Manchester United's squad value has plummeted by £342m, the steepest drop of any club in Europe, according to a report from Football Observatory. The findings come after defender Lisandro Martinez criticised the club's recruitment following their 2-0 Champions League defeat to Atletico Madrid.
Martinez hits out at recruitment
Martinez's angry reaction to the defeat, United's third in their last five matches, targeted sporting director Jason Wilcox. The 28-year-old has since apologised for his words, which have split opinion among supporters.
United were busy in the summer transfer window, spending £191.7m on new players, despite announcing they had allocated £155m for four signings: Karl Darlow, Youri Tielemans, Carlos Baleba and Andrey Santos. The club focused on bolstering their midfield following Casemiro's departure, but fans had hoped for a new left-back and striker.
Squad value falls sharply
The Football Observatory report found that United's squad value has dropped by £342m, the steepest decline of any club in Europe. Only Saudi Arabian outfit Al-Hilal suffered a greater fall, with their squad depreciating by £424.6m.
The decline is the most severe of any English club, with Tottenham Hotspur the nearest to United, registering a depreciation of £99.8m. In contrast, Manchester City's squad value has grown by £378m over the same period.
Transfer strategy under scrutiny
The analysis covers the period from 2022 to the present day, meaning Wilcox and the recruitment department can only be held responsible for the last two years, as he took up the role of technical director in 2024.
In 2022, United spent heavily on Casemiro, Antony and Martinez. Casemiro, a £70m investment for a player then aged 30, won supporters round, but Antony proved to be an expensive failure at £86m. Martinez, who arrived for £56.7m and is now valued at an estimated £38m, is the only player from that transfer window still at the club.
Subsequent signings Mason Mount, Rasmus Hojlund and Andre Onana have struggled, with their valuations dropping well below the sums paid. Hojlund has departed for nearly half what United paid, Onana is out on loan, and Mount's worth has nosedived following persistent injuries. Other significant acquisitions who have failed to hit form include Joshua Zirkzee, Manuel Ugarte and Leny Yoro.
Summer window regrets
United's £200m spending on attacking talent last summer proved largely successful, with the club securing third place under Michael Carrick. However, the recruitment team erred this summer, failing to land priority midfield targets including Sandro Tonali, Mateus Fernandes and Elliot Anderson. Instead, they spent £155m on Baleba, Tielemans and Santos, all of whom have yet to deliver.
Reports emerged last week that United bosses acknowledged they had misjudged the summer transfer window and regretted not bringing in a new left-back, with injury-prone Luke Shaw their sole senior option in that position. While United are backing Wilcox despite some within the squad sharing Martinez's view, the CIES study has laid bare their wasteful spending in recent years.
