Manchester United are still owed £12 million by Lazio from the sale of defender Jaap Stam.

Lazio paid £16 million for the Dutch defender 13 months ago, but have been unable to pay the £12 million balance on the deal, citing ‘serious finacial difficulties.’

United have already complained to UEFA about the money owed but Lazio claim they are not in a position to repay the debt.

The £12 millionis required to offset the money owed to Leeds for the purchase of Rio Ferdinand and although United could afford to pay the balance of the Ferdinand transfer without receiving their money from Lazio,the club is obviously keen to ensure that a new schedule of payments is arranged promptly.

‘We’re working with Lazio to reschedule the payments,’ said Old Trafford spokesman Paddy Harverson. ‘We’re confident the situation will be resolvd in the next 12 months.’

In the meantime, Lazio continue to pay interest on the debt, worsening their already parlous financial position.