Wasting money, failing to sell like Chelsea & huge £900m interest payments - the reasons Man Utd only have £120m to spend this summer revealed

While Arsenal are set to splash more than £200 million ($254m) this summer in a serious statement of their intentions to chase down Premier League champions Manchester City, Manchester United will have to spend their money more wisely.

The Red Devils have been told they have only £120m ($152m) to spend on new players this summer, according to the Daily Mail, causing a headache to manager Erik ten Hag as he seeks to refresh his squad and build on last season's third-placed finish.

The limits are due to the Premier League's Profitability and Sustainability regulations, which do not allow clubs to lose more than £15m ($19m) over a rolling three-year period.

And there are a number of other reasons why United's spending will be constrained this summer, ranging from the enormous debt the Glazer family have saddled on the club, to overpaying in previous transfer windows and not generating enough money in player sales, especially compared to their top-six Premier League rivals.