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United switch focus from boardroom to Burnley

Freezing conditions caused most matches to be postponed last weekend, but the temperature around Old Trafford was chilly for another reason as United's owners began to take steps to refinance the club's existing 700 million pounds debt, provoking frosty hostility from supporters groups.

The Glazer family, who control United, plan to raise about 500 million pounds with a bond issue and while the intricacies may be lost on most fans, United have had to reveal to potential investors a number of risks that could affect their returns.

Among them is the question of manager Alex Ferguson's retirement and his successor, an issue that is beginning to take on more signifance after Ferguson turned 68 on December 31 and has said he plans to retire when he is 70.

"Any successor to our manager may not be as successful as he has been. A downturn in the performance of the first team may adversely affect our ability to attract and retain such coaches and players."

United also said they faced increased competition from other Premier League clubs who have benefited from "recent investment from wealthy owners", and that UEFA's new financial fair play initiative could limit their ability to attract top players.

The weekend's matches could also