KEIR RADNEDGE REPORTS: Manchester United are living proof that changing the manager is no solution to long-term problems within a football club. Eric ten Hag is discovering that the fault lines at Old Trafford run deep into the foundations of the club.

United remain one of the great names in world football, or “brands” as the American Glazer family who bought the club in 2005 would say. But record revenues from sponsorship and television rights do not guarantee silverware. The secret is investing such riches sensibly and this is where United have failed.

Defeat at home to Brighton in Sunday’s opening match of the new Premier League season focused critical attention on immediate problems such as the stand-off with transfer-seeking Cristiano Ronaldo and the increasingly panicked approach to the transfer market.

This has been accompanied by a sharp demonstration in how failure on the pitch has affected the financial value of the club. In 2012 United were listed on the New York Stock Exchange at a value of $2.2bn. Now the share price is down by 19pc and the overall valuation to $1.88bn. Still rich but a financial trend which has matched the slippage in results on the pitch.

In the 10 years up to 2012 United won 10 major national and international prizes. In the succeeding 10 years they have won four and been overtaken in status at home and abroad by Liverpool and – even worse! – neighbours City.

United’s absence this season from the Champions League has made it more difficult to attract major new players. So far this summer they have signed Tyrell Malacia (Feyenoord), Lisandro Martinez (Ajax) and the free agent Christian Eriksen. But they never had a hope of attracting the likes of Erling Haaland (Manchester City) or even Darwin Nunez (Liverpool).

Instead they have wasted time chasing Barcelona’s reluctant Frenkie de Jong and Bologna veteran Marko Arnautovic. United dropped their interest in Arnautovic after protests from fans over the player’s controversial record of racist and ethnic comments to opponents.

Now United have turned their attention to the PSV Eindhoven attacker Cody Gakpo, VfB Stuttgart’s Sasa Kalajdzic and Juventus’ France midfielder Adrien Rabiot.

Juventus and United have agreed a fee of £15m which could rise to £19m with add-ons but negotiations over personal terms are continuing with Rabiot’s mother, Veronique, who is his agent.

All useful players but none of them Champions League star quality.

No wonder United’s fans protested before and during the defeat by Brighton about the Glazer family’s 17-year stewardship of the club.

The Glazers have not been reluctant to spend. In net terms United have spent £1bn since 2013, less than only Manchester City. The gap in achievement signals clearly, however, that other clubs have spent more wisely – in not only transfers but structure and administration.

#####