£40 million. That is all that is left on Manchester United’s credit card as manager Erik ten Hag moves toward another winter of discontent.
As reported earlier today by The Peoples Person, the club’s annual report, released yesterday, shows that this summer’s entire transfer window was funded by loans.
These loans totalled around £130 million, leaving just £40 million of the club’s £300m credit facility left available.
United fans would not be shocked to see another January, like that of 2023, in which Ten Hag is told there is no money for transfers, even if key players are ruled out for the season.
But the bigger issue is what will happen next summer if Sir Jim Ratcliffe’s £1.3bn investment into the club does not go ahead.
There will literally be only £40 million available for transfers, assuming further borrowing does not take place between now and then.
If United exercise their buy option on Sofyan Amrabat of £21.4 million, only £18.6 will remain.
With Sheikh Jassim Bin Hamad al Thani having pulled out of the race to sign United, Sir Jim has the Glazers over a barrel.
Unless they can secure credit elsewhere, which is becoming increasingly unlikely given the state of the club and the size of the existing debt, the INEOS chief is the only lifeline left for the Glazers.
An announcement over his investment is yet to come and there have been reports of issues to be ironed out in terms of whether or not he will be given total control over footballing matters.
If the Glazers refuse to accede to his demands and he walks away, it is hard to see how United can avoid financial ruin.
With no money for transfers and a decaying stadium and training facilities, we are looking at a scenario in which the greedy Glazers will have asset-stripped one of the world’s biggest football clubs into obscurity.
This really is make-or-break time for the entire future of the Red Devils. Whatever fans might think of Sir Jim or of the fact that it is not an outright sale, failure to complete this deal will be catastrophic.