I don't think this is true to be honest. Given United's Q1 2025 numbers are already out there and the summer player sales are reflected in this, if the fee brought in from the likes of McT, Greenwood etc made an impact on future spending they would have made more moves in January and done so earlier IMO - the fact that only Dorgu came in and only after they made a couple of moves with Antony and Maguire is testament to the situation that - as both the club and reputable journalistic sources have often repeated - any future purchasing is relying on future sales also.
I think even selling Garnacho and Rashford they'd struggle to spend £200m personally based on my projections, but we really don't know where United are at the moment at least until we get a look at Q2 numbers, I'll be interested to see where it looks like net interest is going to land because what's certain is United can't afford to be posting a £60m loss on this line item again and expect to spend big in the summer.
I've mentioned elsewhere I think but there is a situation where United could go big in the summer and I think they will still be fine for the next cycle of PSR, but the one after - when they lose the £12m net profit year in 2022/23 from calculations - is going to be the one that stings. Spending above their means this summer will mean needing to scramble around and balance the books down-the-line and I just don't think that's going to be the INEOS way.
The issue is the loses and the interest payments which significantly affect the loses, last year 23/24 season includes £41m of Commission fees paid to the Raine group and interest on top of that of £60m.
This is the last year of PSR, all 20 PL clubs are voting to tend that this spring and then we enter 25/26 Squad ratio rule anchored to the lowest PL teams media revenue factored at 4.5/5.
The PSR rolling three year will be from 22/23 year, 23/24 year and 24/25 year and also needs to account for Cash backs.
SJR investment was carefully staggered with one Payment in 23/24 season and the latest this Christmas of $100m paid in this seasons accounts of 24/25, this money is used to offset the loses by investment into youth, stadium, Ladies and Carrington being modernised.
The real issue is working capital, the club is not very liquid right now, so they are trying to sell players like Mainoo, Garnaucho, Rashford, more to generate a lot of cash so they can go big in the summer. The club said last summer we had a maximum of £35/50m for the summer budget then it went up to £80/100m then we spent over £200m.
We spent - £52m Lenny Yoro, MDL - £42m,
N Mazraoui - £15m, J Zirkzee - £36m,
M Ugarte - £42m, P Dorgu - £25m
That’s a total - £212m
However we’ve probably only paid about £70m in first instalment and £30m of agent fees so we may have facilitated all those sales on £100m of investment and then received as much as £30m back from instalments of player sales from players sold in the summer. The harsh reality is we may not even have £50-60m of working cash right now to facilitate summer transfers so we need to generate more cash by selling players.