€2.32b post Sir Alex
“Dumb money” – Why Man Utd transfer complaints are foolish after wasting billions
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There’s still almost two months remaining of the summer transfer window but that reality hasn’t prevented some Manchester United fans crashing out over a perceived lack of business. Now, whether that angst and bewilderment is genuine or motivated by the aim of generating engagement on social media is firmly open to interpretation, but it’s undeniably present. After a successful season with Michael Carrick transforming United’s fortunes and securing a return to the Champions League, many expected the Old Trafford hierarchy to move quickly to invest heavily to provide the optimum opportunity to build on that improvement. Whilst it’s still incredibly early, transfer dopamine seems to escalate every season and there’s a genuine thirst for immediate new arrivals and outrage – often faux – when deals aren’t immediately finalised.
Manchester United
Squad list
Does the United squad badly need reinforcements this summer? Obviously yes, especially with the added demands of European football. As it stands, Kobbie Mainoo is the only fit natural senior centre-midfielder and this is the crux of most supporters’ concerns. United, arguably, needed three new midfielders this summer – Manuel Ugarte’s injury could restrict this to two – and supporters have now witnessed three reported targets move to Premier League rivals. Tottenham have splurged over €200m to acquire Sandro Tonali and Matues Fernandes, while Elliot Anderson, United’s dream option, has joined rivals Manchester City. United have essentially completed a deal to sign Éderson from Atalanta but a vociferous element of supporters are demanding more.
The club is briefing to inside sources that United aren’t willing to overpay for players in terms of transfer fees or wages, and should that approach be denounced? For years under Ed Woodward, United spent profligately without a calculated strategy and that backfired enormously. United massively overpaid on players and wages, which caused major issues when they failed to perform as the club couldn’t offload them without taking a hit. That approach was rightly criticised, but now many of those same discerning voices are questioning the exact approach they called for? It’s beyond hypocritical. You can’t have your cake and eat it, with INEOS correctly learning lessons from United’s recent peril in the transfer market.
Why Manchester United are right to change transfer approach
Since Sir Alex Ferguson’s departure in 2013, United’s haphazard approach in the transfer market has been a major reason behind their struggles with former chief executive Woodward culpable for many of the failings. Since 2013/14, United have splurged €2.32 billion on new signings with only Man City (€2.64b) and Chelsea (€3.19b) having a higher expenditure. Furthermore, much of that was invested frivolously, which is highlighted by United having the highest net spend of any club since Sir Alex retired at €1.59 billion.
It’s simply not a sustainable business model, especially since the introduction of stricter financial fair play regulations and INEOS’ desire to invest wisely is the correct approach. Before his acquisition of a minority share in the club and gaining sporting control, Jim Radcliffe famously savaged United’s spending, claiming previous regimes had ‘lost the plot’. "They have been the dumb money, which you see with players like Fred,” said Ratcliffe in 2022. “[United] have spent an immense amount since Ferguson left and been poor, to put it mildly. Shockingly poor, to be honest. We have a different approach here to be moderately intelligent about it. Try to do it more grassroots, trying to locate young talent. Some clubs seem to have an ability to do that, Southampton and Lille. United have done it really poorly. They have lost the plot.”
Man United
Transfer history
And Ratcliffe was unquestionably spot on. It would require a thesis to detail all of United’s financial problems, caused mainly by the Glazer’s leveraging huge debt on the club but from a recruitment perspective, INOES, led by Radcliffe, have identified the problem. Now, it’s not been perfect at all since they gained sporting control with their signings in their first transfer window questionable at best, when they afforded far too much control to Erik ten Hag. Ugarte and Joshua Zirkzee haven’t proven successful additions while the jury is firmly out on Matthijs de Ligt and Leny Yoro. Noussair Mazraoui was shrewd business at just €15m while Ayden Heaven was a steal at €1.8m and January recruit Patrick Dorgu has shown promise.
United’s net spend in the first season under INEOS’ sporting control stood at €129m and they invested heavily last campaign, but crucially successfully. The total net spend stood at €177m with all four major signings – Senne Lammens, Matheus Cunha, Bryan Mbeumo and Benjamin Sesko – enjoying positive debut seasons. This summer will be the acid test of whether United’s recruitment has improved but the fees paid for Anderson (€135m), Tonali (€108m) and Fernandes (€99m) are astronomical, as are the wage packets. All are good, proven Premier League players but there’s a multitude of alternative midfielders on the market. It’s certainly far too early for outlandish disapproval or panic and just a quick glance at United’s record transfer fees should only reinforce that message.
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