Reminder that United have outspent most of our rivals

Wumminator

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The lack of understanding or misunderstanding of your point and intent I think comes down to how most people fall on a side of the fence on if our owners are god awful evil creatures from hell or not at all at fault for anything wrong with the club and are a positive for us if anything.

I certainly saw your post and misunderstood it to mean "the glazers/board/woody are the good guys", until after I made my snide comment where I said my peace and you agreed, only then did I wrap my head around the fact that your comment was more aimed towards the loud "we don't spend" minority and wasn't about taking a stance on the owners & Woodward as faultless.

I think the divide in social media is affecting how people always seem to go into a setting of agreeing or disagreeing fast instead of properly trying to understand the point being portrayed by others. Gray areas or middle grounds seem to disappear.
Yep. Thank you for your post. I think some times we all see agendas when they aren’t meant.
 

Suedesi

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Or ones that have and deliver well over your ability to mentally comprehend?



City is a private company. They have no responsibility to report financial results. You have no idea where the money came from transfers, and neither do I. In any asset purchase, you have to put up your own cash, so I have no doubt they did. I have no idea how they financed their transfer fees and neither do you.

The self generated transfer funds from United were still the 2nd most in the PL. Complain that they aren't spending on the right players, the right managers, fine. The problem is not the spend, it's who we are buying, how we are scouting, our identity as a squad (as evidenced by Spurs, Chelsea, Liverpool and Arsenal finishing ahead of us in the league, yet spending much less).

If you disagree with the statement above, by all means, keep replying. Otherwise, I think we can move on.
More pointless blabbering.
 

Suedesi

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I think this has to be said.

Over the last two years Manchester United have signed:
Daniel James - 15 million
AWB - 50 million
Fred - 53 millio
Dalot - 19 million
140 million (27 million raised in player sales)
Net - 115 million

In the same time period:

Tottenham
Ndombele - 63 million
Jack Clarke - 10 million
73 million (30 million raised in player sales)
Net - 45 million

Arsenal:

Saliba - 27 million
Martinelli - 6 million
Torreira- 25 million
Leno - 22 million
Sokratis - 14 million
Guendozi - 7 million
107 million (10 million raised in player sales)
Net - 95 million

Liverpool:

Van der Berg - 1 million
Allison - 56 million
Keita - 54 milion
Fabinho - 40 million
Shaqiri- 14million
165 million (55 million raised in player sales)
Net - 110 million

Chelsea -

Kovacic - 40 million
Kepa - 72 million
Pulisic - 57 million
Jorgino - 50 milion
229 million (170 million raised in player sales)
Net - 60 million

Man City -

Rodri - 63 million
Angelino - 10 million
Steffan - 7 million
Mahrez - 61 million
Palaversa - 6 million
150 million (70 million raised in player sales)
Net - 80 million

Over the last two years, we have spent more (net sales wise) than any other of the top six teams. We have spent gross more than Tottenham/Arsenal and equivalent to Liverpool.

I categorically do not like the Glazer family. I think the nature of the buy out and the increase in ticket prices have been catastrophic to the matchday experience. However, by any metric (2 year/5 year/10 year) our net spend and gross spend is consistently in the top 2/3 in the league. If we sign Harry Maguire (currently looking relatively likely) then we have spent the most gross/net out of all the top six clubs.

We would all like more signings. We would all like us to compete with the very best and win leagues. However, spending money above and beyond every other team isn't always the best way to do it.
I just tabulated United's, Chelsea's and Man City's transfers in and out since 2003 when Glazers and Abramovich got involved in the clubs respectively. I have done City since 2003 as a baseline and since their takeover as well. Check out the numbers, both clubs have outspent United despite generating significantly less on the commercial side of things.

Man Utd.
Summer of Departures Arrivals Net Spend
2003 $ 64.44 $ 67.26 $ 2.82
2004 $ 10.90 $ 69.83 $ 58.93
2005 $ 9.01 $ 36.35 $ 27.34
2006 $ 20.52 $ 31.01 $ 10.49
2007 $ 53.12 $ 117.99 $ 64.87
2008 $ 8.49 $ 51.59 $ 43.10
2009 $ 119.09 $ 31.12 $ (87.97)
2010 $ 19.74 $ 33.40 $ 13.66
2011 $ 15.73 $ 71.02 $ 55.29
2012 $ 11.00 $ 87.15 $ 76.15
2013 $ 2.05 $ 87.93 $ 85.88
2014 $ 56.16 $ 222.70 $ 166.54
2015 $ 116.36 $ 177.84 $ 61.48
2016 $ 53.75 $ 210.90 $ 157.15
2017 $ 51.87 $ 226.18 $ 174.31
2018 $ 34.83 $ 94.28 $ 59.45
2019 $ - $ 82.08 $ 82.08

Total $ 647.06 $ 1,698.63 $ 1,051.57

Avg per season $ 61.86


Chelsea
Summer of Departures Arrivals Net Spend
2003 $ 1.08 $ 192.89 $ 191.81
2004 $ 3.76 $ 189.70 $ 185.94
2005 $ 38.87 $ 104.31 $ 65.44
2006 $ 59.96 $ 101.43 $ 41.47
2007 $ 49.76 $ 67.26 $ 17.50
2008 $ 50.79 $ 34.77 $ (16.02)
2009 $ 4.33 $ 34.20 $ 29.87
2010 $ 18.81 $ 138.51 $ 119.70
2011 $ 36.94 $ 109.95 $ 73.01
2012 $ 29.01 $ 125.06 $ 96.05
2013 $ 88.27 $ 148.60 $ 60.33
2014 $ 165.13 $ 156.98 $ (8.15)
2015 $ 99.74 $ 103.17 $ 3.43
2016 $ 123.58 $ 151.39 $ 27.81
2017 $ 228.68 $ 296.97 $ 68.29
2018 $ 81.80 $ 239.40 $ 157.60
2019 $ 136.40 $ 51.30 $ (85.10)

Total $ 1,216.91 $ 2,245.89 $ 1,028.98

Avg per season $ 64.31


Man City
Summer of Departures Arrivals Net Spend
2003 $ 7.55 $ 18.88 $ 11.33
2004 $ 13.05 $ 1.71 $ (11.34)
2005 $ 37.05 $ 14.22 $ (22.83)
2006 $ 4.79 $ 7.41 $ 2.62
2007 $ 12.04 $ 88.86 $ 76.82
2008 $ 30.21 $ 179.38 $ 149.17
2009 $ 35.28 $ 167.92 $ 132.64
2010 $ 42.35 $ 209.31 $ 166.96
2011 $ 35.57 $ 103.80 $ 68.23
2012 $ 50.50 $ 70.62 $ 20.12
2013 $ 12.88 $ 132.24 $ 119.36
2014 $ 34.91 $ 117.19 $ 82.28
2015 $ 76.88 $ 237.46 $ 160.58
2016 $ 40.30 $ 243.39 $ 203.09
2017 $ 104.14 $ 361.95 $ 257.81
2018 $ 61.67 $ 89.59 $ 27.92
2019 $ 36.48 $ 102.60 $ 66.12

$ 635.65 $ 2,146.53 $ 1,510.88

Avg per season $ 94.43


Man City
Summer of Departures Arrivals Net Spend




2007 $ 12.04 $ 88.86 $ 76.82
2008 $ 30.21 $ 179.38 $ 149.17
2009 $ 35.28 $ 167.92 $ 132.64
2010 $ 42.35 $ 209.31 $ 166.96
2011 $ 35.57 $ 103.80 $ 68.23
2012 $ 50.50 $ 70.62 $ 20.12
2013 $ 12.88 $ 132.24 $ 119.36
2014 $ 34.91 $ 117.19 $ 82.28
2015 $ 76.88 $ 237.46 $ 160.58
2016 $ 40.30 $ 243.39 $ 203.09
2017 $ 104.14 $ 361.95 $ 257.81
2018 $ 61.67 $ 89.59 $ 27.92
2019 $ 36.48 $ 102.60 $ 66.12

$ 573.21 $ 2,104.31 $ 1,531.10

Avg per season $ 117.78
 
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DSG

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Hey numbskull, take a look at hedge fund weighted index as an asset class. The HFRI Fund Weighted Composite Index, a proxy for the average hedge fund portfolio, ranks somewhere below the performance of equity or corporate bond indices. Oh and by the way most indices have a survivorship bias in that they don't include hundreds of funds that blew up along the way.

If and when hedge funds target 30% returns, you've got to ask yourself two questions 1) at what volatility 2) what's the actual realized performance.

I can target 100% returns employing levered derivatives up the wazoo - it doesn't mean I will deliver, and it doesn't mean you can stomach the volatility and the MTM along the way.
God. I agree with @Wumminator. How we got here is pretty insipid.

Way to ignore my entire post regarding the club and spending. If you want to address my club related points, please do so. Otherwise, I don’t think this is the forum for this discussion
 

Sylar

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fecking hell. Read through the thread and people have added in the January transfers. Spoilers: we’re still outspending teams.

This thread was to stop accusations of penny pinching or other such like nonsense.

I am honestly amazed at how many people don’t understand.
And fckin hell, read through my post. You haven't addressed any of it after a half arsed lazy attempt at an initial post.

It's a flawed thread because the work gone into the original post is lazy. If you address my questions, I will continue this discussion respectfully.

However if you don't Want to address my questions, fine, that's upto you. But I will continue to call it lazy especially as you haven't updated the OP to include the figures that are missing. (Unless you just want everybody to agree and praise you which is something else)

Edit: and this now needs to include arsenal's new signing ...
 

Suedesi

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God. I agree with @Wumminator. How we got here is pretty insipid.

Way to ignore my entire post regarding the club and spending. If you want to address my club related points, please do so. Otherwise, I don’t think this is the forum for this discussion
Your entire post is stupid. You're saying Glazers are in it for the love of the sport (apparently Malcolm was in love with football/soccer since an early age, but still never set foot at Old Trafford), there are many investment opportunities at 30% return out there (there aren't) and that Glazers have spent a lot of money on transfers (they haven't - the club is generating enough cashflow to pay interest for the LBO, a dividend to the vampire owners and to carry on operations).
 

Rood

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As a dedicated listener of the pod I usually agree with your musings, but I would argue that the under-investment during that time is a key component of our fall from the best team in Europe to a bit of a laughing stock on the pitch.

It's much preferable (and far easier) to strengthen from a position of power than weakness.

I remember the statement from one of city's decision makers (I think it may have been Marwood?) where he said when they were first imbued with unlimited funds, they accepted there would be a period where they were taken for a ride by clubs and agents and forced to pay over the odds in transfers and wages for players who may have not been their initial targets (same with managers). They looked at it as a compulsory 'tax' on buying players from a position of weakness that they had to endure as part of their road to the top. It was only after they established themselves (and eventually found Pep), that they could sell the 'project', cherry pick the players they wanted and refuse to be held to ransom by agents or clubs.

I think that pretty accurately describes United in reverse. We could have shopped at the top table and kept up our stranglehold on the league and Europe if we had invested wisely at that time. But instead, we allowed crucial player after crucial player to leave or retire and not adequately replace them. Fergie's brilliance papered over the cracks, but it made the job of the next manager virtually impossible. Then before we knew it, we were no longer the draw we were and we now are forced to pay silly money and silly wages for most players we are after. Added to that, TV money and state-owned clubs caused an explosion in transfer fees, which means that even if we identified the right targets and persuaded them to join, it would cost several times more to do the sort of critical squad surgery rather than doing it gradually from a position of power over the preceding years.

You're right that enough time has passed since Ferguson to allow a well-run club to have recovered their position, particularly given the money we have recently spent. However, we are clearly not a well run club. I think the Glazer's original business plan involved giving Ferguson total control and letting him run things. Judging by their key appointments (Woodward and managers with vastly disparate styles), I don't think they had a succession plan at all other than 'give the reigns to an inexperienced manager and totally inexperienced CEO and hope they become the next Ferguson and Gill'.

As a final point before I make your eyes bleed with my ramblings, it's worth remembering that despite the time passed, most of city's key players have been the players they signed during the period in question (during United's under-investment). Whilst we were replacing Ronaldo with Obertan, signing Owen on a free and having to persuade Scholes to come out of retirement mid-season to save our season during an injury crisis, city were buying David Silva, Aguero and Kompany. Three players who were absolutely central to more or less every trophy they have won from 2008 through to last season.

Do you remember how many times we were utterly dominated by city but managed to edge out a 3-2 win due to a last minute goal during this time? The signs were there even then - city were matching and surpassing the quality of our squad year on year, and it was only Ferguson's sheer will to win and the mentality he imbued in every red shirt that held back the tide until he retired.
There is plenty of your ramblings that I agree with but I suppose the key point is the bit in bold and that I dont really agree with.

Yes, in an ideal world Fergie would have left a perfect squad for the next guy but its never going to be that simple. Fergie talked about squad cycles and clearly we were at the end of a cycle when he left, it was an aging squad with some obvious weaknesses but it was still a good squad and its pretty clear that huge funds were available to strengthen further so I believe he left the club in good shape for his successor.

For me the main reason for our recent failures is mismanagement both on and off the pitch and I agree that we are not a well run club at the moment - Woodward and Moyes clearly made a complete mess of the first season and its been a rollercoaster since then.
But perhaps it was inevitable that we were going to have some period of instability after Fergie (and Gill) left, to expect a seamless transition and to just continue winning after the greatest manager of all time leaves is unrealistic. We could have bought Hazard and Modric yet Moyes would have still fecked it up!
 

Rood

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My points were/are
1. The club has outspent every PL club, with the exception of City, over a 10 year period.
2. The Glazers aren’t that rich in comparison to other PL club owners.
3. If the Glazers were in it only to make money, there are far superior investments to just make money. They may hate football, I don’t know, never met them. But there are much lower risk / higher return opportunities with much shorter and less complicated exits available.

If anyone knows exactly how much they paid to get control of the club, plus how much they profited, I’d like to know as it’s buried in interest payments, etc. They made money, sure. And they still control the club. But I still maintain that in the world of finance it wouldn’t be considered a fantastic return given the length of time and final outcome.

Regarding investments and returns of over 30% annually, it’s really not that unusual. Most real estate investors won’t look at a deal unless the return is 100% over a 3 year period (33% annually). I guess when you compare it to S&P or corporate bonds it seems too good to be true. I suppose those who don’t invest for a living would think it’s impossible to hit those kinds of returns.

Im not defending the Glazers. Just saying that the amount that we are spending on transfers is not the problem, it’s who we are spending it on.
I do agree with that and thats the main point of this thread so perhaps we should just leave it there!
you are way off with your idea that the Glazers bought the club for anything other than business reasons though, especially since they have done extremely well out of it (which you also dont seem to get).
 

DSG

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Fair play for apologising. In a similar sentiment, I apologise if I came across as overly dismissive. There may well be a tiny sub-section of anti-Semitic United fans who's fundamental problem with the Glazers ownership is because they are Jewish, but I've never come across any. I've been a season ticket holder for the best part of 20 years and have been going to FC and United games since my mid-teens and even in the terraces and pubs it's not a sentiment I've ever heard uttered. A lot of United fans have a problem with 'their' club being owned by any individual or group. Some couldn't make their peace with the takeover and formed FC, some made their peace with it and are now largely resigned to the status quo or voicing their dissatisfaction about specific aspects of the current ownership model. Despite an animosity-filled, unwanted and bitterly opposed hostile takeover, I think you would be hard pressed to find any examples of anti-semitism aside from perhaps some online backwaters.



Come on. 30% AER is incredibly rare for any investment these days. The sorts of investments you are presumably talking about (real estate, equity partnerships) mostly require specialist knowledge, connections, and crucially, a lot of cash. The Glazers bought Man Utd without spending a penny of their own cash using loans that they then saddled the club with. I agree with you that status / ego may have played a part in their decision, but I would disagree wholeheartedly that it was a sub-par investment for them.

I think their thought process presumably went something like this...

"Soccerball is a sport that's hugely popular in the rest of the world and our minority shareholding in United has been generating us a nice little return. There's an opportunity to buy the shares of exiting shareholders and own the club outright? Well soccerball is fast becoming the global game and is penetrating worldwide markets. There is clearly the opportunity for a lot of growth. We have a good track record in sports investment as we own the Tampa Bay Buccaneers at a time when NFL franchises are becoming money-printing machines. United are the most profitable club in the world, and they will be at the front of the queue to capitalise. There's already a manager in charge who essentially runs every aspect of the club, so we don't need to impose sweeping management changes. Let's focus on cashing in on the past success of the 'brand', exploit emerging markets, take healthy dividends and ride the wave of the explosion of money in football so that when we decide to sell, we will do so at three of four times the initial value."

Bear in mind that when they bought United, we were an anomaly in world football at that time in that we were a football club that actually earned a lot of money and generated profit.

Similarly, they didn't have to front up hundreds of millions of their own cash as they bought us on debt. Plus, the structure was already in place to enable the club to capitalise on the growth of the sport with minimal effort from them - they have been very hands-off owners.

Imagine a property investment where you buy the property at 100% LTV, the property generates sufficient revenue just by existing to pay your mortgage, your salary and allow you to release equity each year. Then when you get bored/have milked it for all it's worth, you can sell it at several times the initial value. That's essentially what the Glazers viewed United as.



I still have no idea why you're bringing in their personal net worth into this argument as it defeats your own point. The Glazers haven't spent any of their personal net worth on transfers, they have allowed the club they own to spend money it generates from fans. Even if you want to argue that any money generated by United is de facto theirs because they own the club, that flies in the face of business law and the idea of limited liability. I think a lot of United fans would be far more comfortable with their ownership if they WERE multi-billionaires as they would not have had to buy the club on debt and gross profit made by United could be reinvested instead of being taken out of the company. You won't find many United fans who are calling for a sugar daddy to chuck their own money at transfers, most are calling for United being released from the shackles of debt and allowed to spend on transfers, the stadium and facilities commensurate to their turnover and gross profit.



I don't think anybody with a passive interest in football is unaware of how corporatised and business-driven it has become. However, there are still far more successful models than ours in football today involving fan ownership. Similarly, there are clubs run for the profit of their owners that are still able to be far more successful at the football side of the equation than we are.

Aside from maximising our commercial revenue by whoring our name around the world (which admittedly is now a model a lot of other clubs like Liverpool are trying to replicate), I don't think the Glazers have demonstrated too much business acumen during their ownership. They have:

- Failed to invest in the squad at a time when the transfer market was relatively tame, causing us to waste millions for equivalent quality players in a hyper-inflated market.
- Been forced to pay way over the odds on transfer, wages and agents fees to persuade players to join because of our position of comparative weakness when they decided to invest in the squad
- Let the contracts of key players run down to their last year according to some sources because of their hard-nosed 'no negotiation until the final year' (presumably to save on short-term wage costs), causing them to either have to break the bank to keep a player (De Gea, Martial), or lose them for nothing (Herrera)
- Extended the contracts of very average players who are clearly not good enough (presumably because of not wanting to invest in replacement squad players) creating a bloated squad and a massive wage bill totally unconnected to the quality of our squad
- Allowed the most crucial operational position in the club to go to a mate who helped them buy the club in the first place despite multiple years of his stewardship resulting in appalling results and several personal embarrassments for the club
- Not invested a penny into Old Trafford (excluding continuing the expansion that was already going on when they bought the club), seeing the once greatest stadium in the country fall woefully behind the stadiums of our rivals, thus losing out on the long-term profit that a heaving maximum capacity stadium would bring
- Have overseen a culture of commercialisation and sponsorships which appears to be affecting the attitudes of the players and managers, who have all talked about how making money is the primary focus above any on field success
- Loaded the club with debt for the first time in almost 100 years. Debt which, at one point, was so expensive that if it wasn't for the explosion of the profitability of the sport, TV deals and a refinance through IPO may have (by some professional's analysis) destroyed the club
- Failed to plan at all for the succession of Ferguson
- Failed to allow / insist that Ferguson replaced ageing stars in his final years, resulting in a virtually impossible job for anybody coming in (especially due to the hyper-inflated transfer market)
- Have presided over a period involving a large loss of club credibility among fans, rival fans, agents, players and rival clubs. The perception of a savvy, well-run club who others aspire to be has been replaced with the image of transfer dithering, paying over the odds, offering mega-wages and being the lifetime home for Phil Jones and Chris Smalling under their watch

You can argue the degree to which each point is directly caused by an action / inaction of the Glazer family, but as the owners and the ones with the power and authority to initiate change, they take the responsibility. Same with any other company.
This is a very long post and I agree with much of it. I covered a lot of these topics that I don't agree with in my replies to others.

I'm not arguing that the Glazers have been the best owners in the sport. In fact, I mostly agree with your last list of bullet points. The only point I have tried to make is that we've spent plenty on transfers to be successful. If you are going to stop the rot, start with the manager, the scouting dept, the club identity, etc. Spending more money now is insane unless those other things are fixed.

I suppose there is a line of logic that says that the Glazers are the cause of this mess. I can't disagree with that, but their downfall is not the amount of money they've spent on transfers. If anything, I think they've been a bit profligate in their transfer spending and/or spending on players that won't be difference makers in a title challenge.
 

jesperjaap

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Which players have we sold who we should have got more for?
Personally more a case of why the hell havent we sold several of the current players and we have massively overspent individually on quite a few players the last few years.

I dont really agree with blaming the Glazers though, we have just bought and sold poorly, regardless of the net spend. Mourinhos first window is the only one I think was a good one and that was still a couple of players short numbers wise but it did bring a Europa cup at least
 

jesperjaap

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Yeah so the answer is dont sell them at all, keep them here until we get nothing back. Great

80m for Lukaku is the best we will get, this summer and the folllowing years.
Making a profit on Lukaku when we spent way over his worth is amazing business I think if we manage it
 

Rood

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Big clubs keep on investing and not sit on their laurels. Moreover, the players you mentioned either left (tevez) or became crocked( Hargreaves or never reached the potential we expected them to reach. And add to that we lost the best player in the world in Cristiano Ronaldo. If you think we did not need further investment after that then I don't know when do we ever need. We might have dominated from 2009-13 but we were hit and miss in europe, 2010-qf, 2011-finals, 2012-grooup stage, 2013- RO16. Only reason we were still consistent enough was because of one man and that man was Sir Alex and not because Glazers invested, because if they had we would not be recalling Scholes from retirement or replacing Ronaldo and Tevez with Owen and Oberton. Denying that is a great insult to the achievements of Sir alex. Maybe ask Pep to win the league with Cleverly, Ando in midfield, he will be lucky to finish 4th with that squad.
I actually think its an insult to Sir Alex that people suggest that the Glazers didnt back him and that he would just sit quietly and accept that

Also the strongest period in Europe in the whole history of Manchester United is the period where we reached 3 CL finals in 4 years and you just described that time as 'hit and miss in europe' :wenger:
 
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Lebowski

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There is plenty of your ramblings that I agree with but I suppose the key point is the bit in bold and that I dont really agree with.

Yes, in an ideal world Fergie would have left a perfect squad for the next guy but its never going to be that simple. Fergie talked about squad cycles and clearly we were at the end of a cycle when he left, it was an aging squad with some obvious weaknesses but it was still a good squad and its pretty clear that huge funds were available to strengthen further so I believe he left the club in good shape for his successor.

For me the main reason for our recent failures is mismanagement both on and off the pitch and I agree that we are not a well run club at the moment - Woodward and Moyes clearly made a complete mess of the first season and its been a rollercoaster since then.
But perhaps it was inevitable that we were going to have some period of instability after Fergie (and Gill) left, to expect a seamless transition and to just continue winning after the greatest manager of all time leaves is unrealistic. We could have bought Hazard and Modric yet Moyes would have still fecked it up!
In a similar spirit of kittens and rainbows, I also agree with a lot of your post!

I think the only thing we disagree on is the period roughly defined as the year we sold Ronaldo, to the year the Glazers shat the bed, realised we were shit, gave Woodward United's AmEx Black card and allowed him to realise his dreams of making United the Disneyland for overrated players, past-it pros, clubs wanting to get rid of their problem children, and agents the world over. I might be mis-remembering that last quote from Woodward but I'm sure he said that in a press conference once.

I think it ultimately comes down to how you rate our last title-winning side. I think it was held together with string, Scottish nouse and sheer Ferguson force of will, you presumably think it was in need of some repair but had the makings of the next title-winning side.

It's all opinions really, but I can't remember a worse team of league champions than that United team, which admittedly may sound strange since we won the league fairly comfortably. I certainly can't remember a worse United team that won the league.

To prove my point I would point to the two posters in this thread who have already done a pretty good job at explaining the issues - the guy who compiled the by season list of our exits and recruits during this period which when read in a dark room alone sounds like something from a horror film starring a Scouser, a homeless Iberian and a man with a 50p piece for a head.

I reckon that a manager who was the absolute master at progressively replacing fading stars to keep a freshness, hunger and youth in the squad would have wanted to replace the key players who left during that period. This was a man after all who broke club, British and world transfer records on numerous occasions and showed no trace of sentimentality when it came to replacing loyal servants who had fulfilled their purpose.

This was a time which involved eye-watering interest payments and saw the club miss a bond repayment deadline and trigger an even higher debt burden.

I agree that we were probably always due a post-Ferguson slump. However, I think it was exacerbated, lengthened and to a large degree caused by the abject failure of the board to a) satisfactorily invest in the squad in the preceding years and b) put in any sort of succession plan beyond giving Moyes and Woodward the keys and telling them to get on with it.
 

AshRK

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I actually think its an insult to Sir Alex that people suggest that the Glazers didnt back him and that he would just sit quietly and accept that

Also the strongest period in Europe in the whole history of Manchester United is the period where we reached 3 CL finals in 4 years and you just described that time as 'hit and miss in europe' :wenger:
No we did not reach 3 CL finals between 2009-10 season to2012-13 season. I don't know why you are deliberately ignoring the point. Anyways I am done discussing the same thing.
 

Rood

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In a similar spirit of kittens and rainbows, I also agree with a lot of your post!

I think the only thing we disagree on is the period roughly defined as the year we sold Ronaldo, to the year the Glazers shat the bed, realised we were shit, gave Woodward United's AmEx Black card and allowed him to realise his dreams of making United the Disneyland for overrated players, past-it pros, clubs wanting to get rid of their problem children, and agents the world over. I might be mis-remembering that last quote from Woodward but I'm sure he said that in a press conference once.

I think it ultimately comes down to how you rate our last title-winning side. I think it was held together with string, Scottish nouse and sheer Ferguson force of will, you presumably think it was in need of some repair but had the makings of the next title-winning side.

It's all opinions really, but I can't remember a worse team of league champions than that United team, which admittedly may sound strange since we won the league fairly comfortably. I certainly can't remember a worse United team that won the league.

To prove my point I would point to the two posters in this thread who have already done a pretty good job at explaining the issues - the guy who compiled the by season list of our exits and recruits during this period which when read in a dark room alone sounds like something from a horror film starring a Scouser, a homeless Iberian and a man with a 50p piece for a head.

I reckon that a manager who was the absolute master at progressively replacing fading stars to keep a freshness, hunger and youth in the squad would have wanted to replace the key players who left during that period. This was a man after all who broke club, British and world transfer records on numerous occasions and showed no trace of sentimentality when it came to replacing loyal servants who had fulfilled their purpose.

This was a time which involved eye-watering interest payments and saw the club miss a bond repayment deadline and trigger an even higher debt burden.

I agree that we were probably always due a post-Ferguson slump. However, I think it was exacerbated, lengthened and to a large degree caused by the abject failure of the board to a) satisfactorily invest in the squad in the preceding years and b) put in any sort of succession plan beyond giving Moyes and Woodward the keys and telling them to get on with it.
Exactly that! Lets not forget we are talking a team with Rio, Vidic, Evra, Carrick, Rooney, RvP amongst others - past their prime perhaps but I think it does them a disservice to downplay the quality that was still present in that squad. Still I can understand the alternate point of view.

I did mention already in this thread that its ends up missing the big picture if you just start from Ronaldo's sale - Fergie did break the British transfer record for Berbatov just the year before and the year before that was one of our biggest summer windows ever with Nani, Anderson, Hargreaves and Tevez coming in.
I also just dont believe that Fergie would have stayed in the job without making a huge fuss if he wasnt being backed in the transfer market - I do keep pointing to the hefty wage bill as well which is always ignored, our very experienced squad came at a high price as those older players were all on huge contracts.
Also I believe that Fergie was planning to bring through the next Class of 92 and it was one of the reasons he held back in the transfer market (he had seen Barca smash the Real Galacticos with a team built around La Masia and knew it was the best way to compete with the oil money pouring in from Abu Dhabi) . Im certain he saw a long term vision to build around the 2011 FA Youth Cup team with Pogba, Morrison, Lingard etc - to add to that he bought in the best youth around Jones, De Dea, Rafael, Anderson, Zaha etc who could have been the spine of the team for another decade but for various individual reasons, which Im sure you know, it didnt work out for most of them.

Still lets not forget, despite all their millions spent and supposedly having the best PL team of all time, City have not managed to challenge on 2 fronts like we did several times even in this so called period of austerity - 2008, 2009 and 2011 we won the league and reached the CL Final, so was that really a period that needed more investment in the squad?
 

Rood

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To prove my point I would point to the two posters in this thread who have already done a pretty good job at explaining the issues - the guy who compiled the by season list of our exits and recruits during this period which when read in a dark room alone sounds like something from a horror film starring a Scouser, a homeless Iberian and a man with a 50p piece for a head.
BTW I wanted to highlight this bit as it really did make me :lol: which is rare nowadays on here !
 

nost666

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Wouldn't we be better off investing 30 mil an year, out of the transfer money, on top class management(David Gill / Dan Levy) and a proper scouting network rather than having to go through this dumpster fire that we've had to endure since Fergie left.

- Embarrassing long drawn out public negotiations, which don't end up in a deal more often than not. Should ideally be a 1st offer, and a second "take it or stick you thumb up your a*se" offer. Actually having a Plan A,B & C, instead of embarrassing yourself buying the likes of Fellaini at the deadline for $28 mil.

- Being held hostage for a 100 mil for maybe an A- 27 year old defender at best, rather than snapping up an 18 year old De Ligt last year for maybe 20-25 mil, or 85 mil this year. Harry Maguire is great, but not worth 85 mil at his age or talent. I'd personally always split that money on a young star(Dayot Upamecano - not sure what happened to that roumor) and central midfield(Savic / Radja Nianggolan).

- Tolerating the likes of Pogba shitting all over the club. This dude would've never come back to OT if Fergie were still around.

- Having to wear PINK jerseys AT HOME to sell Ts ffs

- Aiming for a Champs League spot, rather than winning it

- Secretly wishing some of the players on the squad died in their sleep before the next game (Okay, I need to see someone.. :houllier::houllier::houllier:)

Financial success follows sporting success. All the Chinese sponsors are soon gonna jump on the Man City bandwagon, if we don't start acting like a professional outfit rather than a mom & pop ice cream shop soon.
 

Wumminator

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Wouldn't we be better off investing 30 mil an year, out of the transfer money, on top class management(David Gill / Dan Levy) and a proper scouting network rather than having to go through this dumpster fire that we've had to endure since Fergie left.

- Embarrassing long drawn out public negotiations, which don't end up in a deal more often than not. Should ideally be a 1st offer, and a second "take it or stick you thumb up your a*se" offer. Actually having a Plan A,B & C, instead of embarrassing yourself buying the likes of Fellaini at the deadline for $28 mil.

- Being held hostage for a 100 mil for maybe an A- 27 year old defender at best, rather than snapping up an 18 year old De Ligt last year for maybe 20-25 mil, or 85 mil this year. Harry Maguire is great, but not worth 85 mil at his age or talent. I'd personally always split that money on a young star(Dayot Upamecano - not sure what happened to that roumor) and central midfield(Savic / Radja Nianggolan).

- Tolerating the likes of Pogba shitting all over the club. This dude would've never come back to OT if Fergie were still around.

- Having to wear PINK jerseys AT HOME to sell Ts ffs

- Aiming for a Champs League spot, rather than winning it

- Secretly wishing some of the players on the squad died in their sleep before the next game (Okay, I need to see someone.. :houllier::houllier::houllier:)

Financial success follows sporting success. All the Chinese sponsors are soon gonna jump on the Man City bandwagon, if we don't start acting like a professional outfit rather than a mom & pop ice cream shop soon.
Oh congratulations, I now have an answer to the “what is your personal hell?” thread in the general.
 

kirk buttercup

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Wouldn't we be better off investing 30 mil an year, out of the transfer money, on top class management(David Gill / Dan Levy) and a proper scouting network rather than having to go through this dumpster fire that we've had to endure since Fergie left.

- Embarrassing long drawn out public negotiations, which don't end up in a deal more often than not. Should ideally be a 1st offer, and a second "take it or stick you thumb up your a*se" offer. Actually having a Plan A,B & C, instead of embarrassing yourself buying the likes of Fellaini at the deadline for $28 mil.

- Being held hostage for a 100 mil for maybe an A- 27 year old defender at best, rather than snapping up an 18 year old De Ligt last year for maybe 20-25 mil, or 85 mil this year. Harry Maguire is great, but not worth 85 mil at his age or talent. I'd personally always split that money on a young star(Dayot Upamecano - not sure what happened to that roumor) and central midfield(Savic / Radja Nianggolan).

- Tolerating the likes of Pogba shitting all over the club. This dude would've never come back to OT if Fergie were still around.

- Having to wear PINK jerseys AT HOME to sell Ts ffs

- Aiming for a Champs League spot, rather than winning it

- Secretly wishing some of the players on the squad died in their sleep before the next game (Okay, I need to see someone.. :houllier::houllier::houllier:)

Financial success follows sporting success. All the Chinese sponsors are soon gonna jump on the Man City bandwagon, if we don't start acting like a professional outfit rather than a mom & pop ice cream shop soon.
Wow. I think you do need to see someone .
Wanting players to Die?( I take it that was a joke) c'mon man it's a game.
Wearing Pink is an Issue ? Juve wore pink for years Loads of teams have funky colours to sell Jerseys .
Winning Champions Leagues ? We only did that twice under fergie and considering how dominant domestically we were that was a shame .
Pogba is our best player and he wants better players around him which ironically is what we are all calling for . Dont believe everything written in the press he's looking for a better contract too .
United are the most covered team in the press people reading rubbish only adds fuel to a fire and the Journos love it. Hated Adored Never Ignored .
 

fallengt

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More reason to hate owner tbh. They invested poorly.
We went from Moyes, LvG, Mourinho and now Ole. They all have different philosophies and favourite names, every time United change manager, players who were bought by previous manager can't fit in the new system and Woodward is too incompetent to replace them, leaving problems for new manager to fix. It's an cycle

Net spending isn't our issue, the lack of direction on other hand is astounding
 

Alabaster Codify7

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Reminder that United finished 6th, behind all of our rivals, and our manager told us that we now have new rivals - those teams for whom 6th is a brilliant goal, like Wolves, Everton and Leicester.
 

Raven96__

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Wow I am shocked at this.

Didnt know United outspent City.
 

jadajos

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Dividends are returns to investors, this is not unusual. Pretty much all well managed PL clubs are going to offer this, otherwise, why invest? I haven't investigated the numbers in how much money is in each bucket. I mean, what are "costs"? Transfer costs? Legal fees? Toilet paper?

Again, I don't deny that the Glazers used some financial kung fu to buy the club. But, it's naive to think that other PL clubs are not purchased in the same way. The difference is that Man Utd is a publicly listed company, so there is a responsibility to the shareholders to report earnings results.

(…)

The reality is that very few clubs and managed this way. It's funny how John Fan who is flipping burgers at McDonald's is convinced that they would know how to run this club better than our current management. Again, not saying that the Glazers are not above criticism, they aren't. There is shit they've done that I don't agree with and continue to feck up. But let's pump the brakes on the narrative that they haven't spent enough on transfers. It's simply not true.
You seem have misunderstood me, I was actually not singling out the Glazers as the only capitalist owners. I'm actually a dividend investor myself (obviously not on the Glazer level) so no need to explain the benefit of rewarding investors with dividends to me and no need for that John Fan analogy either. I really struggle to understand why you would assume I am of the opinion other PL clubs are "purchased in other ways" as I never argued any such thing, you're really jumping to conclusions. In fact earlier in this thread I wrote this:

You can always argue whether the owners should be more risk-seeking with their investment, but it seems in the end all the non-sugar-daddy-owners of United, Liverpool, Tottenham and Arsenal just gauge how they can get the best margins by making the most money with the lowest possible investments, so basically like any capitalist who owns a company. Even Abramovic seems to go that way lately and who knows, maybe that might even be or become the long-term plan for the crazy UAE City owners.
So when I later mentioned the compounding wealth United is generating for the Glazers it wasn't meant to lable them the only owners with capitalistic intentions in the PL, it was just a reply to your statement that the Glazers would scoff at 30% CAGR capital returns and United would be some sort of football "passion" project for them that is not really attractive on a financial level. I feel the Premier League in general is highly attractive for large capital especially in the ongoing low rate economical environment, Brexit notwithstanding.

I'd say the main problem for the Glazers was the entry of the additional Oil Money at Manchester City after they already had to compete with the Abramovich money at Chelsea. To sign high-profile names United now had to enter bidding wars (recent bad example being Sanchez) and inflate their wage bill even further, while slowly losing the once seemingly divine right to call "dibs" on all of the most talented up and coming players in the country. To use an analogy within the financial world it's like a big pharma company that's suddenly losing the patent on their cash cow drug so they start throwing money at smaller pharma companies instead of developing their own new blockbuster drug because they think they don't have the time to do so before marings are starting to decline rapidly.

Looking at other clubs you can see that throwing money at the problem has worked often enough in the past (prime example being Real) so while it's tempting to blame the Glazers in hindsight, it's easy to see why they tried. But now it's also easy to see why they start to get more wary of paying over the odds when success is not really kicking in despite all the spending. Liverpool and Tottenham on the other hand had been unsuccesful for long enough that it was possible for their owners to use a patient approach from the get-go by going for comparatively low-key signings, slowly building a squad, staff and infrastructure without expecting instant rewards. But in the end they all expect profits...​
 

DSG

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Your entire post is stupid. You're saying Glazers are in it for the love of the sport (apparently Malcolm was in love with football/soccer since an early age, but still never set foot at Old Trafford), there are many investment opportunities at 30% return out there (there aren't) and that Glazers have spent a lot of money on transfers (they haven't - the club is generating enough cashflow to pay interest for the LBO, a dividend to the vampire owners and to carry on operations).
Yawn. Please, send me more charts proving there are no investments returning 30% or more. I’ll be sitting here in California, sipping a drink on my deck overlooking the ocean. I doubt I’ll look at them.

It’s all black and white with some people, there is no nuance. They cannot accept anything but a binary outcome. I’m genuinely saddened that you can’t see the shades of gray. It must be exhausting.
 

DSG

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You seem have misunderstood me, I was actually not singling out the Glazers as the only capitalist owners. I'm actually a dividend investor myself (obviously not on the Glazer level) so no need to explain the benefit of rewarding investors with dividends to me and no need for that John Fan analogy either. I really struggle to understand why you would assume I am of the opinion other PL clubs are "purchased in other ways" as I never argued any such thing, you're really jumping to conclusions. In fact earlier in this thread I wrote this:


So when I later mentioned the compounding wealth United is generating for the Glazers it wasn't meant to lable them the only owners with capitalistic intentions in the PL, it was just a reply to your statement that the Glazers would scoff at 30% CAGR capital returns and United would be some sort of football "passion" project for them that is not really attractive on a financial level. I feel the Premier League in general is highly attractive for large capital especially in the ongoing low rate economical environment, Brexit notwithstanding.

I'd say the main problem for the Glazers was the entry of the additional Oil Money at Manchester City after they already had to compete with the Abramovich money at Chelsea. To sign high-profile names United now had to enter bidding wars (recent bad example being Sanchez) and inflate their wage bill even further, while slowly losing the once seemingly divine right to call "dibs" on all of the most talented up and coming players in the country. To use an analogy within the financial world it's like a big pharma company that's suddenly losing the patent on their cash cow drug so they start throwing money at smaller pharma companies instead of developing their own new blockbuster drug because they think they don't have the time to do so before marings are starting to decline rapidly.

Looking at other clubs you can see that throwing money at the problem has worked often enough in the past (prime example being Real) so while it's tempting to blame the Glazers in hindsight, it's easy to see why they tried. But now it's also easy to see why they start to get more wary of paying over the odds when success is not really kicking in despite all the spending. Liverpool and Tottenham on the other hand had been unsuccesful for long enough that it was possible for their owners to use a patient approach from the get-go by going for comparatively low-key signings, slowly building a squad, staff and infrastructure without expecting instant rewards. But in the end they all expect profits...​
I reread your post and maybe I did misunderstand your point. I think the Glazers saw an opportunity to buy an unvalued asset. The way they bought Man United is actually no different from buying a business or a real estate asset. Most investors will use the income from the asset to pay down debt. It’s painful to watch as a football fan, but my guess is that 90% of the new owners of PL clubs are using the same techniques to purchase other PL clubs. I maintain that there are easier ways (meaning less management effort) to make similar or even better returns.

Regarding the entry of big oil money into the PL, I 100% agree with what you are saying. Look, once the Glazers blazed the path, and others saw that almost all of the PL clubs were undervalued, it was on. Arsenal, City, Liverpool (2x), now Wolves, Everton, Leicester, etc.

Well, once you got so much sophisticated money in the PL, it got much more competitive. Then, your Golden Goose, Sir Alex Ferguson, retires. Suddenly Champions League football isn’t a certainty anymore (potentially a 50m loss in profit per season), compounded by the fact that your cost of capital assets (players) has gone up because Of all the money in the game. I feel like SAF was so good, at well, everything, that the Glazers could afford to be in the background and concentrate on the commercial aspects of the business. Not anymore. They now actually have to make decisions that chart the course of the club.

In hindsight, hiring LvG and Jose were attempts to replace SAF, and by doing this they were not building a top class organization that has a common philosophy and modern structure. It just shows how brilliant Sir Alex actually was.
 

thesheriffjw

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Add another 80m for maguire and that is some serious money already this summer and thats without a genuine midfielder.

My concern is this,,,,what happens is utd started poorly??

Another thing,, 80m for maguire which is done, yet no support for Jose who specifically asked for a CB??
 

Suedesi

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Yawn. Please, send me more charts proving there are no investments returning 30% or more. I’ll be sitting here in California, sipping a drink on my deck overlooking the ocean. I doubt I’ll look at them.

It’s all black and white with some people, there is no nuance. They cannot accept anything but a binary outcome. I’m genuinely saddened that you can’t see the shades of gray. It must be exhausting.
W
 

Greck

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Add another 80m for maguire and that is some serious money already this summer and thats without a genuine midfielder.

My concern is this,,,,what happens is utd started poorly??

Another thing,, 80m for maguire which is done, yet no support for Jose who specifically asked for a CB??
Let's revisit this once Ole has blown 300m and demands 70m to replace Maguire only a year later
 

gerdm07

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Add another 80m for maguire and that is some serious money already this summer and thats without a genuine midfielder.

My concern is this,,,,what happens is utd started poorly??

Another thing,, 80m for maguire which is done, yet no support for Jose who specifically asked for a CB??
Mou bought 2 CBs
 

Josep Dowling

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So at minute we have an £80m defender, a £90m midfielder and an £90m striker in our squad and none of them are actually world class. Just about sums up how we are run?
 

mark_a

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As has been said in the thread, our net spend over a longer time is poor compared to others.

The club has struggled as a result of not having a succession plan for after SAF. All else has been scrambling to fix things on the hoof.

Those doing the attempting to fix things have perhaps been ill-equipped to do so. Clearly all this filters down to our transfer policy, which I imagine has been as changeable as our managers.

It's worth bearing in mind that we're not a poor club, therefore our bargaining position isn't strong, and hasn't ever been. That adds 10% onto transfers or possibly more. How do other rich clubs cope then? How do you explain City? Well for starters we're talking about a club in trouble for FFP violations, so I imagine their transfers are done "creatively", perhaps a basic figure plus cleverer add-ons? Who knows. In the past I've seen our transfers talked up to already include the add-ons. When we signed Cantona, didn't we buy him for an amount but agreed with Leeds to announce a larger amount?

Also, if it's all over the press and social media that we "need" players, that also weakens our bargaining power.

Why do you think Ferguson tried to talk us down as buyers with all the "no value in the market" stuff? Once you start opening the wallet for one transfer, it's hard to play hardball next time and keep it closed. Clearly as well as possibly being creative with figures, City look to have also played quite a strong game with deals. Not to mention the fact that a big selling point will probably be the wages they pay (and extras).

Chuck in the fact that we've got Woody, who's unproven and doesn't seem that up to the job, you get where we are now.

All I'm saying is that United pay extra, we've got variable strategy, we seem rich and often desperate and I daresay we're not good at keeping transfer details secret. We're not in strong positions are we! It's not a recipe for getting solid bargains and we seem to have lost our mojo at finding bargains to develop and blossom. We've also had a record of getting players past their best on massive wages (Schweinsteiger, Sanchez, etc..)
 

thegregster

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This.

Far too much champ manager being played by the forumites.
But most of what has been spent is very little use to Ole.

It's not his fault that previous managers wasted a fortune.

City and pool backed Pep and Klopp and let them build a whole new team. Ole has only bought in 3 players so far.
 

RedStarUnited

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The absolute entitled wankers that populate this board will ignore this and continue moaning about the lack of spending.
And they did ignore.

The only issue anyone can have with Woody and co is where the money has been spent, not how much of it.
 

Irwin99

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So less than 100 million net spend last year and less than 100 million net spend this year. huh! :rolleyes::rolleyes::rolleyes:

I really dislike Jose and his time here but the signings of Fred and Dalot were never going to make up a 20 point gap to City in the previous window. Likewise, I wonder if we'll be saying the same at the end of this season regarding top 4, and that AWB, Maguire and James are not enough considering the loss of Herrera, Lukaku and even Fellaini (as a squadie). The owners and Ed suck. There's no two ways about it.