I understand and I agree with those who say that United are in the mud because of the Glazers. However to truly understand what might be going behind the scenes one needs to see things from the Glazers POV. As our major shareholders that's the most important POV at the club (I am not trying to bait here, we all know its the truth)
The Glazers biggest asset by far is Manchester United. SJR has INEOS whose worth dwarfs that of the club rendering it a vanity project but from the Glazers view Manchester United is almost everything. Most of Manchester United's worth is pure brand name. That brand name is tied with exposure and to a lesser degree to success. No CL football means less exposure which means less money from sponsors, it means less pulling factor by those who might be interested in buying the club and in the long term it means less fans and the brand becoming less relevant. In the past few years I had traveled in the US and Asia and I assure you United's shirts aren't as prominent as they used to.
INEOS had bought a 25% stake of the club while promising to bring United to their former glory. There were persistent rumors that they would eventually buy the entire club. Yet after the partial ownership United had failed to make it to CL qualification and will probably fail again to do it this year. The talks about INEOS buying more shares had died out, its been a disaster both in terms of football, management (hiring and sacking Ashworth, giving ETH a contract extension only to then firing him etc) and in terms of PR (people sacked, SAF was pushed out etc). The new stadium isn't going to be build anytime soon, the debt keeps increasing and it will probably explode if and once we start building a new stadium.
Which leads to the next question. If you were the Glazers how long would you leave this minority shareholder play real life Football manager with your most prized asset until you'll pull the plug? If INEOS were indeed successful than that wouldn't be an issue but we're further away from CL qualification then we were under the sole ownership of the Glazers. It's the equivalent of a millionaire driving the only van a van driver owns to the ground just because he is paying its petrol.