As Manchester United made their most brave appearances on Thursday afternoon at lunchtime in Bilbao, they were leaving Bilbao.
Yes, Ruben Amorim, the club’s head coach, has a strong support there, and he had previously stated after the game that he would leave “the day after,” without talking about compensation.
Yes, the club have a Plan B when it comes to transfers and will be in a position to reshape Amorim’s squad this summer.
And yes, the club still thinks they’ll reach the top of the English market in the near future.
However, there are some fundamental problems that words alone cannot resolve.
After losing 1-0 to Tottenham in Bilbao, knowing there will be no European football of any kind next season and with losses still high despite a second round of redundancies, there are significant questions for United to answer.
What does it mean for their finances?
At some point between now and the beginning of July, United will announce their third quarter financial results to the New York Stock Exchange.
This will give us an opportunity to address any financial issues that may arise from the Spain-era defeat in the 2025-26 season.
Due to the Champions League being a factor, United will likely see a £10 million reduction in payments from their $900 million, 10-year sponsorship deal with Adidas. As that penalty is spread over the length of the contract, which runs to 2035, the damage on an annual basis is not onerous. Few would, however, be optimistic that United would return to the Champions League in 2026-27 and avoid yet another penalty after looking at this year.
The issue of Premier League prize money extends beyond that. Each place in the table is worth £3m. In their current 16th-place position, United would receive £33 million less than they did for fifth place.
Every home game at Old Trafford is funded by the club, which would have included at least four more in the Champions League league phase.
Add in the generous prize money on offer in Europe’s elite competition, and that is how we have calculated that Wednesday’s defeat by Tottenham has, at a conservative estimate, cost United £100m.
A second round of redundancies is in the works, this time affecting the football department, as has been widely reported. The scouting, medical, and science teams are affected by the reductions.
There has been no word on whether that is likely to be the end of the matter. Nothing is off limits in Sir Jim Ratcliffe’s determination to make United a leaner organization, aside from the axeing of staff trips, free lunches, and other perks.
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What does the transfer budget mean for them?
What does it mean when United says funds will be available?
There are a few factors at play. They owe an additional $ 270 million in transfer fees, of which £156 million is due this summer, as Ratcliffe pointed out in March.
To date, losses totaling £113. 2 million as of June 2024. Since then, United spent £14.5m sacking former manager Erik ten Hag and his staff.
Despite this, no one at United disputes the widespread belief that Wolves forward Matheus Cunha will join the club in the summer.
The Brazilian has a £62,5 million release clause. Quite how much of that has to be paid immediately is not known. However, it’s difficult to see how it can’t, at least in part, be funded by player sales.
The unquantifiable part is now. The better – and faster – United can sell, the more flexibility they will have to buy. The harder it becomes to negotiate deals for the right price, and the more mistakes are made.
When Ten Hag demanded that United bring in Frenkie de Jong from Barcelona, it is argued that United are still paying a lot for the summer of 2022.
United officials quickly concluded it was an impossible deal to complete. Ten Hag made a different argument.
Who might leave, and what does that mean?
There is a realistic and idealized view of this.
In the past, United have ringfenced players who they regarded as off-limits to other clubs. Even though the club did say they weren’t interested in selling the 30-year-old Portugal playmaker when recent interest from the Saudi Pro League popped up, I doubt there is anyone in that category right now. That includes captain Bruno Fernandes.
The easy part is first. The contracts of Victor Lindelof and Christian Eriksen run out in the summer. They won’t be renewed.
It becomes more difficult after that.
Marcus Rashford accepts he will not play for United again while Amorim remains in charge. He is not interested in taking a pay cut, and he is not in a rush to decide his future. Barcelona have expressed interest, but they are not particularly cash-strapped. Rashford might be keen on a move to the Nou Camp but it is difficult to imagine a deal could be concluded swiftly.
What would happen if Chelsea signed Jadon Sancho back to Old Trafford and added the £5 million clause to their deal with United?
Alejandro Garnacho and his family appear to have thrown themselves into Amorim after the final’s contentious social media posts. Chelsea were keen on the Argentina forward in January. If they return, United will undoubtedly pay attention.
Andre Onana from the Saudi Pro League has been the subject of rumors, but nothing concrete has come of it. Onana’s deputy Altay Bayindir knows he will remain as second choice and is likely to move on.
What about well-known, well-known stars like Casemiro, Harry Maguire, and Luke Shaw, though? Or Mason Mount and Manuel Ugarte, both recent graduates? Or players who have been forgotten about, such as Tyrell Malacia or Antony, who has enjoyed a successful loan at Real Betis? Without mentioning the underperforming, expensive striking duo Rasmus Hojlund and Joshua Zirkzee, They were advised to make their own recommendations for Italy. But both are earning more than they did when they were at Atalanta and Bologna respectively.
What does Amorim’s meaning mean?
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The speed with which United issued support for Amorim in the wake of his post-match declaration was telling but the former Sporting coach knows the spotlight on him is fierce now.
There are clearly signs of a structure and tactical patterns that he did not notice during his first few weeks at the club, according to him, and he has stated that he feels his players are getting used to what he wants from them.
On Wednesday, United manipulated a situation to allow Casemiro to deliver a 60-yard crossfield pass from right to Patrick Dorgu, who was passing through the touchline in space. Nothing came of the attack but it was an example of what Amorim is looking for.
He and everyone else are aware, however, that clubs of this size cannot consistently lose without consequence. Six league victories in 26 games is simply not enough.
There is no league with the strength in depth of the Premier League, underlined by what has happened to United this season.
However, it is pretty certain that if the man who started the season was fired along with Real Madrid, Barcelona, Bayern Munich, or any other major Italian clubs had a comparable campaign.
Amorim appears to be free of that fate. But unsubstantiated rumours hang around of players not being happy with his methods. A couple of thoughtful former United players who won the trophy question how effective it can be having a coaching staff who is, in some cases, both younger and less experienced than the players they are trying to work with.
What happens next?
United travel to Asia for a two-game tour once Sunday’s game against Aston Villa is over.
No one among the club’s well-known first-team players seems to enjoy the prospect, in my opinion.
But Amorim has said, and others acknowledge, that the first team can have no argument over United taking unpopular decisions to generate more income – up to £10m in this instance – to make up for this season’s shortfall.
Italian giants AC Milan are the only “Super League” club that has failed to earn European qualification for the following season. If there is a convenient date on the calendar when at least one friendly is scheduled in a neutral nation, don’t be alarmed.
The positive spin of no Europe means more chance to work on the training ground.
The negative aspect of the season’s absence of regular midweek games and press conferences could lead to more of what is happening in the background being reported to the media.
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