He covered his ass in that respect by stating that Madrid spent £200m net in a decade to our £1.1 billion, this clearly told me that he indeed does see this as a business, yes he loves the club however his refusal to sell Nice and his full advocacy of the multi club business model.
It’s clear he wants to buy young players around Europe, move the most talented to United and then potentially sell some of them at profit when they are 25, like he said Madrid have 6 or 7 players who could all fetch over €100m and United have none.
The PSR/FFP is not as big an issue as people think, the real issue is working cash and capital to facilitate transfers, he also mentioned quite brilliantly what I’ve been saying for ages that under UEFA and the squad ratio rule of 80% of turnover you need forecasters because the revenue is a moving number, like I said for 2024/25 season we can only spend 80% of our revenue generated from January 1st 2024 to December 31st 2024.
In other words we don’t know what the revenue is because the year of 2024 will feature no CL revenue only Europa league revenue, so will £650-675m of last year become £625-£650m.
If so 80% of that can be spent on Wages, Amortised Transfer, New Transfer and Agent Fees. This is why a deal like Zirkzee won’t happen not with an Agent receiving an upfront fee of £13m
Assume £625m, then a £520m threshold would be the limit of spend this year. We know the club owes £80-90m in amortised transfers, fees for Martinez, Antony, Casemiro etc, we know the wages will reduce significantly in two ways; 1) 25% EL clause and 2) losing high earners like Varane, Martial, Williams, and hopefully Casemiro which is £1million per week savings.
Wages are also being reduced at the employee level as well so we may reduce last years £330m to maybe £260m, that leaves an awful lot left for transfers and agent fees and that’s before any player is sold.
He made a Payment of $200m(£157m) of which £120m in April was used to pay off the revolving credit card facility, this was to appease the banks so the new transfer committee of Brailsford, Blanc, Wilcox and Matt Hargreaves could actually get deals done this summer. I’m sure SJR sees this very simply;
1. Reduce the Wage Bill
2. Get older players on huge wages sold or released
3. Maximise all sellable assets like Sancho, Casemiro, M Greenwood, AWB, Antony, Lindelof, Eriksen, DVB
4. Loan certain players from that list that can’t be sold
5. look at generating £10-20m from youth player sales like Alvaro Fernandez, Hanibal Mejbri etc.
6. Target Two CB’s, Two Midfielders, right winger and Striker
7. Sort out new contracts for Bruno and Mainoo before season starts
8. Make sure players are in early so the manager can get them on tour and find a pattern of play which improves the football.