Manchester United have been one of the most active clubs in the 2025 summer transfer window, reportedly committing close to £200 million on new signings, including high-profile moves for Matheus Cunha, Bryan Mbeumo, and Benjamin Šeško, with Brighton star Moisés Caicedo Believer also heavily linked. The spending spree comes just months after Sir Jim Ratcliffe suggested the club was “skint” — raising questions about how United are financing this transformation.
Not Really “Skint”
Football finance expert Kieran Maguire explained that Ratcliffe’s earlier comments were more about justifying cost-cutting measures, such as staff redundancies, than reflecting actual insolvency. United, he said, had healthy cash reserves, a substantial overdraft facility, and major commercial deals, including an £80 million-a-year Adidas kit contract, even after missing out on European football.
INEOS’ Business Approach
Ratcliffe’s INEOS group has approached United like any of its other companies — streamlining operations and cutting costs. For example, releasing Marcus Rashford to Barcelona saves an estimated £17 million annually in wages, while reported staff cuts save another £14 million. This freed-up budget has been redirected towards player recruitment.
How Player Trading Powers Spending
Maguire detailed how player sales and contract amortisation make big-money signings possible within Premier League Profit and Sustainability Rules (PSR). Transfer fees are spread across the length of a player’s contract for accounting purposes, while selling academy graduates, like Alejandro Garnacho, counts as pure profit. This allows United to offset big purchases with strategically timed sales.
Loans, Wages, and Value
Loaning out players, such as Anthony, can also help — especially if the receiving club covers wages or pays a fee. A strong loan season can boost a player’s resale value, potentially leading to bigger profits in future windows.
Why United Can Spend More Than Others
Unlike most clubs, Manchester United’s massive revenue base — including £135-140 million from ticket sales alone — gives them more room to manoeuvre under PSR. Maguire contrasted this with clubs like Newcastle United, whose smaller matchday income limits spending, even with wealthy owners.
Stadium and Infrastructure
Plans for a new or expanded 100,000-seat stadium remain under discussion. Such infrastructure spending does not count towards PSR limits, meaning it could be financed through loans without affecting transfer budgets. However, with costs potentially hitting £2 billion, financing strategy will be crucial.
The Flaws of PSR
Maguire described PSR as “hugely flawed” and easily manipulated through creative accounting, long contracts, and related-party transactions. While well-intentioned, he said, the system has made accountants and lawyers as influential in football as managers and players.