Why are Manchester United not signing Declan Rice as star heads to Arsenal

As the window opens the closure of a deal for Manchester United remains elusive.

With the rumour mill in overdrive the clock continues to tick on a takeover saga which started back in November.

There is a near-hysteria among large sections of the club's vast fanbase and as each transfer story breaks panic levels raise higher.

Declan Rice is set for Arsenal. Why? United have a clear need in midfield and the England engine would appear to be a perfect fit. Rice could become an Old Trafford legend.

With the greatest respect to Arsenal, United are the biggest club in the country, if not the world. Their fans are not used to missing out on recognised talents.

But it appears inevitable that West Ham's brilliant 24-year-old will join a direct rival for around £100m.

How does that help manager Erik ten Hag and his much-needed rebuild? Get the takeover done and start signing players!

But to blame a perceived lack of movement – and remember this is effectively day one - on the long-running ownership battle between Sheikh Jassim bin Hamad Al Thani and Sir Jim Ratcliffe would be wrong.

The reality is that in United's recruitment department it is what they refer to as 'BAU' – business as usual.

The budget is long set. Work is ongoing. The kitty is not dependent upon who, if anyone, wrests control from the Glazers.

It has already been determined by factors far away from the New York offices of the Raine Group, the US merchant bankers handling the never-ending sale of the club.

Financial regulations are biting at Old Trafford, just as they are across the Premier League. The rules are clear.

Should either Sheikh Jassim or Sir Jim prevail they will not be able to pump £1bn in and send Ten Hag on a rapid shopping spree.

UEFA introduced new rules last June. Clubs cannot spend more than 70 per cent of their total income on transfers, wages and coaches and agents' fees by 2025-26. For this season that figure was 100 per cent, falling to 90 this year and 80 next.

United spent more than £200m last summer - a figure that went well beyond what they had planned in an attempt to give ten Hag the tools to make the Champions League.

Inside the club they admit they now have a bloated squad. Accounts released earlier this year revealed more than £300m outstanding in transfer fees.

To put it in simple terms, United's budget depends not on the takeover but more on player sales.

There is recognition within the club that this has been a problem area, something they are seeking to address at the moment. Attracting decent fees for the likes of Eric Bailly, Alex Telles, Harry Maguire and others will be key.

Ten Hag needs a midfielder, like Rice. And United could technically go to £100m.

But they also need a striker and a goalkeeper should David de Gea turn down a new, reduced contract offer. While it is flexible, there is thought to be an upper ceiling of around £120m. The sums do not work.

Instead of Rice and Harry Kane, who would present a simple solution, United have to get creative.

Mail Sport understands that Kane was never really a likely option for a number of reasons, not least the prospect of dealing with Daniel Levy. Instead, the £50-60m bracket is where United are fishing.

All of the above does not mean that the ongoing takeover is wholly irrelevant. For starters, the clarity a conclusion would provide would help.

Targets may well see the club as a more attractive proposition. It would also assist in bringing the Mason Greenwood situation to a close.

While a loan deal is being discussed, should Greenwood stay it would mean funds could be diverted elsewhere.

There also appears to be an intriguing difference between the two bidders.

While Ratcliffe's offer is for around 60 per cent, Sheikh Jassim's is for full control. It also comes with the promise that the ugly stain of debt – landed on the club following the Glazer's leveraged buyout all those years ago – would be wiped clean.

While symbolically that would be significant, it would also have an immediate effect on the amount Ten Hag can spend. At the last count the debt stood at £535.7m.  Interest payments have to go on the books.

Removing that debt – and the prospect of further servicing – could give United as much as a £50m immediate boost.

Ratcliffe's people have been keen to point out that they will not put any additional debt on the club should they succeed. The picture with the existing figure is unclear.

There are hopes that the takeover saga finally comes to an end this week. While a deal cannot come quick enough its impact on United's business will be limited.