Red Devils watching spending of rivals.

Woodward was asked by United investors on a conference call when it would become clear whether FFP was effective.

But the figures also highlighted potential grey areas where the club has sold intellectual property rights to “related parties” for PS22.5million, and sold two subsidiaries of the club to a third subsidiary in deals totalling PS22.3million.

“This year is the first point where we see how FFP is going to bite, works and has an impact on potential inflation in football.

Arsenal v Man United: P51

“We will probably start to get a sense of how UEFA are coming out five or six months, although the process may take somewhat longer than that.”

UEFA declined to comment on Woodward’s remarks when contacted.

MANCHESTER United are watching closely to see how UEFA deal withclubs who are close to breaching financial fair play (FFP) rules, theclub’s executive vicechairman Ed Woodward said yesterday.

UEFA’s regulations say that clubs in the Champions League and Europa League can only spend what they earn, and are known to be scrutinising clubs that have made big losses in recent years.

“I would agree that how UEFA deals with those clubs who have breached the rules or are close to breaching the rules will be important to see how FFP impacts on the industry.

He said: “We are working towards breaking even this season.”

UEFA’s FFP rules cap total losses over the three seasons (including 2013/14) at [euro]45million (PS37million), but clubs are permitted to write off spending on facilities, youth development, and player contracts signed before 2010.

Qatar-owned Paris St Germain’s huge sponsorship deal with the Qatar Tourism Authority is worth [euro]200million (PS165m) annually and is also set to be scrutinised by UEFA to ensure it is of fair market value.

Soriano said that City’s losses were within the FFP limits, adding: “There is a lot of relief that can be taken for investment in youth football and old investments.”

Manchester City chief executive Ferran Soriano said on Monday that the club was aiming to break even this year.

Manchester City are one of those – their latest accounts showed a PS51.6million annual loss last season.

He replied: “I am not going to talk about specific teams.

“A number of clubs are being looked at more closely by UEFA.

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