The problems keep piling up at Old Trafford—and some are falling through the stadium’s famously leaky roof.
Manchester United are already dealing with managerial uncertainty, unrest in the dressing room and growing anger among supporters directed at the board and owners. Now, a new study has branded them the worst transfer operators in Europe.
Analysts at the CIES Football Observatory have examined the transfer activity of hundreds of clubs worldwide.
Their conclusions make bleak reading for United. The club are the lowest-ranked European side in the study after recording an estimated £334million loss over the past five years.
The figures represent another damaging assessment of Ineos, which has overseen United’s football operations since taking control of that area in 2024.
Only Saudi Arabian powerhouse Al-Hilal, whose spending has been substantial, sits below the Red Devils in the global rankings.
Antony (left) and Rasmus Hojlund (right) were both sold for a massive loss by Man United – who rank as the worst transfer operators in Europe
CIES included every club around the world that has spent more than £42million on transfer fees since 2021, with add-ons included in the calculation.
Researchers compared the money spent on incoming players with the fees generated from sales, excluding loan deals. They also assessed the current value of footballers still contracted to each club.
A strong position on the table suggests an effective and intelligent recruitment model, while a low ranking points to poor value in the transfer market.
For United, the analysis estimates a £156million shortfall from player sales, while the market value of the squad managed by under-fire boss Michael Carrick has fallen by another £184million.
The reasons behind those figures are not difficult to identify. United paid Ajax £85million for Antony in 2022, only for the winger to depart for Real Betis in a deal worth just £21.7million.
Jadon Sancho joined from Borussia Dortmund for £73million amid huge expectations. United ultimately received no transfer fee for him, and he is now a free agent.
Rasmus Hojlund arrived from Atalanta in 2023 for £72million before moving to Napoli at a loss of £34million.
Other expensive signings, including Andre Onana at £47million, Mason Mount at £60million and Joshua Zirkzee at £36million, remain at the club but have struggled to establish themselves as major successes.
The CIES study is a damning indictment of Sir Jim Ratcliffe’s INEOS, who have run football operations since buying a stake in the club
The issue, then, is not merely United’s inability to sell players for substantial fees. The figures also highlight their repeated failure to identify the right targets and pay appropriate prices for them.
Eintracht Frankfurt lead the study after recording an estimated £441million increase in squad value.
Real Madrid follow closely with a £440million rise, while Champions League holders Paris Saint-Germain are third on £394million.
Manchester City are fifth, just behind Benfica, after increasing their value by approximately £374million. However, that result comes with a significant caveat: the club were found guilty of breaching financial rules between 2009 and 2018, a period that helped lay the groundwork for the five-year window examined by CIES.
United are not the only Premier League club to have endured a poor spell in the transfer market.
Tottenham’s overall value has declined by £157million, while the estimated value of their players has dropped by £195million. Richarlison’s £60million move from Everton in 2022 and Dominic Solanke’s £65million arrival are among the most prominent investments that have failed to produce the desired return.
It is too early to judge how Tottenham’s huge summer spending on Sandro Tonali, Mateus Fernandes, Jan Paul van Hecke and others will develop, but Spurs sit fourth from bottom in the CIES rankings.
Brighton are among the best performing club in terms of transfer strategy
Leicester City, now competing in League One, suffered a £73million decline, while relegated West Ham recorded a £63million drop.
By contrast, Bournemouth, Brighton and Brentford—clubs frequently praised for their recruitment structures—performed strongly. Their respective gains stood at £292million, £271million and £253million.
Liverpool barely moved overall, recording a £13million change in value after losing Trent Alexander-Arnold and Ibrahima Konate on free transfers and spending more than £100million on three players over two years.
Chelsea have spent close to £2billion but have also generated significant income from sales, leaving them £179million higher in value over the period. Nottingham Forest, another club heavily active in the transfer market, recorded an identical increase.
Among the Premier League clubs included in the study, Manchester United are comfortably the worst performers according to CIES’ criteria.
The troubled club have opted to give Carrick more time in the job, but the findings are likely to deepen supporters’ already serious doubts about the leadership of Manchester United. The club’s transfer failures over the past five years have now been laid bare in stark financial terms.
