The problems keep piling up at Old Trafford, where the trouble extends well beyond the club’s notorious leaky roof.
Manchester United are already dealing with managerial uncertainty, tension inside the dressing room and mounting anger from supporters directed at the board and owners. Now, a new report has branded them Europe’s poorest transfer operators over the past five years.
The CIES Football Observatory analysed the transfer activity of hundreds of clubs across the globe, examining how effectively they have spent and recovered money in the market.
The results make particularly bleak reading for United. The club are the lowest-ranked European side in the study after recording losses of around £334 million since 2022.
Only Saudi Arabia’s big-spending Al-Hilal sit below the Red Devils in the overall global rankings.
CIES included every club worldwide that had spent more than £42 million on transfer fees since 2021, with potential add-ons included in the calculations.
Antony (left) and Rasmus Hojlund (right) were both sold for significant losses by Manchester United, who rank as Europe’s worst transfer operators
Researchers compared the money clubs paid to recruit players with the fees they generated from sales, while loan deals were excluded. They also factored in the current market value of footballers still at each club.
A strong position on the table suggests an efficient and profitable recruitment model, while a low ranking points to expensive signings and poor returns in the transfer market.
For United, the figures show an estimated £156 million lost through player sales, while the value of those remaining in under-fire manager Michael Carrick’s squad has fallen by a further £184 million.
The reasons behind those numbers are not difficult to find. United paid Ajax £85 million for Antony in 2022, only to let him join Real Betis for £21.7 million.
Jadon Sancho also arrived with enormous expectations after his £73 million move from Borussia Dortmund. United have recovered nothing in transfer fees, with the winger now a free agent.
Rasmus Hojlund cost £72 million when he joined in 2023, but later moved to Napoli for £34 million less than United originally paid.
Andre Onana, signed for £47 million, Mason Mount, who cost £60 million, and £36 million recruit Joshua Zirkzee remain at Old Trafford, although none has consistently delivered the expected impact.
The CIES report represents a damning verdict on Sir Jim Ratcliffe’s INEOS, which has overseen Manchester United’s football operations since acquiring a stake in the club
Zirkzee is the only one of those players recruited under INEOS, which assumed day-to-day control of United’s football operations in 2024 and has since attempted to reduce the club’s financial losses. Figures cited by club insiders suggest, however, that recruitment performance has begun to improve.
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United have moved on high earners including Casemiro and Sancho while adopting a more disciplined transfer strategy under Sir Jim Ratcliffe. Last summer, they walked away from Elliot Anderson after his valuation climbed beyond £100 million and refused to enter a bidding contest with Tottenham for Mateus Fernandes.
The club ultimately spent £163 million on Carlos Baleba, Andrey Santos, Youri Tielemans and Tynan Thompson. That followed a £239 million outlay in 2025 on Benjamin Sesko, Bryan Mbeumo, Matheus Cunha and Senne Lammens.
The analysis underlines the difficulty of running a successful transfer operation: clubs must not only recover large fees when players leave, but also identify the right talent at a price that represents value.
Eintracht Frankfurt sit at the opposite end of the rankings, with the Bundesliga club recording an estimated increase in squad value of approximately £441 million.
Real Madrid are behind them with £440m, while Champions League holders PSG sit in third on £394m.
Manchester City are among the top performers – in fifth just behind Benfica – with an increase in value of around £374m, although there is clearly the enormous caveat that they have been found guilty of breaking financial rules between 2009 and 2018, a period that provided the foundation for the five years studied by CIES.
Man United are not the only Premier League side with a dreadful recent record in the market.
Tottenham’s total value went down by £157m and the value of their players has dropped by £195m. Richarlison signing from Everton in 2022 for £60m and Dominic Solanke’s £65m addition are two significant outlays that have failed to deliver.
It remains to be seen how Spurs’ massive summer outlay on Sandro Tonali, Mateus Fernandes, Jan Paul van Hecke and Co will age but Spurs are ranked fourth last on the entire CIES list.
Brighton are among the best performing club in terms of transfer strategy
Leicester City, now languishing in League One, have seen a decrease of £73m, while relegated West Ham depreciated by £63m.
Unsurprisingly, Bournemouth, Brighton and Brentford, often heralded for being among the best-run clubs, ranked highly with gains of £292m, £271m and £253m respectively.
Liverpool, who lost Trent Alexander-Arnold and Ibrahima Konate at the end of their contracts and have broken the £100m barrier on three players in two years, barely broke even with a value change of £13m.
Chelsea, despite spending approaching £2bn, have sold well and are up £179m in value change over the time frame. Nottingham Forest are another side who have been extremely busy in the market and have a rise of the same amount as the Blues.
Of the Premier League sides on the list, Man United a the worst performing by CIES metrics by a significant margin.
The crisis club have chosen to give Carrick a stay of execution and fans’ lack of faith in the running of the club will only be strengthened by the brutal transfer failings of half a decade laid out in black and white.