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Manchester United have waved goodbye to £1.2bn in cash over 20 years of the Glazer family’s controversial ownership, according to a new analysis of the club’s finances.

And while the implied market value of the club has risen to £3.2bn, the accounts point to why the team has slipped from one of the best in the to a team incapable of qualifying for Europe.

said that since June 2005 United have paid out £815m in debt interest repayments, £166m in dividends to shareholders, £10m in management and administration fees to Glazer family companies and £197m in external net debt repayments.

And those figures do not include the £125m paid out to club directors in bonuses since it was listed on the New York Stock Exchange in 2012, or fees paid to banks and financial advisers.

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By contrast the club’s valuation has skyrocketed from £790m when the Glazers arrived via a leveraged buyout that prompted protests from supporters that continue to the present day.

The owners - who last year sold a quarter of the club to Sir Jim Ratcliffe’s INEOS, which has since assumed control of football operations - can point to increased commercial growth as one measure of their financial success.

Earlier this week the club published their Q3 financial results, showing an operating profit £700,000 compared to an operating loss of £66.2m the same period last year following a global revenue increase of 17.4 per cent.

Chief executive Omar Berrada said: "We remain focused on infrastructure, with the redevelopment of our Carrington Training Complex continuing and on track, which will be the heart of our club, providing world class facilities for all our teams and our staff.

"We have also announced our aspiration to pursue a new 100,000 seat stadium, sitting at the heart of the regeneration of the Old Trafford area, which would be a catalyst for growth and investment in our local community.

"We are continuing to work with all the relevant stakeholders, including central Government, to support their vision for growth."

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