Since Erik ten Hag took over as manager, Manchester United has spent a staggering £530 million in the transfer market. Yet, according to Ten Hag, they are only halfway through the rebuild he envisioned when he first arrived at Old Trafford.
Upon assessing the squad in the summer of 2022, Ten Hag estimated it would take six transfer windows to address all the weaknesses he identified. However, two years later, the Dutchman has had to revise his timeline due to the Premier League’s Profit and Sustainability Rules and his failure to secure vital revenue through Champions League qualification.
Despite significant summer investments, United’s finances have been stretched thin, resulting in no spending during the winter transfer windows under Ten Hag’s tenure.
In a summer interview, Ten Hag explained, “United were in a situation where there were a lot of long contracts, making it complicated to thoroughly refresh and strengthen the team. When we started, I thought roughly six transfer windows would be enough to solve the issues. Formally, we’ve had four transfer periods, but because of Financial Fair Play restrictions, we’ve only been able to do business in two.”
Ten Hag has since returned to Old Trafford with a vote of confidence from club co-owner Sir Jim Ratcliffe, which saw £115 million spent on Leny Yoro, Matthijs de Ligt, Joshua Zirkzee, and Noussar Mazraoui. The club is also targeting a new central midfielder.
Frankie de Jong has been Ten Hag’s top target for the past three summers, but with Barcelona focusing on offloading Ilkay Gundogan rather than cashing in on de Jong, attention has shifted to Paris St. Germain’s Uruguayan international Manuel Ugarte. PSG may need to reduce their £50 million asking price for the 23-year-old to make the deal possible, though a loan-now-pay-later option is reportedly on the table.
Chief executive Omar Berrada, Director of Football Dan Ashworth, and Technical Director Jason Wilcox share Ten Hag’s view that veteran Casemiro and teenager Kobbie Mainoo cannot handle the demands of a campaign that will see United compete in the Europa League without reinforcements.
When Ten Hag first arrived, United spent over £200 million on Antony, Casemiro, Lisandro Martinez, and Tyrell Malacia. Of these, only Martinez has proven successful when fit. That same summer, the club raised less than £20 million through sales but saved on the wages of departing players like Paul Pogba, Nemanja Matic, Juan Mata, Edinson Cavani, and Jesse Lingard.
In response to Ten Hag’s request for a new striker in January, Burnley’s Wout Weghorst arrived on loan, along with Marcel Sabitzer and goalkeeper Martin Dubravka. However, twelve months later, there was no money left to secure even loan deals after another £172 million was spent on Rasmus Hojlund, Mason Mount, Andre Onana, and Altay Bayindir.
While nearly £50 million was recouped from departures, and a similar amount was raised this summer by selling Aaron Wan-Bissaka, Mason Greenwood, Willy Kambwala, and Alvaro Fernandez, the club’s net spend under Ten Hag is still around £400 million. Thirteen players in United’s current squad were signed by the Dutchman.
Ten Hag acknowledged, “When everyone’s fit, we already have a good team and achieve a high level. But we also know, in depth, we need more players. There are more games this season, more intense games, no winter break, and a condensed January. You need squad depth. It’s about survival of the fittest.”
