Chelsea and Manchester United square off today in the Champions League final, live from Moscow at 2:45 p.m. EDT. The matchup marks the first time two English teams are vying for the European soccer title. The two teams also battled each other for the English Premier League title, with Manchester United edging Chelsea on the last day of the season. Long-standing, evenly matched rivals that boast many of the world’s best players should normally make for an exciting Champions League final. But the encounter threatens to be dull because of the familiarity between the two clubs. If their matchup in last year’s English FA Cup final is any guide, both teams will try to neutralize the other’s attacking threats, and drag the game into stasis, unless the allure of a European title can entice them into more adventurous soccer.

Beyond the outcome of today’s match, the drama between these two teams off the field is anything but tame. Manchester United and Chelsea are locked in constant competition for the best talent. The goal for both clubs is the same: Bring together enough talented players to dominate English and European soccer year after year. This goal is an expensive one, though, and the finances of both teams have been stretched at the same time that other developments have made their long-term prospects appear uncertain.

While United would seem to have a bright future, with a manager in the Hall of Fame and a talented roster that includes the world’s best player, Cristiano Ronaldo, the mounting debt incurred by the team’s owner threatens the club’s ambitions. Chelsea, in contrast, has relied on their billionaire Russian owner, Roman Abramovich, to make financial worries seem irrelevant. But many of their best players are unsettled, their manager is rumored to be departing at the end of the season after less than a year in charge — and now it turns out their financial picture might not be as rosy as it seems.

Manchester United just won their second straight English Premier League title after a three-year drought (long by their high standards). They have a squad loaded with world-class players, all the way through the third-string goalkeeper, Ben Foster, a likely future keeper for the England national team.

But the success and stability on the field — Sir Alex Ferguson is wrapping up his 22nd season as manager — has not nearly been matched in the club’s executive suite. The most valuable soccer club in the world according to Forbes Magazine, United was sold to Malcolm Glazer in 2005. The American, who also owns the Tampa Bay Buccaneers, is not noted as a soccer fan, one reason he has received a frosty welcome from team fans. Another reason was the nature of the takeover. Glazer used the team as collateral to secure the loans he needed to buy it. United, which had previously been publicly traded and financially sound, was suddenly carrying hundreds of millions of dollars in debt. While Glazer has managed to refinance some of the loans, he has let the total amount of debt the club owes climb, rising to approximately $1.5 billion in the latest financial reports.

Chelsea, in contrast was thought to be 100% debt-free. The timely takeover of the club by Abramovich, just after the end of the 2002-03 season, removed a sizeable debt from the club. Rather than having to sell players that summer, the club instead became a destination for talented — and expensive — soccer players from all over the world. The unlimited investment paid off in the second year of Abramovich’s reign, as Chelsea won the first of two straight Premier League titles in the 2004-05 season, setting a record for points with 95 while also winning the League Cup.

Despite the talented roster, they could not manage to win the Champions League title, and United beat them for the English title in the 2006-07 season. After a sluggish start to the most recent league season, Jose Mourinho, their brilliant and outspoken manager, was fired in September. Several of the players, apparently more loyal to their former manager than to the club that paid their high salaries, threatened mutiny after Mourinho’s departure. Their next game was against United, and the team looked distracted while losing to their rivals. Afterward, Chelsea’s new manager, Avram Grant, managed to pull the team together and mount a credible title challenge to United, as well as get them into the Champions League final. But Grant’s job is not secure, and many of the top players who threatened to leave in September seem set on following through with those threats this summer.

Worse still for Chelsea, Abramovich’s commitment to the club has seemed tenuous lately. While Abramovich has always had a taste for the finer things in life — he owns several of the world’s largest yachts — his recent splurge on fine art (he spent over $120 million on two paintings at auction last week), suggests a new hobby might vie with Chelsea for his interest.

And that’s not all: Chelsea’s latest financial report showed that Abramovich’s support for Chelsea has been in the form of loans, albeit interest-free. Significantly, this means Chelsea is not debt-free, as previously thought, but is, in fact, nearly as deep in debt as United.

Today’s Champions League final in Moscow will determine whether Chelsea or Manchester United is the best team in Europe this year. But in the long run, Manchester United, despite its mounting debt, looks to be better positioned for a reign of dominance. United’s continued success on the field should improve their long-term financial condition, while resolutions to Chelsea’s myriad problems depends on whether Abramovich stays interested in soccer. Without Roman, the high times of the last few years will almost assuredly be over for Chelsea.

samsternjones@gmail.com