The Athletic FC Podcast: "How are Man United Still Spending?"
Release Date: June 6, 2025

In this compelling episode of The Athletic FC Podcast, host Adam Leventhal delves deep into Manchester United's surprising transfer activities despite the club's recent struggles and lack of European football participation. Joined by esteemed Manchester United writers Karl Anker and Mark Critchley, the discussion unpacks the financial maneuvers, strategic signings, and internal changes shaping the Red Devils' future.

1. Manchester United's Transfer Spending Amid Financial Constraints

Adam Leventhal opens the episode by addressing the perplexing scenario of Manchester United continuing significant player acquisitions despite not qualifying for European competitions and finishing near the bottom of the Premier League last season.

Adam Leventhal [02:11]:
"After signing Wolves' Matthias Cunha for £62.5 million, Manchester United have made an opening bid of £55 million to sign Brian Mbumo from Brentford. So with no European football, how are United still drawing the big names? And are they at risk of breaching PSR after their lowest top division finish since 1974?"

2. Financial Rules and PSR Calculations

Karl Anker provides insight into Manchester United's financial standing, highlighting discrepancies in loss calculations between the PLC and Red Football Limited. He emphasizes that excluding certain costs provides United with more financial leeway than previously perceived.

Karl Anker [03:56]:
"We found out that the accounts which serve the basis of their PSR calculation with the Premier League are from a company called Red Football Limited. While the PLC company shows a loss of around £130 million, Red Football Limited reports a much smaller loss of approximately £36 million."

3. Cash Flow and Transfer Strategy

Mark Critchley discusses the critical importance of cash flow in Manchester United's transfer strategy. He explains how the club is attempting to balance financial rules with actual cash availability, leading to staggered spending and installment payments for new signings.

Mark Critchley [04:27]:
"They have got a write a check for £89 million this summer for Anthony Sancho, Casemiro, Hojlund, Onana—players who are already at the club. It's that cash pressure which has been the limiting factor on United's transfer business."

4. Player Signings and Potential Sales

The conversation shifts to the specifics of recent and potential signings. Karl Anker highlights the strategic acquisitions of Matthias Cunha and the interest in Brian Mbumo, noting the challenges United faces in affording these players without significant sales.

Adam Leventhal [08:15]:
"Beyond Cunha and likely Mbumo, players like Rashford, Jadon Sancho, and Alejandro Garnacho might need to be sold to facilitate further signings. However, United's history of poor selling strategies complicates this approach."

5. Impact on Manager Ruben Amarin and Staff Changes

Mark Critchley addresses the departure of Dave Brailsford, Manchester United's Director of Sport, and the promotion of Jason Wilcox to Director of Football. He questions the implications of these changes on the club's strategic direction and transfer dealings.

Mark Critchley [32:13]:
"Dave Brailsford was pivotal in building an elite performance environment at United. His stepping back signals a new phase, but with his departure, the executive team must prove its effectiveness in steering the club towards success."

6. Fan Sentiment and Club Messaging

Karl Anker examines how Manchester United's fanbase is reacting to the club's ambitious transfer activities amidst ongoing financial and performance issues. He suggests that initial signings are intended to restore hope and demonstrate a clear plan to return to European competitions.

Karl Anker [10:28]:
"The quick signing of Cunha and interest in Mbumo suggests that United have some sort of plan to begin sorting things out, offering tentative excitement amidst understandable fan frustration."

7. Statistical Analysis of Player Performance

Conor O'Neill, Data and Tactics writer for The Athletic, joins the discussion to analyze the performance metrics of key signings. He cautions against overreliance on overperformance statistics, emphasizing the importance of sustainable metrics.

Conor O'Neill [19:35]:
"Brian Mbumo has scored 15 non-penalty goals from an xG of 7.6, which is double what was expected. This level of overperformance typically has only a 1% chance of being sustained."

Karl Anker [20:53]:
"When you see a gap of xG and goal scores that's this big, where do you look next? It's vital to ensure that the underlying metrics are solid before building strategies around them."

8. Reshuffling in the Boardroom and Future Outlook

The episode concludes with a critical look at the recent boardroom changes and their potential impact on Manchester United's future. Adam Leventhal poses tough questions about the viability of the new leadership structure and Manager Ruben Amarin's ability to turn the club around.

Karl Anker [36:22]:
"If you are telling me that he was responsible for bringing a footballing structure in a footballing group, I am going to ask you who is the technical director of Manchester United right now?"

Adam Leventhal [42:10]:
"What makes you think that Ruben Amarin is going to make things right next season? Have you got confidence in him, Karl?"

Karl Anker [42:39]:
"Amarin is asking me to believe in him, even though all the previous evidence suggests this might not work out. So is it good me with the person who fixes Manchester United? Well, you have to be, because if you're not, you're not going to be here past Christmas."

Conclusion

This episode of The Athletic FC Podcast provides an in-depth examination of Manchester United's financial strategies, transfer decisions, and internal restructuring amidst challenging circumstances. With expert analysis from Karl Anker, Mark Critchley, and Conor O'Neill, listeners gain a comprehensive understanding of the complexities facing one of football's most storied clubs. The discussion underscores the delicate balance between ambition and financial prudence, the critical role of effective management, and the ever-present scrutiny from passionate fans.

Notable Quotes:

• Adam Leventhal [02:11]:
  "With no European football, how are United still drawing the big names?"

• Karl Anker [10:28]:
  "The quick signing of Cunha and interest in Mbumo suggests that United have some sort of plan to begin sorting things out."

• Conor O'Neill [19:35]:
  "It's unlikely that they'd be able to sustain that level of finishing."

• Mark Critchley [32:13]:
  "Dave Brailsford was pivotal in building an elite performance environment at United."

• Karl Anker [42:39]:
  "So is it good me with the person who fixes Manchester United? Well, you have to be, because if you're not, you're not going to be here past Christmas."

This detailed summary encapsulates the key discussions, insights, and conclusions from the episode, providing valuable information for those who have not listened to the full podcast.