Manchester United are in the process of a wholesale repositioning of themselves in the transfer market, utilising their legitimate concerns over Profitability and Sustainability Rules (PSR) to drive harder bargains with European clubs.
Ruben Amorim’s team have hit fresh lows on the field in recent weeks, sinking to 15th in the Premier League as the under-fire Portuguese boss has made a series of bracingly honest admissions about their shortcomings.
Before Sunday’s limp defeat at Tottenham he claimed the club would have to consider offers for the likes of homegrown stars Alejandro Garnacho and Kobbie Mainoo, as well as needing to sell before they buy in the close season.
That comes against a backdrop of further potential Ineos job cuts and fan disquiet over ticket prices.
The club’s hierarchy admitted in a letter to The 1958 fan group that they were at risk of breaching PSR in future years if they did not address the financial concerns that have seen them lose more than £300m over the last five years.
The i Paper understands that with minimal outlay in January and guaranteed income from outgoing transfers due, there is no risk of a PSR breach this year and that they will not be forced into sales before the 30 June “soft” transfer deadline.
But their headroom for potential purchases could be as low as £20m to £30m, a figure that is unlikely to fund the sort of major surgery on the squad that Amorim envisages.
Manchester United’s priority now appears to be players in their early 20s with potential – such as Patrick Dorgu, 20, signed from Lecce – while even targets for a front-line striker may not be the finished article.
As well as interest in Amorim’s old Sporting Lisbon striker Viktor Gyokeres – rated at around £80m – The i Paper has been told they are one of the clubs keen on Ipswich’s 22-year-old Liam Delap, who would cost nearer £40m, with Chelsea also watching him.
That PSR headroom would be swallowed up by either of those deals – which is why the club is contemplating sales, including prize assets like Mainoo and Garnacho.
One thing is clear: the United of yesteryear, prepared to spend over the odds to bring the likes of Antony and Casemiro to the club at a premium, is no more.
When they walked away from the Mathys Tel loan deal because they didn’t feel it represented value for money, that was a signal to the market that they will no longer spend big unless it makes financial sense.
Ineos talked a good game about restructuring recruitment in the summer, spent big on players who have yet to have an impact, and then fired Erik ten Hag to bring in a manager whose system is not suited to them.
A new approach to recruitment that satisfies Amorim’s wishes while also operating within the PSR reality is a big ask.
“It’s one step forward and then two steps back from a financial perspective,” says Professor Rob Wilson, a football finance expert and programme director at the University Campus of Football Business.
“I have been warning for many years now that the sporting performance – or lack of it – would catch up with them in terms of their financial position, and that is what appears to be happening.
“They’re not at risk of an imminent [PSR] breach but they’re on an amber warning. They have got to be careful, and when you couple that with the situation with the on-field performance it strikes me as though they have decided to rip up what they’ve done previously.
“There will need to be major surgery on the team and that’s going to be very expensive. Finding the funds for that is the main issue they’re facing.”
Revenue remains strong – over £650m, more than almost any other Premier League club – but Wilson insists it could have pushed £1bn but for poor performances on the pitch.
Another year without Champions League revenue, and failing to trigger performance clauses in high-profile sponsorship deals, will create problems too.
“I think it’s sell to recruit,” Wilson says. “That’s the nuance here in the narrative being put out.
“They are clearly trying to regain some control of their transfer spending and that’s not just themselves in the way they’re doing business, it’s also putting out to the market that they won’t be fooled any more.
“They won’t spend £80m on Antony anymore, it’ll be pushing them hard for a £25m deal.
“The Patrick Dorgu deal was more sensibly structured so they’re starting to do that already.
“They need to sell to buy, absolutely, but they’re also using PSR as a big stick to tell European clubs they won’t be buying in the same way.”
As they try to forge a new way, there are reminders of past mistakes still clinging to the club. Casemiro – who had been out of favour under Amorim until Sunday’s start at Spurs – is one of the club’s big earners with a contract that stretches until the summer of 2026.
It is no secret United have been open to selling him but his intention appears to be to stay.
“I have a year and a half left on my contract and I’d like to fulfil it here in Manchester. I’m comfortable here and so is my family,” he told Spanish paper Diario AS.
There are no quick fixes to the situation the club finds itself in.
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