Manchester United's squad value has depreciated by £342million since 2022, the biggest drop of any European club, according to a recent report from the Football Observatory. The study, which covers the period from 2022 to now, shows only Saudi Arabian side Al-Hilal saw a larger decline, with their squad value falling by £424.6m.
Worst in England
The dip is comfortably the worst of any English club, with Tottenham Hotspur, who have also struggled in recent years, the closest club to United at £99.8m in depreciation. In contrast, Manchester City's squad value has appreciated by £378m in that time.
The report comes after defender Lisandro Martinez delivered a scathing assessment of the club's transfer business following the 2-0 defeat to Atletico Madrid. The 28-year-old took aim at sporting director Jason Wilcox, and it has since emerged that Martinez does not want a new contract.
Recruitment under the spotlight
United have not won the Premier League since 2012, and finished 15th in the 2024-25 campaign before Michael Carrick guided them to a top-four finish last season. Martinez feels the current squad is not ready for Champions League football and expected more from the club during the recent summer transfer window.
United spent £191.7million on new players over the summer, despite the club stating they had committed £155m to make four signings: Karl Darlow, Youri Tielemans, Carlos Baleba and Andrey Santos. While there was a focused effort to strengthen the midfield, fans had hoped for a new left-back and striker.
Big-money signings that failed
In 2022, United spent big on Casemiro, Antony and Martinez. Casemiro eventually won fans over, but was an expensive outlay at £70m for a then-30-year-old, while Antony cost £86m and was a hugely expensive flop. Martinez, signed for £56.7m and now worth an estimated £38m, is the only player signed that window still at the club.
The following summer, Mason Mount, Rasmus Hojlund and Andre Onana were all signed for big money and have since struggled, with their valuations dropping well below the figures paid. Hojlund has left permanently for almost half the price United shelled out, Onana is out on loan, and Mount's valuation has plummeted after years of injury issues. Other notable signings who have struggled include Joshua Zirkzee, Manuel Ugarte and Leny Yoro.
United's £200m splurge on a new attack last summer was largely successful, with only question marks over Benjamin Sesko, though the Reds finished third under Carrick. However, there is a general consensus that the recruitment team got this summer wrong, having missed out on key midfield targets like Sandro Tonali, Mateus Fernandes and Elliot Anderson.
Instead, United splurged £155m on Carlos Baleba, Youri Tielemans and Andrey Santos, with all three flattering to deceive as of now. It was reported last week that, privately, United chiefs accepted they got the summer window wrong and regretted not signing a new left-back, with injury-prone Luke Shaw their only senior player in that position.
United's season has gotten off to a woeful start, and Martinez's angry interview rant has done the club no favours. While United are standing by Wilcox despite some in the squad agreeing their summer business was below-par, the CIES study has completely exposed their mis-spending over recent years.
