Sir Alex Ferguson given go-ahead to bring in players at Manchester United during the January transfer window Initial hopes to complete the float by the end of last year were dashed during the autumn and, with the ongoing crisis in the Eurozone and a lack of major investors signing up to the listing, the IPO could be on ice until the summer. The stalled status of the Glazer float, coupled with United's Champions League elimination last month which led to a financial review at Old Trafford, has led to suggestions within the game that the club's finances prevent them from challenging the likes of City at the top of the transfer market. Ferguson's attempts to sign Samir Nasri and Wesley Sneijder last summer both ultimately foundered on United's refusal to meet the players" wage demands, while the manager has repeatedly insisted that a lack of value in the market has led to his refusal to compete with the likes of City, Barcelona and Real Madrid for potential signings. A blueprint of recruiting emerging talent led to Ferguson signing Phil Jones and goalkeeper David de Gea last summer, while £15 million was also invested in the 26 year-old Ashley Young. And although Newcastle's success in recruiting Demba Ba on a free transfer and midfielder Yohan Cabaye for just £4.3million has been raised as evidence that value can be found in the market, the view within United is that their requirements - players who can perform at Champions League level - ensure that the bar is set higher than elsewhere. Ferguson's measured response to the defeat at Newcastle and his insistence that now is "not a time to panic" was revealing in itself, however, in that he actually felt the need to project an air of calm. The 70 year-old delivered the same message following United's Champions League defeat against Basle last month, which came less than a week after the Carling Cup exit at the hands of Crystal Palace, but repeated calls for calm only hint at jumpiness and uncertainty. The loss of captain Nemanja Vidic to a season-ending cruciate ligament injury, swiftly followed by Darren Fletcher's submission to a debilitating bowel condition, would explain the sense of unease, particularly with Ferguson currently missing eight first-team players. Federico Macheda, the forward loaned to Queens Park Rangers this week, admitted that United are feeling the heat from their injury list. "United are struggling with injuries because half the squad is injured," Macheda said. It is not a good moment for them. United have overcome injury problems all season, however, with the team winning eight and drawing one of nine league games following the 6-1 defeat against City in October, so the personnel crisis has not derailed the team until this past week. An observation by Dwight Yorke, a treble winner at United in 1999, following the defeat at Newcastle made a telling point, though. Yorke claimed that, for the first time, he had witnessed a United team devoid of leadership on the pitch, despite the presence of Ryan Giggs, Rio Ferdinand and an out-of-sorts Wayne Rooney. That remark tallied with claims from within the Newcastle camp that Blackburn's forceful approach to their 3-2 win at Old Trafford highlighted chinks in United's armour and a susceptibility to physical tactics. The implication was that United can now be bullied out of games, because of the absence of Vidic and the lack of a commanding presence in midfield. Both areas could be addressed with replacements this month. Ferguson has the funds, but he has not been persuaded that the solution can be bought. Manchester United's walking wounded Nemanja Vidic. Problem: Cruciate ligament. Return date: August 2012 Darren Fletcher. Ulcerative colitis, August 2012 Tom Cleverley. Ankle, Jan 28 Ashley Young. Foot, Jan 21 Chris Smalling. Tonsilitis, Jan 14 Jonny Evans. Calf, Jan 14 Fabio da Silva. Hamstring, Jan 14 Michael Owen. Back, no return date