Manchester United closed the summer transfer window with one of the lowest outlays among Premier League clubs, a stark contrast to the free-spending era the club has grown accustomed to over the past 13 years. According to Transfermarkt figures, United spent around £148m, potentially rising to £155m, exclusively on midfielders, with no other senior signings made. That left them 11th in the Premier League's spending table, behind even promoted sides Ipswich and Hull.
The disparity with rivals is striking. Manchester City spent more than £400m this summer, while Chelsea and Tottenham each exceeded £300m. Newcastle, Aston Villa, Liverpool and Arsenal all spent more than £200m. United's relatively modest business has raised questions about whether the club left itself short in key areas, notably at left-back and up front, where many observers felt reinforcements were needed.
Interim boss Michael Carrick, who has overseen the club's best points return of any manager since his January appointment, has defended the business done in the window while acknowledging the broader picture invites scrutiny. "Certainly, the players that we've brought into the group, I'm absolutely delighted with," Carrick said. "I think we've done some really good business there for the quality and the level of player that we've got. You can always look at it, and there's other things you can do or possibly could have done."
The club reportedly turned down the chance to take Rayan Ait-Nouri on loan on deadline day and was in no position to pursue targets such as Newcastle's Lewis Hall. Part of the constraint stemmed from United's continued struggle to offload unwanted players. Manuel Ugarte remains at Old Trafford despite injury complications at the World Cup, while Andre Onana has only been loaned out to Trabzonspor rather than sold. Marcus Rashford's proposed £26m move to Barcelona also collapsed after the Spanish club opted not to trigger their purchase option — a decision that may benefit United given the striker's current form.
Aside from a fee for Rasmus Hojlund, agreed with Napoli in 2025, United banked little from outgoing transfers this summer. Only Coventry brought in less revenue from sales among clubs monitored. That places United awkwardly in the net-spend rankings, especially compared to clubs like Aston Villa and Chelsea, who turned a profit, and Newcastle, who were close to doing so for much of the summer.
United's financial position also reflects the lingering effects of previous transfer dealings. Heavy losses on past signings such as Antony and Casemiro continue to weigh on the books, while there are questions over whether the club overpaid for parts of last season's £200m attacking trio of Bryan Mbeumo, Mateus Cunha and Benjamin Sesko — even if Senne Lammens' arrival proved good value. Annual accounts continue to show outstanding transfer fees owed to other clubs, compounded by interest payments tied to the debt inherited from the Glazer family's ownership structure.
Ruben Amorim's turbulent tenure added further costs, including an £11m compensation payment to Sporting CP and continued wages paid after his dismissal. United's 15th-place finish in the Premier League last season significantly reduced prize money, while an early Carabao Cup exit to Grimsby under Amorim and an FA Cup defeat to Brighton under caretaker Darren Fletcher limited the club's overall games played and associated revenue.
Against that backdrop, this summer's recruitment — Youri Tielemans arriving via a £35m release clause, Andrey Santos joining for £77m less than former Chelsea teammate Enzo Fernandez, and Carlos Baleba signed for an initial £65m — represents a more restrained approach. Even Baleba, the most expensive of the three, ranked only 10th among Premier League buys this summer.
"For what we've spent, we've certainly made the most of it, without a shadow of a doubt," Carrick said, while also acknowledging the limitations of the current squad. "What squad's ever the perfect squad? You've always got to find ways of adapting."
With spending power reduced, the coming season may hinge on how effectively Carrick can maximize a squad built on a tighter budget than most of United's title and top-four rivals.
Based on reporting from The Independent.