Manchester United's Nemanja Vidic reacts as referee Phil Dowd shows him a red card during the English Premier League soccer match against Chelsea at Stamford Bridge, London, Sunday, Jan. 19, 2014. (AP Photo/Sang Tan) (The Associated Press)
LONDON – Trying to explain yet another setback, David Moyes wouldn't take the bait.
Manchester United's 3-1 loss at Chelsea on Sunday — the team's seventh of the Premier League season — left the defending champions 14 points behind first-place Arsenal.
"Some people might call it a crisis," it was suggested to Moyes after the match at Stamford Bridge.
"Who?" the United manager snapped.
"Me," the reporter responded.
"It's not the performance that's expected," Moyes answered. "That's correct."
The reporter tried again: "Is it a crisis?"
Moyes: "No. That's your word, not my word."
Just like predecessor Alex Ferguson, Moyes wasn't biting. But the league standings look troubling enough — by United's standards — without Moyes adding to the sense of uncertainty with pessimistic sound bites.
Especially when the current United manager could point out that he inherited a squad in need of strengthening, particularly in midfield.
Especially not when Wall Street investors will be watching closely at a business whose share price has slumped from a high of $19.34 after Ferguson delivered the 20th English title to $15.20 at Friday's close.
A further fall in fortunes could wipe away hundreds of millions of dollars of value of the club, which is controlled by the Glazer family, and hamper attempts to cut the debt that was last recorded at about $593 million.
It's too early to say whether United's slump is a blip or if the Old Trafford empire is crumbling, just as Liverpool went into decline after dominating in the 1970s or 1980s.
Off the field, United remains a commercial juggernaut, projecting that it will rake in about $690 million in 2013-14.
Such forecasts, however, are based on United finishing at least third in the league and reaching the quarterfinals of the Champions League and the domestic cups.
The FA Cup has already been crossed off the list after a third-round exit. Now, for once, the second-tier League Cup has taken on a greater significance. United must wipe out a 2-1 deficit against Sunderland at Old Trafford on Wednesday to reach the League Cup final.
But Manchester City, a team which is second in the league, is likely to be the other finalist given its 6-0 lead over West Ham heading into Tuesday's second leg.
Collecting the League Cup, however comforting for Moyes as a first piece of significant silverware, is not central to the club's revenue stream.
The Champions League is, having made almost $50 million from last season's run to the round of 16. There are two ways to remain among Europe's elite: win the competition of finish in the Premier League's top four.
Olympiakos awaits in the round of 16, a less daunting prospect than the one facing City against Barcelona, but the lack of depth in the United squad makes a fourth European title seem unlikely.
That would leave United relying on a top-four domestic finish, which is not beyond Moyes' reach if strikers Wayne Rooney and Robin van Persie return from injury. The Red Devils might be seventh, but only six points separate them from Liverpool in fourth with 48 points to play for.
"I feel like it's the story of our season," United captain Nemanja Vidic said. "It's just small things. Small details this season are making big differences and changing games."
Could Moyes, under contract until 2019, be the Glazers' fall guy if United falls short? It happened last month at another Glazer-owned team, the NFL's Tampa Bay Buccaneers.
"The results ... have not lived up to our standards and we believe the time has come to find a new direction," Bryan Glazer said then.
At Old Trafford, though — where Ferguson reigned for 26 years — stability is preached. But there is uncertainty as United emerges from such a distinguished and unprecedented run of success.
For now, fans are still keeping the faith. In the final few days of the January transfer window, they hope the Glazers dip into cash reserves that were last recorded at more than $136 million.
"This is a project I know that I'm going to improve as it goes along," Moyes said.
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Rob Harris can be followed at www.twitter.com/RobHarris
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