Sir Alex Ferguson yesterday said that Manchester United were unlikely to make more than one, if any, signings over the summer, claiming that the squad was “good in terms of ages, the balance, the numbers and there’s a lot of good young players”.

All smiles - but is it the same behind closed doors?

There’s more than a few Manchester United supporters who would disagree with that assessment, however. The club’s title charge stuttered and ultimately ended in defeat due in no small part to a lack of depth in the squad. A horrific period of injuries to the defence saw midfielders Carrick and Fletcher deployed at the back and when Rooney damaged his ankle United ended up out of the Champions League and eventually out of the title race.

Ferguson has signed defender Chris Smalling from Fulham and Mexican Javier Hernandez already, helping to shore up the defence and add another attacking option, but it’s unlikely that will be enough should injuries beset the team again.

The manager has always put faith in youth so we can expect several of the reserves who don’t go out on loan to make an appearance or two throughout the 2010/11 season. That has rarely proven to be particularly effective in the Premiership and we doubt that Ferguson will give youth its head in the Champions League though.

We also know full well that Ferguson would still love to add a big signing – if he could. And while chief executive David Gill may claim that the Scot has transfer funds available, there is a growing belief that that just isn’t the case. The huge amount of debt the club has been saddled with by the Glazer family may now be taking its toll – reality might be biting for the Manchester giants.

If that is the case then the future of Manchester United, while not bleak, looks precarious at best. Unless Ferguson stumbles across – or maybe we should say nurtures – another “Class of ’92″ with players the calibre of Beckham, Scholes, Neville et al, then we can see the club slipping just a bit further back in the title pecking order.

Chelsea have set the standard, backed by the riches of Roman Abramovich, Manchester City have huge wealth of their own and it really is only a matter of time before they begin knocking on the door and the likes of Tottenham, Aston Villa and Liverpool will scent blood and chase ever harder.

But what can be done? That debt level isn’t going away any time soon, the much heralded Red Knights do not appear to interest the Glazers no matter how much they offer for the club (and we wonder whether that would make any difference anyway – how can a club be run by a huge consortium of rich men, each with their own ideas?) and team stalwarts Ryan Giggs, Paul Scholes and Gary Neville have just one season left – what then?

We should never doubt the team building and managerial skills of Sir Alex Ferguson, of course. Those alone will ensure Manchester United don’t go the way of Leeds United and the like, but he can’t go on forever and just how long will he put up with having one armed tied behind his back in the transfer market anyway?

“There may be one signing but it’s not easy in the present climate. The market is very difficult.”

The market – or the state of United’s finances? The club still spouts the same old rhetoric regarding its stability and the Glazer’s ownership. Gill said only yesterday:

“We’re very confident the business model we have in place will ensure the club can continue to compete at the top of football for many years to come.

“Our season ticket sales, renewals, for this upcoming season are on track with previous years. Our executive ticket renewals are on track.

“The owners have been true to their word since they took over the club in 2005. They’ve brought commercial expertise and commercial benefit to us in a numbers of areas, and we’ve seen our revenues grow significantly.”

There are fewer and fewer people listening though, and fewer less believing. The sale of hot goalkeeping prospect Ben Foster to Birmingham for £6m is a surprising one, for example. Ferguson claims he understood Foster’s need to play first team football and so let him go, but he also restated his belief that “Ben’s the best England goalkeeper”.

Ferguson wanted to keep him, of that we’re in no doubt. But was his sale motivated by Foster’s desire to play or by a handy £6m for a young and relatively untested keeper in the kitty? We don’t suppose we’ll ever know but it raises questions. And Birmingham have bagged a class player who will play against United next season.

The club will be linked with hundreds of players over the summer, including whoever looks good at the World Cup – a lot of these questions will be answered if United go out and sign a big name for big money. But if they don’t, those questions will remain and doubt is never a good thing to have hanging around you when you’re out to win silverware.

Speaking of Barcelona, compare and contrast Ferguson’s statement that they’re unlikely to sign anyone else to Barcelona’s signing of Villa for £34.2m and their intentions toward Arsenal’s Cesc Fabregas – one club is settling, the other pushing on. It doesn’t look good.

We feel for the United supporters and we feel for Ferguson. It’s an uncertain future ahead and getting more uncertain by the week.

Is Ferguson right that he has a good enough squad to challenge on domestic and European fronts next season or do you think he really is being hampered by a lack of money thanks to the huge debt the club has? Let us know in the comments.