Okay. Allow me to please inform you that THAT is not how budgets work. Nor finance for that matter.
You cannot look at debt and say that is entirely a bad thing either. Debt is bad for you as an individual but debt when it is PIK (payment-in-kind) Debt, then you don't have to owe money through cash especially as a giant company with massive revenue. It is owed through bonds. So payment in bonds. Therefore, you pay the interest of your debt in the form of bonds. Not cash. So Debt and transfer warchest have no relation. So keeping debt at a certain level gives you access to certain premium interest payment schemes. This they have calculated and are paying. Would it be best debt free? 100%. But is Manchester United being destroyed financially? Absolutely not.
Now let's move to operating costs and cash flow, and of course transfer budgets.
Manchester United is largely using PIK Debt. When they budget for things like transfers, it is usually not bonds, but cash. This money is accounted for well in advance. The amount of money that is made or is approximately going to be made was well known to MUFC when the lockdown started. Their projections will have notified them, and they would have kept aside what we call a "warchest".
Operating income and costs are another cost vertical. If money is being borrowed for that (as every club on planet earth is doing at the moment) then that is reality. But we are not in a poor financial position. It's just that we do not have assets to liquidate or rather we do not want to liquidate assets to pay for that debt. Debts like operating costs will be easy to pay off once business returns considering the amount of money we earn.
Say what you want about Glazers and Ed Woodward, but they are financial geniuses. Glazers run banks (scumbags who know to play the system) and Woodward is in the football economy world, a titan. There is one thing neither can afford despite all the press about money being taken from the club - it is the devaluation of the club. End of the day, they want to increase its value and sell someday. So it is foolish to devalue it for short term gain, they are not doing that either.
Back to the Warchest. This money was already made available months ago and unlike your household wallet, can't just be moved willy nilly for other payments. Unless your house is on fire, which United clearly is not. You do not get into a conversation of 120 million Euros if you thought this was going to happen beforehand.
So rest assured, we have the money. A budgeted amount. Us losing 100 million in operating costs or in quarterly results will have no impact as budgets are made yearly not quarterly. Bankers may not know football, but they know money.