrick, Ryan Giggs and Ji-Sung Park.

Park was omitted from the 2008 final squad in Moscow, went missing in 2009 and again in 2011. Arguably his finest performance for United was as a defensive midfielder against AC Milan in 2010, but you could count the amount of times he played in that role on one hand and he twice started against Barca on the wing.

First-team coach Rene Meulensteen later lamented how a half-time row over Pedro's opener affected the team's focus. The glaring reality was United had punched above their weight and Barcelona dealt the knockout blow.

Woodward is having to oversee United's return to the heavyweights.

See a timeline of the Glazers' 10 years at United below

Time Line Glazers at United timeline: the first 10 years May 2005 Outraged United fans show their feelings towards the Glazers' imminent takeover May 2005 United fans refer to the club's 'death' at the 2005 FA Cup final against Arsenal in Cardiff June 2005 F.C. United of Manchester is established by disenfranchised supporters following the takeover June 2005 Edwin van der Sar becomes United's first signing of the Glazer era July 2005 Joel Glazer gives a lengthy interview to MUTV, where he promises to 'communicate' with United supporters. He never communicates with them again July 2005 Ferguson meets Avram Glazer (L), Joel Glazer (2nd-R) and Bryan Glazer (R) at United's training camp in Vale do Lobo August 2005 The Glazers attend their first ever United game, the Champions League home qualifier against Debrecen September 2005 After telling some disgruntled United supporters to 'go and support Chelsea' in Budapest, Ferguson is subjected to vocal and fierce abuse after the home defeat to Blackburn December 2005 United are eliminated from the Champions League at the group stage for the first time in 11 years February 2006 United beat Wigan 4-0 in the League Cup final to secure the first trophy of the Glazer era May 2006 The ubiquitous Love United Hate Glazer stickers are slapped on seats at Old Trafford after a 0-0 draw with Middlesbrough August 2006 David Gill promises United fans 'two world-class signings' after Ruud van Nistelrooy is sold to Real Madrid. United instead sign young midfielder Michael Carrick and Tomasz Kuszczak May 2007 Ferguson proves his genius again as, despite a slim squad, United overcome Chelsea to win their first title in four years, having been top for all but two weeks of the season June 2007 United introduce the Automatic Cup Scheme (ACS), which forces season-ticket holders to buy tickets for cup matches July 2007 The Glazers back Ferguson in the transfer market, as United spend £59m on Nani, Owen Hargreaves and Anderson, while Carlos Tevez arrives on a two-year loan May 2008 The four arrivals help United to a Premier League and Champions League double September 2008 Dimitar Berbatov becomes United's record signing for £30.75m May 2009 United win three trophies and join Liverpool on 18 league titles in the 2008-09 season but lose the Champions League final to Barcelona July 2009 Cristiano Ronaldo is sold for a world record £80m to Real Madrid yet the Glazers tighten the purse strings. Gabriel Obertan and Antonio Valencia arrive for £19.5m and perma-crock Michael Owen joins on a free January 2010 After the club pull out of a deal to sign Adem Ljajic from Partizan Belgrade, tension grows as United are dumped out of the FA Cup by League One Leeds United. The Glazers then try to raise £500m through their bond issue January 2010 With antipathy towards the Glazers growing, United supporters' green and gold campaign begins in the home game against Hull January 2010 Green and gold scarfs become ubiquitous at Old Trafford, intensifying the atmosphere for the victorious League Cup semi-final win over City February 2010 Chief executive David Gill is targeted and accused of hypocrisy by United fans at Villa Park March 2010 The evocative protest continues against AC Milan in the Champions League March 2010 The returning David Beckham dons a green and gold scarf but refuses to air his support for the campaign in a post-match interview March 2010 Avram Glazer attends United's game with Liverpool in 2010 two months after the green and gold campaign begins May 2010 United fans' protests continue until the last day of the season, where Chelsea regain the Premier League title August 2010 There is a lack of investment at the club for a second successive summer, as £23m is spent on Bebe, Javier Hernandez and Chris Smalling November 2010 The Glazers pay off the high-interest hedge-fund £220m debt, which was accruing interest at an eye-watering 16.25 per cent May 2011 Despite making underwhelming signings, thanks to Chelsea's implosion and Ferguson's ingeniousness, United win a record 19th title, reach the FA Cup semi-final and the Champions League final July 2011 United continue to invest in youth, spending £51.9m on David de Gea, Phil Jones and Ashley Young December 2011 United go out of the Champions League at the group stage again and end the season trophyless, after throwing away an eight-point lead at the Premier League summit with six games to go August 2012 The Glazers and Ed Woodward prepare to ring the Opening Bell at the New York Stock Exchange after United shares start trading April 2013 United sign an established world-class player in Robin van Persie, whose goals lead The Reds to their 20th title May 2013 Sir Alex Ferguson announces his retirement and is replaced by David Moyes January 2014 With Ferguson gone and Moyes proving to be a disaster, United's parsimony catches up with them and they're in danger of not qualifying for the Champions League. Juan Mata is hastily bought for a club record £37.1m in an attempt to boost the club and fans April 2014 United fail to qualify for the Champions League for the first time in 19 years and Moyes is sacked. The Glazers' control of the club is questioned after allowing Ferguson to anoint his successor, with the endorsement of Sir Bobby Charlton May 2014 The Old Trafford flag is lowered to half mast after Malcolm Glazer dies August 2014 Louis van Gaal replaces Moyes and United embark on an unprecedented spending spree, forking out a British record £59.7m on Angel di Maria, but it cannot prevent them from experiencing a second successive trophyless season for the first time since 1989 May 2015 With just two titles in the post-Ronaldo years, United plan a title tilt for 2015-16 early, as Memphis Depay agrees to join in a £25m transfer

See pictures from United's 1999 Treble parade below