I don't agree with you. Man Utd is the richest club in the world (and that was because of Richard Kenyon and not Ferguson) i think it's only logical that he should win league after league. Don't forget that the way the television money is divided in the Premiership and in Europe advantages the big clubs, if you think about that it's fairly logic that they win league after league and in Europe their underachievement becomes even more blatant.
Quite a few Man Utd fans on this forum criticised Chelsea last year for under-achieving despite the Abramovich money. Man Utd is still the richer club and Chelsea is doing better currently.
I've been a Man Utd fan for about 30 years and i still love the club (although i'm not a fan anymore). Man Utd has something magically: the 1958 airplane crash with the Busby babes, the resurrection with the second generation of Busby babes (Best, Charlton, Law, Stiles), the relegation in the 70's and then anbother resurrection with a great new generation (Beckham, Giggs, Scholes, The Neville Brothers). Kenyon has been very clever and has exploited the global appeal Man Utd always had. He's Man Utd true genius and not Ferguson. I can give at least 50 coaches who would have done as good as him...