Premier League · Manchester United

Man Utd net spend under Ratcliffe: €407m in five windows, with £375m of fees still owed

Manchester United's net transfer spend since Sir Jim Ratcliffe's INEOS deal is €406.85m. Every window, the cash paid, the fees still owed and how it was funded.

Footy Cap desk · 20 October 2026

Manchester United's net transfer spend since Sir Jim Ratcliffe bought into the club is €406.85m, across five windows from summer 2024 to summer 2026. Transfermarkt counts €669.3m paid out in fees and €262.45m taken in (Transfermarkt: 2024/25, 2025/26, 2026/27).

His first two full seasons cost €78.5m less, net, than the two Glazer-run seasons before them. The catch is the bill: at 30 June 2026 United still owed other clubs £375.0m in transfer fees (20-F).

When Ratcliffe's era starts

Ratcliffe's company Trawlers agreed the deal on 24 December 2023 and completed it on 20 February 2024 (20-F). INEOS took control of football operations as a minority owner (BBC Sport). The January 2024 window had shut by then, so summer 2024 is the first window on his watch. INEOS now holds 28.95% of the voting power; the Glazer family holds 67.91% (20-F).

Window by window

Summer 2024 was the cheapest of the three summers. United spent €217.6m on Leny Yoro, Manuel Ugarte, Matthijs de Ligt, Joshua Zirkzee and Noussair Mazraoui, then recouped €129.6m, led by Mason Greenwood (€38.4m) and Scott McTominay (€30.5m). Net: €88.0m (Transfermarkt).

January 2025 added Patrick Dorgu (€30.0m) and Ayden Heaven (€1.8m) with no sales. Summer 2025 was the big one: Benjamin Šeško (€76.5m), Bryan Mbeumo (€75.0m), Matheus Cunha (€74.2m) and Senne Lammens (€21.0m), offset by Alejandro Garnacho (€46.2m) and Antony (€25.0m). Net: €169.5m (Transfermarkt). January 2026 brought no fees either way.

This summer, Carlos Baleba (€75.9m), Andrey Santos (€56.3m) and Youri Tielemans (€41.0m) came in, and Rasmus Højlund's €44.0m move to Napoli led €55.65m of sales. Net: €117.55m (Transfermarkt). The club put its outlay at £155m on four signings including add-ons (MEN), and the Manchester Evening News put net spend at just over £100m (MEN).

Compared with what came before

Over INEOS's first two full seasons, 2024/25 and 2025/26, net spend was €289.3m. The two seasons before, 2022/23 and 2023/24, came to €367.78m (Transfermarkt; Transfermarkt).

It is still big money by league standards. On our three-season measure, 2023/24 to 2025/26, United's €438.2m is the Premier League's third-highest net spend, behind Arsenal (€470.4m) and Tottenham (€466.4m). That window includes one pre-Ratcliffe season.

The cash and the money still owed

Transfer fees are paid in instalments, so cash leaves later than the headlines. United paid £278.7m for registrations, mainly players, in the year to June 2025 and £292.3m in the year to June 2026, and received £48.8m and £148.6m from sales (20-F). Net cash out on registrations over the two years: £373.6m.

Fees owed to other clubs rose from £331.4m at June 2024 to £447.1m at June 2025, then fell to £375.0m (2025 20-F; 2026 20-F). Of that £375.0m, £156.7m falls due after more than a year. Against it, other clubs owed United £67.9m. Up to £122.8m more could become payable if performance clauses are met (20-F).

The summer is not in those numbers. After 30 June the club acquired or extended registrations for £191.7m, including associated costs, payable over five years (20-F). That is £36.7m more than the £155m announced; the MEN points to agent fees and the Premier League's transfer levy (MEN).

How it was paid for

Ratcliffe's own money came in as equity, not loans: $200m at completion and $100m in December 2024 (20-F). The cash flow statement shows £158.5m and £80.0m of share proceeds in the years to June 2024 and June 2025. The club said those funds were intended for infrastructure at Old Trafford (club release), so they were not a transfer budget.

Fees are paid from operating cash and borrowing. Net debt was £621.7m at 30 June 2026, up from £550.9m a year earlier. It is owed to holders of $550m of senior secured notes due 2031, lenders on a $225m term loan and banks on the revolving credit facility, not to the owners. United then drew a further £120m on the revolver over the summer and repaid £30m, leaving £200m drawn on 21 September (20-F).

Manchester United's wider financial picture

Revenue rose 1.7% to £677.6m in the year to June 2026. Broadcasting climbed 19.5% to £206.8m; commercial fell to £317.3m and matchday to £153.6m. Staff costs fell 3.6% to £302.0m, which is 44.6% of revenue. The club still lost £43.0m, after £33.0m the year before and £113.2m in 2023/24 (20-F).

Our health grade is a C (56.3). Revenue scale is the strength; net debt at about 92% of a year's revenue is the drag. The grade uses an industry estimate of first-team pay, about 26% of revenue, so clubs that do not file staff costs stay comparable.

Where United stand on the rules

PSR's last cycle runs to 2025/26 and is assessed in January 2027 (The Bean Counter). The club has not published a PSR calculation or its squad cost ratio for 2026/27, so we show neither and do not estimate headroom.

Quick answers

What is Man Utd's net spend under Ratcliffe? €406.85m over five windows, summer 2024 to summer 2026 (Transfermarkt).

What was Man Utd's net spend in summer 2026? €117.55m by Transfermarkt's count; just over £100m, said the MEN (MEN).

How much do Man Utd owe in transfer fees? £375.0m at 30 June 2026, before the summer's £191.7m of new commitments (20-F).

The club's full figures, sources and grade are on our Manchester United page, alongside the rest of the Premier League.

What do Šeško, Mbeumo and Cunha cost United each year once their fees are spread over their contracts? See the Manchester United transfers tab and our biggest yearly transfer costs ranking.

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