Context is important here. One of the reasons Liverpool had an all-timer of a transfer window is because they radically strengthened a title-winning squad while having a significantly lower net spend than Arsenal.
When judging a club’s transfer business, both incomings and outgoings must be taken into account. Who is to say whether Hugo Ekitike will be a success – the early signs are good – but Liverpool’s ability to recoup over £250m while getting better makes them window winners, by some margin.
The operational superiority compared to Manchester United is as different as night and day. So let’s not compare the two. Judging United’s window, at this stage, works best when we look at what came before.
One of the many areas United have gone from world leading to classroom dunces in the post-Sir Alex Ferguson years is player trading.
It is not churlish to suggest Bruno Fernandes is the only signing we can label a success in that time – and even he has his detractors. But it is not just the failed arrivals who made them an embarrassment to long-suffering supporters. They have been, somewhat remarkably, even worse at player sales.
For years, as transfer market experts Manchester City generated hundreds of millions from players who had barely kicked a ball for the club, Liverpool grew exponentially on a comparative net-spend shoestring and Chelsea stockpiled before cashing in, United could not even offload their star names.
For a club of United’s stature, it is almost unfathomable that Alejandro Garnacho’s £40m sale, three million less than West Ham paid for Mateus Fernandes from Southampton, is the club’s fourth highest departure in their history.
LONDON, ENGLAND - AUGUST 30: Chelsea Unveil New Signing Alejandro Garnacho at Stamford Bridge on August 30, 2025 in London, England. (Photo by Darren Walsh/Chelsea FC via Getty Images)
Garnacho left Man Utd for Chelsea in a £40m deal (Photo: Getty)
The Argentine’s exit, however, was part of the mass exodus senior United executives promised, and one that very few connected with the club thought would actually happen.
There were players training away from the first team, overpaid failures and those who had not lived up to hefty outlays littered throughout the squad – hardly an attractive marketplace to delve into.
Yet, somehow, after a cataclysmic season last term, United will generate £180m from player sales in one summer once sell-on fees from previously departed players and all terms of loan obligations have been met. This is £80m more than in any other season, and more than double City made this summer.
Some of the losses taken were still eye-watering though. The loss on Antony stands at £60m. Hojlund at £30m.
Remember the context, however. This was a club full to bursting with overpaid and underperforming stars, outcasts few seemed to want. They may have allowed buyers to get bargain prices, but, in the PSR-ruled world, getting huge wages off the books, while generating record income, can be celebrated.
Man Utd’s exits this summer
Alejandro Garnacho (Chelsea) £40m
Christian Eriksen (free)
Jonny Evans (free)
Victor Lindelof (free)
Marcus Rashford (Barcelona, loan)
Rasmus Hojlund (Napoli, loan)
Antony (Real Betis) £21.7m
Jadon Sancho (Aston Villa, loan)
There has been a shift in how they have spent money, too. In the Ferguson era, United’s approach to the market was simple – identify the best the Premier League has to offer, then swoop in when the players are at the peak of their powers, assert their status as the pre-eminent force, and reap the rewards for years to come.
In recent years, big-money arrivals from overseas have taken precedent, to rather limited success. Signing proven Premier League goalscorers in Matheus Cunha and Bryan Mbeumo represents a change of tack, one that promises to pay off.
A new goalkeeper was a must, with United taking the right option having identified Senne Lammens and Emi Martinez – two very different profiles.
Martinez celebrates his 33rd birthday on Tuesday and would have wanted big money to join. The madcap Argentine is also somewhat past his best, having suffered a poor end to last season.
Lammens is low risk, given the fee. Few casual observers have seen enough to know if he is any good, but he is worth a punt and will almost certainly be less error-prone than the current custodians.
The jury is still out on Benjamin Sesko, but he has scored goals in the Bundesliga and Champions League and there must be hope that he can come good.
There is one major flaw that remains though. It is the reason why there won’t be any major corners turned just yet.
Casemiro once looked to have filled a gaping void in central midfield long vacated by Roy Keane, but the Brazilian is not quite the force he was in his first season in England.
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Ruben Amorim is rigidly wedded to his system and will only ever play two recognised central midfielders. One will almost certainly always be Fernandes -the skipper always mans the ship.
In the current squad, there is no obvious choice for the role that anchors the whole unit. Take Rodri out of City’s side and look what happens. Arsenal spent £60m on their latest defensive midfielder, Martin Zubimendi.
Manuel Ugarte has, so far, looked anything but capable. Casemiro is ageing, Kobbie Mainoo doesn’t have the defensive discipline to play there, and that is about it.
Overseeing a fire sale suggests lessons are being learned. A new £200m strikeforce should improve the goal tally down one end. The defence appears settled, with Leny Yoro looking particularly impressive, while a new goalkeeper, given Andre Onana and Altay Bayindir’s attempts to out-clown each other, was absolutely essential.
Not bringing in an adequate steady hand in the heart of the engine room, however, ensures there remains a ceiling as to how far this new-look United can go.