Football 's finances may not be as healthy as previous figures have suggested . Manchester United reportedly seeking to refinance $ 960 million of debt with a bond issue . German club Bayern Munich pledge to cut massive wage cuts amid fears of bankruptcy . then still owed more than $ 6 billion according to a study by football finance expert Jose Maria Gay de Liébena , an accounting professor at the University of Barcelona . Belgian club Racing goes into liquidation after failing to meet expectations .
Football 's finances may not be as healthy as previous figures have suggested . Manchester United reportedly seeking to refinance $ 960 million of debt with a bond issue . German club Bayern Munich pledge to cut massive wage cuts amid fears of bankruptcy . Belgian club Racing goes into liquidation after failing to meet expectations .