Manchester United’s £334m transfer shortfall revealed in five-year CIES review

Manchester United have recorded the biggest transfer-market losses among European clubs over the past five years, according to the CIES Football Observatory.

The club’s overall shortfall is estimated at £334m, with only Saudi Arabian side Al Hilal ranked below them in the study’s full list of clubs.

The analysis compared the money spent on signing players with the fees received from their sales, while also assessing changes in the market values of footballers who remain at each club. The figures were reported by the British newspaper the Daily Mail.

Manchester United’s total reflects two separate problems. The club lost approximately £156m through the net value of player sales, while the estimated market value of their squad fell by a further £184m.

Several major transfers illustrate the scale of the losses. Antony joined from Ajax for £85m before moving to Real Betis for only £21.7m. Jadon Sancho cost £73m but left without Manchester United receiving a transfer fee, while Rasmus Højlund’s move to Napoli represented a loss of £34m.

Despite INEOS, the company linked to Sir Jim Ratcliffe, taking responsibility for the club’s football operations in 2024 and beginning efforts to reduce the losses, the study reflects the problems accumulated during earlier transfer windows.

Tottenham also among the struggling clubs

Manchester United were not the only English club to perform poorly in the rankings. Tottenham were also included among the weakest performers, with the club’s overall value falling by about £157m. They were placed fourth from bottom in the list.

At the other end of the table, Eintracht Frankfurt led the way after increasing their value by £441m. Real Madrid followed with growth of £440m, while Paris Saint-Germain recorded an increase of £394m.

Bournemouth, Brighton and Brentford also posted substantial gains. Their values rose by £292m, £271m and £253m respectively.

Chelsea’s value increased by approximately £179m despite the club’s significant spending in the transfer market. Manchester City recorded growth of £374m, while Liverpool finished close to break-even with an increase of £13m.

The results highlight the differing abilities of clubs to identify suitable signings, control recruitment costs and protect the value of their squads.

Those areas remain significant challenges for Manchester United, whose recent transfer business has produced a substantial financial deficit and a decline in the estimated worth of their playing group.