Manchester United are juggling financial problems as Ineos try to rebuild Ruben Amorim’s squad this summer.
Action was needed at Manchester United after recording the club’s worst-ever Premier League finish in the 2024/25 season.
A £62.5m deal for Matheus Cunha kickstarted a summer overhaul, and now two bids have been submitted for Bryan Mbeumo as Ineos push to make the Brentford star their second major signing.
But co-owner Sir Jim Ratcliffe warned that United are running out of cash and have a huge transfer debt to pay off from previous signings.
While United’s PSR standing is healthy, there is a growing concern about a lack of cash at Old Trafford.
Jim Ratcliffe, co-owner of Manchester United FC, looks on
Photo by Nicolò Campo/LightRocket via Getty Images
Stefan Borson warns Man United about ‘cash crunch’ next season
United had more than £300m in cash reserves back in 2018, but fast-forward to 2025 and the latest club accounts showed that the Red Devils’ cash reserves are down to just £73m.
With transfers to pay as well as the day-to-day operation of the club, this is a growing concern around Old Trafford.
Football finance expert Stefan Borson spoke to talkSPORT about United’s finances and suggested that a “cash crunch” could occur next season.
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“The key point for United this summer, the focus will be on how many players they can sell,” Borson said.
“That will fix two things, it will fix the PSR issue if they sell Rashford and Garnacho in particular, as those players are in the books for zero.
“And it will fix the cash position as well because clearly the fees would be the best part of £100m that will flow in over the next three years which will offset the payments they need to make and the market opportunities they may then go after if they sell those players.
“There is going to be a cash crunch coming for Manchester United, especially if this season doesn’t go well.”
Why Marcus Rashford and Alejandro Garnacho sales are important for PSR
If Ineos want to continue strengthening Amorim’s squad they must stay on the right side of the Premier League Profit and Sustainability Rules.
An expected Mbeumo deal will impact United’s PSR, but with a new financial period beginning in July, Ineos will be eager to make sales and free up more funds.
In particular, Rashford and Garnacho were mentioned as important sales by Borson and that is because they are both academy graduates.
Infographic explaining Profit and Sustainability Rules (PSR), the system which used to be called Financial Fair Play (FFP).
Profit and Sustainability Rules infographic Credit: Adam Williams / United in Focus / GRV Media
In PSR terms, they have a book value of zero in the club accounts as they weren’t signed for any transfer fee. Therefore, a sale this summer will represent pure profit.
United value Rashford at £40m and Garnacho closer to £60m, so together a combined £100m fee would give Ineos a huge amount of flexibility without risking a PSR breach.