The £100m final Man Utd cannot afford to lose?

"It's a crossroads moment."

That is nan verdict of erstwhile Manchester United first-team coach Rene Meulensteen connected nan club's Europa League last against Tottenham connected Wednesday.

Like each United fans, nan Dutchman is coming to position pinch a bitterly disappointing home campaign, and dreading nan consequences of nonaccomplishment successful Bilbao.

"It would beryllium a metallic lining. A triumph successful nan Europa League isn't going to dress up for nan astir disastrous season," Meulensteen told BBC Sport, pinch United languishing 16th successful nan Premier League, and now condemned to their lowest top-flight decorativeness for much than half a century.

"But if they don't triumph it, why would we expect thing different adjacent season? The trophy would free up immoderate finances to get players in.

"If they don't triumph it, we won't beryllium successful Europe, and I really interest what nan early is going to look like."

With qualification for nan lucrative Champions League nan prize for nan Europa League winners, and group against nan backdrop of United's agelong decline, it is easy to spot why nan lucifer is being portrayed arsenic specified a defining infinitesimal astatine Old Trafford.

But conscionable really important is it really?

"Financially, it's nan astir important lucifer successful nan club's history," says shot finance master Kieran Maguire.

"Champions League information is crucial, because it could make complete £100m from tickets, broadcast money, and sponsor bonuses."

With 4 location games guaranteed, Maguire estimates that location could past beryllium an further £30m-£40m if United spell heavy into nan competition.

While nan benefits of being backmost successful nan expanded Champions League use conscionable arsenic overmuch to Spurs of course, United arguably request it more.

Spurs recorded an yearly nonaccomplishment of £26m past year, while United's shortage was £113m complete nan aforesaid period. That took their full losses to £300m complete nan past 3 years.

The consciousness of underperformance is moreover much stark fixed United generated full gross of £651m past year, nan 4th highest by immoderate nine successful world football.

But owed mostly to nan leveraged takeover by mostly owners nan Glazer family successful 2005, nan nine are besides much than £1bn successful debt, which costs tens of millions of pounds a twelvemonth to service. And that load is group to summation successful nan years up because of refinancing and higher liking rates.

Indeed, United person admitted they person been astatine consequence of failing to comply pinch Premier League profit and sustainability rules (PSR) that limit clubs' losses.

In March, co-owner and petro-chemicals billionaire Sir Jim Ratcliffe told me nan nine would person gone bust by nan extremity of nan twelvemonth if important action had not been taken, bemoaning nan financial load of respective players he had inherited who "were overpaid and not bully enough".

Meanwhile, fans are clinging to reports linking nan nine pinch moves for imaginable targets specified arsenic Liam Delap, Antoine Semenyo and Matheus Cunha. But if United neglect to waste loaned-out, high-earning players specified arsenic Marcus Rashford, Jadon Sancho and Antony, acquisitions could hinge connected what happens successful Bilbao.

Luring caller players to Old Trafford is apt to beryllium overmuch easier if nan nine tin connection European football. And United person admitted that if they are to amended their underperforming squad, they request to trim outgoings, hence nan hundreds of unit redundancies, and summons value increases imposed by Ratcliffe - that person sparked protests by fans.

"United still person 1 of nan highest costs bills successful nan Premier League. They person a squad which has costs much than £1bn, and galore of those deals person been connected credit, truthful they person outstanding instalments of complete £300m that request to beryllium paid," says Maguire.

"So they request nan rate from nan Champions League to meet their ongoing financial obligations, and that's earlier they commencement recruiting nan players nan head wants. The further gross will put nan nine successful a acold stronger position successful position of a reboot."

Such thoughts are echoed by erstwhile United defender Rio Ferdinand who told PA that triumph could spark a "new era" for nan club.

"With Manchester United, they request nan money to enlistee for this head and it's a captious play for him successful that sense," he said. "I do deliberation it's a chance to property nan restart fastener and it will beryllium a caller era if these are nan guys who managed to win."

With each finishing position successful nan Premier League array worthy astir £3m, United person made astir £30m little than nan club's executives would person been readying for.

For nan Ineos hierarchy, a trophy would besides thief compensate for nan £14.5m spent connected nan sacking of erstwhile head Erik 10 Hag - who was retained and past backed successful nan transportation marketplace past summertime - and nan hiring and firing of erstwhile sporting head Dan Ashworth.

Under mounting scrutiny complete specified decisions, nine bosses are besides yet to explicate really they will spend to build a projected caller stadium estimated to beryllium costing astatine slightest £2bn.

At a clip erstwhile Ratcliffe is reducing his different sports investments, including an Ineos sponsorship statement pinch Spurs, successful a challenging economical scenery for nan chemicals industry, a first European trophy since taking complete astatine Old Trafford would beryllium a very timely boost.

Winning successful Bilbao would besides travel astatine a cost. With subordinate contracts heavy incentivised, Maguire estimates that qualifying for nan Champions League will besides mean United could look having to salary retired 25% other connected wages. But he maintains that nan Champions League would still beryllium "transformative".

Manager Ruben Amorim hinted arsenic overmuch erstwhile admitting that nan Champions League was much important to him than winning nan Europa League. "The champion measurement to thief america to get to nan apical successful a fewer years is nan Champions League, not nan cup," he said.

When asked if being retired of Europe adjacent play mightiness really thief by giving him much clip to activity connected his squad, he was clear that losing nan last against Spurs would beryllium "really bad... nan patience of nan fans and you guys [the media] adjacent twelvemonth if we don't triumph it is going to beryllium connected nan limit".

For Spurs, nan imaginable of a first trophy since 2008 is besides a chance to salvage thing from a hopeless Premier League run that – conscionable for illustration United - has redefined what home nonaccomplishment looks for illustration for a alleged 'Big Six' club.

Their play has besides featured furious instrumentality protests complete a perceived deficiency of finance by nan club's proprietor Enic and nan attack of president Daniel Levy.

"Qualifying for nan Champions League would beryllium successful nan desirable class for Spurs, alternatively than essential," says Maguire.

"They are nan best-run business successful nan Premier League. They person nan astir profits historically. They person an expertise to make money from non-football activities to a acold greater grade than immoderate different club, truthful they've ever sewage this arsenic a support mechanism."

At United, a 2nd consecutive play retired of nan Champions League intends nan nine will person to salary kit supplier Adidas a £10m punishment nether nan position of their deal.

Speaking connected information of anonymity, 1 erstwhile elder United fig predicts that nan sponsorship gross nan nine person prided themselves connected complete truthful galore years could beryllium astatine consequence of "collapsing" if they are retired of Europe for only nan 2nd clip successful 35 years, and that their marque worth is now astatine a pivotal moment.

"Not being a European squad creates much existential issues astir nan full model" they told BBC Sport, pointing to nan extremity of nan Tezos sponsorship of nan club's training kit this summer.

"It's not healthy, and group commencement to mobility whether you are still a 'big club'. But win, and it keeps nan wheels spinning. The rate will beryllium 'lifeblood' that allows them to support trading. If not, they'll person to look astatine trading homegrown talent for illustration Alejandro Garnacho and Kobbie Mainoo to springiness them nan costs they want."

Some United fans travelling to Bilbao will dream nan lucifer evokes memories of nan 1991 Cup Winners' Cup triumph - which helped spark nan consequent Sir Alex Ferguson glory years, and showed nan nine could execute again astatine a European level.

Others will look to 2017 arsenic inspiration, erstwhile Jose Mourinho's squad won nan Europa League final to rescue Champions League qualification aft finishing sixth successful nan Premier League. But fixed really overmuch worse United's convention capacity has become, this feels overmuch much significant.

Lose against Spurs, and galore will consciousness that Ineos' already eager Mission 21 scheme to move United into Premier League champions by 2028 could commencement to look for illustration Mission Impossible. However, elder United insiders conflict nan proposal that this is "win aliases bust", insisting that nan cost-cutting programme nan nine are implementing is designed to springiness elasticity successful nan summertime transportation window, and has been predicated connected a 'no-Europe' scenario.

While they judge that winning nan Europa League would supply a awesome boost, they opportunity nan cardinal is fixing nan club's structure.

Both Amorim and his counterpart, Spurs leader Ange Postecoglou, person played down suggestions that nan Europa League offers immoderate benignant of panacea. Indeed, pinch Spurs besides connected people for their worst-ever Premier League season, triumph whitethorn not beryllium capable to support Postecoglou successful his job, while Amorim seems unafraid successful his, moreover if his squad loses.

And yet location is nary denying that location will still beryllium a immense magnitude astatine liking connected Wednesday, making this 1 of nan astir eagerly anticipated matches of nan season.

While nan neutrals tin bask nan jeopardy, United and Spurs fans will agelong for a much-needed consciousness of dream astatine nan extremity of a play to forget. Here successful Bilbao, a metropolis known for its regeneration, lies a chance to kickstart a revival.

Lose, however, and nan roadworthy to betterment will consciousness overmuch longer.