SIR Alex Ferguson has once again defended his decision not to make major waves in the transfer market this summer - and insisted it had nothing to do with Manchester United's massive debt. Despite receiving a world record £80m for the sale of Cristiano Ronaldo to Real Madrid, Ferguson has restricted his outgoings to £17m on Antonio Valencia and another £3m to recruit Gabriel Obertan from Bordeaux. In addition, Ferguson snapped up Michael Owen on a free transfer, while Senegalese wonder-kid Mame Biram Diouf has also been signed with an eye on the future. However, the vast majority of United's Ronaldo money remains unspent but denies he has been told not to spend the money by the Glazer family, who own the club. ?Pay no attention to the cynics who have suggested our owners have stopped us spending,? said Ferguson. Challenge ?Believe me, it was purely a football decision. ?Maybe it is the Scotsman in me but I believe in value, even when I am spending someone else's money, and the asking price for players we were looking at just wasn't realistic. ?What you must remember is that we are working from a position of strength. ?We don't suddenly have to splash out to try and compete at the top.? And, while Ferguson has already admitted Ronaldo will be a ?massive loss?, he denies the argument that United cannot prosper without the world player of the year. ?We were never a one-man team,? he said. ?We have other players who will rise to the occasion and fill the gap, of that I am sure.?