- Associated Press - Monday, January 20, 2014

LONDON (AP) - Trying to explain yet another setback, a despondent but determined David Moyes wouldn’t take the bait.

Manchester United’s 3-1 loss at Chelsea on Sunday - the team’s seventh of the Premier League season - left the defending champions 14 points behind leader Arsenal.

“Some people might call it a crisis,” one reporter said to Moyes after the match at Stamford Bridge.

“Who?” the United manager snapped back.

“Me,” the reporter responded.

“It’s not the performance that’s expected,” Moyes answered. “That’s correct.”

The reporter tried again: “Is it a crisis?”

Moyes: “No. That’s your word, not my word.”

Just like predecessor Alex Ferguson, Moyes wasn’t biting. But the league standings look troubling enough - by United’s standards - without Moyes adding to the sense of uncertainty with pessimistic sound bites.

Especially when the current United manager could point out that he inherited a squad in need of strengthening, particularly in midfield.

Especially when investors will be watching closely at a business whose share price has slumped from a high of $19.34 after Ferguson delivered the 20th English title to $15.20 at Friday’s close. Trading on Wall Street was closed Monday for Martin Luther King Day.

A further fall in fortunes could wipe hundreds of millions of dollars off the value of the club, which is controlled by the Glazer family, and hamper attempts to cut the debt that was last recorded at 361 million pounds (around $593 million).

It’s too early to say whether United’s slump is a blip or if the Old Trafford empire is crumbling, just as Liverpool went into decline after dominating in the 1970s or 1980s.

Off the field, United remains a commercial juggernaut, projecting that it will rake in about 420 million pounds ($690 million) in 2013-14.

The budgets, however, are based on United finishing at least third in the league, and reaching the quarterfinals of the Champions League and the domestic cups.

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