This was supposed to be the summer transfer window Manchester United supporters had been demanding for a long time.
Money has been spent in recent years, over £200m splurged on a new forward line last summer – but one area of the team has always been neglected in each window.
Something has been missing in central midfield for a long time, perhaps ever since now-manager Michael Carrick hung up his boots. Supporters were assured that numbers and quality would finally be added to the engine room.
The numbers have come in – two central midfielders already – but the big-name, top targets have moved elsewhere. Even Tottenham are leaving United trailing in their wake. No other areas of the squad have been strengthened, other than a reserve goalkeeper.
So far, the net spend measures around £25m. Manchester City spent four times that on United’s top pick, Elliot Anderson.
Do United have the money?
United, even with all the debt hanging over their heads, remain one of the most profitable clubs in world football.
With financial rules switching from Profitability and Sustainability Rules (PSR) to Squad Cost Ratio (SCR) this season, United are in an even stronger fiscal position, as the new statutes focus on revenue generated, rather than overall losses made.
“The cash reserves are fine,” football finance expert Kieran Maguire tells The i Paper. “Being back in the Champions League, that’s worth another £50m minimum, probably closer to £100m by the time you factor in four home games as a bare minimum, realistically six.
“They make a lot of money from ticket sales, they pick up a lot of prize money from Uefa, they’ll have bonuses which will kick in from sponsors, because it’s Champions League or nothing as far as your sponsors are concerned.
“So I do think their lack of activity is odd. They’ve got the capacity to spend.”
Self-imposed spending limits
A cautious approach so far to the transfer market isn’t down to a lack of funds. It is how much is made available.
Insiders have been keen to reiterate that “funds are limited”, which is why United executives feel that a deal for Newcastle full-back Lewis Hall will be difficult to agree. The true meaning of that stance is that the club have imposed their own limits on what they are willing to spend on individual targets. Ineos feel United have been overpaying for too long.
United would have been interested in Mateus Fernandes and Sandro Tonali had they been available for £70m; instead they joined Spurs. Ineos wanted Anderson, but as soon as the fee went above £100m, United dropped out of the running.
Now is not the time to take such huge gambles – four of their five record captures are Paul Pogba, Antony, Jadon Sancho and Romelu Lukaku, who all struggled to live up to their price tags.
Andrey Santos and Youri Tielemans are both sensible picks, with Premier League experience – something United’s new transfer hierarchy saw as crucial for any new recruit this term.
Next summer may be the opportunity to take more risks. For now, if the right targets are not available at the right price, then United will wait.
Cost-cutting
Whether it is what supporters want from their owner is another matter, but Sir Jim Ratcliffe has made his name by turning around failing businesses. A big part of his manifesto when taking over any ailing enterprise is cost-cutting.
The playing staff have not been spared from his culling of United employees. Big earners Casemiro and Jadon Sancho have been let go this summer, while Andre Onana’s wages remain someone else’s concern this season.
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Yet, in Ineos’ eyes, the outlay on wages still needs some work. Getting over £1m a week off the payroll is impressive, but a return to the Champions League has given many players a 25 per cent wage increase as a bonus. Even Mason Mount, who barely kicked a ball last season, and Marcus Rashford and Onana, who were both out on loan last season.
These deals were negotiated before Ineos’ arrival, but they still have to foot the bill. In any good business, you cannot increase expenditure too much until costs are kept under better control.
“United have been offering premium wages to all levels of player for too long,” one source close to the club says.
“It takes a long time to get out of that cycle. Other clubs have bigger top earners, but United constantly offer £80,000-£100,000-a-week more than they should.”
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