Manchester United plan to scale back their activity in the transfer market in the coming windows, one of the club’s senior executives said on Thursday, following a team revamp following the arrival of new manager Erik ten Hag.
United were one of the European teams that spent the most during the transfer period last summer, spending close to 250 million dollars on players such as the Argentine Lisandro Martínez and the Brazilians Antony and Casemiro.
The 20-time English champions reported a net loss of 115.5 million pounds ($130 million) for the 2021-22 season and net debt under their unpopular owners, the Glazer family, increased by 95.4 million pounds ( $107.5 million) to £514.9 million. ($580 million). That’s a 22% increase.
The arrival of new players is beginning to take effect. United have won their last four Premier League games after starting the season with back-to-back defeats that put Ten Hag in some trouble.
“We will continue to support Erik to ensure he has players with the right quality and character to succeed, while ensuring the investment remains consistent with our commitment to financial sustainability,” said John Murtough, director of United sports operations, in a call with investors.
“Overall, we are ahead of schedule in our recruiting program as planned in early summer and do not anticipate the same level of activity in future windows.”
United’s chief financial officer, Cliff Baty, said the club’s financial results were negatively affected by the absence of a summer tour in July 2021 and the impact of the weakening pound on some non-cash financial costs.
United’s revenue rose 18% to 583 million pounds ($657 million). Baty said the club expects revenue of 580 million to 600 million pounds ($655 million to $677 million) for the next financial year even though the team is in the Europa League this season and not the Champions League, which it is more lucrative.