This summer, only Arsenal spent more money than Manchester United in the transfer market in the Premier League. The arrivals of Jadon Sancho, Raphael Varane, and Cristiano Ronaldo came at a high price and according to executive vice-chairman Ed Woodward, United’s ability to spend more than other clubs is down their sustainable model.
Earlier on Friday, the club announced its quarterly results and the figures highlighted their robustness in the uncertain financial landscape amid the COVID-19 pandemic.
Whilst some clubs have been forced into cautious spending and carefully balancing expenditure, Manchester United have been able to make use of their high revenue – despite recording a loss in total.
Although he is aware of United’s place on the ladder, Woodward has insisted on balancing out the spread of finances in top-level football.
“It is not an accident that we have been able to invest this summer at a time when many clubs have been retrenching,” Woodward is quoted as saying by the official Manchester United website.
“This reflects the strong commercial model we have built over many years, ensuring that our spending is always underpinned by revenues that we generate ourselves.
“However, while we are confident in our relative strength, it remains clear that football as a whole faces major financial challenges caused by years of material inflation in wages and transfer fees, exacerbated by the impact of the pandemic. We are committed to working within the Premier League, the ECA and UEFA to promote greater financial sustainability at all levels of the game.
“But no club can succeed on its own. We want to be part of healthy, vibrant domestic and European football pyramids, working together with our governing bodies and, most importantly, the fans, to preserve and enhance the magic of our game. As a club, we are committed to those objectives and we look forward to pursuing them in the months and years ahead,” he added.
Woodward also took time to express his delight at Manchester United’s summer transfer business, describing the arrivals of Sancho, Varane, Ronaldo and Heaton as ‘significantly strengthening’ the side.