Said it yesterday, cash flow problems
Manchester United does not have a cash flow problem. The club will have a cash flow setback for the 2019/2020 campaign by losing out on CL football. Last year you got around 15 million euro for qualifyiong to the group stages of the CL. For qualifying to the EL group stages you are awarded just under 3 million euro.
The net distribution between the CL and EL are 2~ billion Euro for CL and 585~ million Euro for the Europaleague to be dsitributed to all particiapnts in varying stages of contest and for performance.
Manchester United is a tremendously well run business, something we should all be thankful for. Its this fiscal responsibility that allows us to be able to go out and invest when we need to, without being subject to FFP and other issues that have plagued other clubs.
If we absolutely wanted to, we could cash out Neymars £3 million valuation today. No problem.
The club pr end of the fiscal year 2018 had £425 million pounds in the bank in the form of various source investable equity. This amount moves up and down a few percent every year depending on spendings etc.
It's very likely true that Ole only has £100 million to spend. In cash, upfront today.
What he most likely also has are payment plans, and bonuses that take that budget up to £200 million and beyond. The way sales are usually conducted are by form of: Initial payment, payment plan, case-dependant bonuses (player formance, goals scored, caps, etc). If a club is fiscally sound like Manchester United, the club also has a very strong line of credit. This credit gives us a lot of leeway in terms of offering downpayment plans that span a year, or two, or three for a player that we buy. Sometimes the selling club is more than willing to accomodate. Other times they want more money upfront than we are willing to give.
The key point here is that we never spend over budget. Spending over budget is very risky, and putss the club at a financial risk moving forward. No one wants that. Real Madrid MUST sell this summer to comply with FFP. They are way over their income budget, and must comply with the UEFA regulations. Currently, Real Madrids expenditures outweigh their income, and if left as it is, it could threaten to destabilize the clubs financial structure in the long run.
I wish this was FM where we can just buy players at random and cash out anything we want, but it's not. Its a business thats very well run, even if we don't buy all the players we can find at any given time.
On that note: There will be more signings this pre-season. Bruno Fernandes will likely be landed, same with Wan-Bissaka and a bonafide centre back. Total budget for these players and Daniel James can easily sniff the £200 million mark.
Edit: The sale of players can also very well be factored into the total budget, if the sale of said player was considered safe enough to be worked into an operating budget. But fact of the matter is that no one really knows whats going on.
All we know is that Ed Woodward has said that the manager will receive full backing in the transfer market.