It wasn’t illegal, but it was mightily controversial for soccer, and has since been followed by other overseas entrepreneurs acquiring the top clubs in England.

Theoretically, there is profit to be made across the globe by association with a big-name British team. And, according to the annual Forbes list, United, at more than $2 billion, is still the most valuable franchise in sports, over and above Barcelona or Real Madrid, bigger even than the New York Yankees of Major League Baseball and the Dallas Cowboys of the National Football League.

We simple followers of sports find this refranchising through borrowed money somewhat scary and bewildering. Even if we accept that sports today is business, how can it make sense to pay what you haven’t got? And how can they keep on paying millions to hire and keep the top players needed to keep up with the neighbors — who in Manchester’s case happen to be bankrolled by Gulf oil money? One answer is that with its veteran team manager, Alex Ferguson, United had — up to May of this year — an extraordinary buyer and seller of players. Fergie could let Cristiano Ronaldo go to Real Madrid for £80 million and fill his shoes with the likes of Ryan Giggs, who cost United nothing and runs forever, or with bargain buys, like Park.

However, United’s run in Europe took a hit over the past season, and in May it lost its English crown to Manchester City, albeit only on goal difference.

Right now, both clubs would like to hire Robin van Persie, who has declared that his ambition is higher than his present club, Arsenal, can afford. If it comes down money, could United, or would the Glazers, want to pay the £250,000 a week that “Abu Dhabi” City might regard as a mere splash in the stream of resources that it throws at the club? City has players that it leaves on the sidelines or loans out to other clubs that have salaries that are more than United, or any club in the world, would pay.

Even if Glazer and his sons pull off their Cayman Islands registration and their New York listing, there is still the question of where any money raised on a share sale would go.