Football FanCast columnist Rob Swan looks back at the last three years under the Glazer ownership.

Three years on from Malcolm Glazer's infamous takeover of Manchester United, which saw hundreds of supporters protest outside Old Trafford, effigies of the American businessman set alight and even a breakaway club formed, could it be said that the club and its fans have escaped lightly, or are the consequences of the takeover still yet to be fully felt?

Last week's headlines claiming that Manchester United are the 'richest' in world football, although not untrue, perhaps provided a rather one dimensional picture of the club's current financial position. United's accounts were published in full this week and took the shine off a rather rose-tinted view of the club's finances, as overall losses of £58m were recorded.

The Champions League finalists were plunged into an inconceivable amount of debt after the American's completed their takeover of the club in May 2005, and the figure for the amount owed to creditors is reported to lie at a staggering £764m. Then onto the £81m in interest rates alone, and the supporter's understandably have a right to be suspect about being branded fans of the 'richest' club in world football.

The Glazer family have unsurprisingly cooled suggestions that debt levels are out of control on numerous occasions throughout their three-year tenure at the club. Recent successes on the pitch have gone a long way to mask several facts the Glazer family would prefer remained unacknowledged by the fans, many of whom remain unaware of the true scale of the financial jeopardy the club is still in. And who could blame them for being blissful in their ignorance? When the likes of Owen Hargreaves, Anderson and Carlos Tevez are pictured signing on the dotted line for the club, who wouldn't believe that everything was perfect in paradise?

In reality, it could all prove to be the calm before the storm. Since the takeover, ticket prices continue to rise at a steep rate, players and backroom staff have been offloaded to slash outgoings and pointless trips for lucrative gain, such as the trip to Saudi Arabia in January, in the middle of an already jam-packed season could become a more common sight in the near future.

Despite the annoyances of being labelled a 'franchise', in the words of Malcolm Glazer himself, pricing out more and more dedicated supporters from watching their beloved team play on a weekly basis, and saddling the club with a ridiculous amount of debt, events at our rival Premier League clubs suggest that the current situation could be far worse.

The American owners at Liverpool have clashed with Rafael Benitez's transfer dealings, gone behind the Spaniards back and spoken to other individuals about replacing him as Liverpool manager and have even fallen out with each other. Whilst at Manchester City, Thaksin Shinawatra has also displayed his lack of understanding and respect for the sport by expecting instant results at a club which finished 14th in the table last season. His reported decision to sack Sven-Goran Eriksson, despite the former England manager leading the club to their highest league finish in the Premier League, is not only ludicrous, but also a worrying sign of the direction the game may be heading in.

On the contrary, the Glazer's have let Sir Alex Ferguson operate the football club the way he has always done. No interference, no underhand operations, no attempts to undermine him. For this, the Glazer's have to be given credit, albeit 'credit' of the loosest, most begrudging kind.

The fact is that Manchester United are on course for back-to-back Premier League titles and a shot at claiming their third ever European Cup on May 21. But although everything may appear rosy on the surface, the huge amount of debt won't go away, and will continue to plague the club in different ways regardless of whether the double is won or not.

But do the Glazer family really have things under control, or are the Americans gambling with the club's future? The long-term effects remain unknown, but the question of whether the family have been good for the club or not can certainly be answered emphatically.

Just ask those who now follow FC United of Manchester...