Phelan wants top job one day

MANCHESTER UNITED assistant manager Mike Phelan admits he remains ambitious to be a manager — but has no intention of quitting Old Trafford just yet.

Burnley made a tentative approach for the 48-year-old following the dismissal of Brian Laws last year. Phelan was not interested, although discussions did not actually reach as far as him.

However, there will come a day — maybe when Alex Ferguson calls it a day — when he branches out on his own.

“There were tentative enquiries but it didn’t get far,” Phelan said. “It didn’t get to me. It got to the club and then it got knocked back. Everything has to go through the right channels and when it does you get asked, ‘do you fancy it or not?’. Sometimes you get told that you don’t fancy it.

“I have ambitions to be a manager. But I have unfinished business here. I am 48 and I still consider that young.”

Meanwhile, United’s owners made a £108.9m (€125.5m) loss last year, according to their latest accounts.

The loss by Red Football Joint Venture, the Glazer family’s parent company that owns the club, include some one-off costs from setting up the £526m (€606m) bond scheme last year to replace their bank loans.

The lack of income from selling players also contributed to the loss for the year ending June 30, 2010 — the previous year the company had recorded a profit of £21m (€24.2m) thanks largely to the £80m (€92.2m) sale of Cristiano Ronaldo to Real Madrid.

Last year’s losses included £30.2m (€34.8m) interest on their £220m (€253.6m) payment in kind (PIK) loans, which have since been paid off.

The football club’s accounts were published in October and revealed losses of £83.6m (€96.3m) — the PIK interest payment is not included in the club accounts — but club chief executive David Gill said then there was £165m (€190.2m) in the club’s bank account and that they were in a healthy position.

Gill said in October: “We have money in the bank so there is zero pressure on that, no pressure at all to sell any star player.

“The philosophy is to retain and attract the best players. We have £165m in the bank but in some ways we would prefer to have £80m in the bank and Ronaldo on the pitch.”

The highest loss recorded by a Premier League club was Chelsea’s £132m (€152.1m) in 2005.

United’s total debt is now £590.4m (€680m), up from the 2009 figure of £566.1m (€652m).