Manchester United believe they can challenge for major honours despite being unable to match the spending power of their rivals. United spent £148m on new players this summer, less than newly promoted Ipswich, the £300m-plus invested by Chelsea and Tottenham and the record £458m spent by Manchester City. In their victory at Ipswich on Friday night, Liverpool fielded three players, Alexander Isak, Bradley Barcola and Florian Wirtz, who each cost more than £100m.
By contrast, United's most expensive signing this summer was Cameroon midfielder Carlos Baleba from Brighton in a deal that could reach £70m, still £19m short of the club-record £89m they paid for Paul Pogba a decade ago. Head coach Michael Carrick says money in itself is not the answer to building a successful side and is adamant the club can compete. "I certainly feel we can," he said.
"The challenge is getting the right dynamics, the right balance and the right group together; getting the best players in the group to enhance the rest. Whether you need experience, or some younger players." There has been some criticism of United's transfer approach, with the lack of a left-back to compete with Luke Shaw and no striking support for Benjamin Sesko two areas highlighted. Carrick has rejected the notion restrictions have been placed on summer spending by United's hierarchy.
"The actual amount of money I understand can be a big thing but it doesn't always have to be the answer," he said. Has United's debt has restricted the club's spending power? Questions about that issue were raised at the Fans Forum at the end of June and respected finance blogger Swiss Ramble estimated in September 2025 that United had paid £852m in interest alone since the Glazer family's takeover in 2005.
The club's latest quarterly figures showed total borrowings of £1.29bn, including outstanding transfer fees. United also took on an additional £91.92m when refinancing bonds in June and are yet to outline how they will fund a proposed new stadium expected to cost more than £2bn. The club's full year accounts to 30 June are due out in the next few weeks and will show the latest picture after a season without any European football.
Against that backdrop, fans continue to protest against the Glazers at virtually every match. Yet chief executive Omar Berrada insists the club can remain competitive while managing its debt and stadium ambitions, arguing United's challenge is to operate sustainably while continuing to compete for major trophies. "We have shown that with debt, we can not only [be] profitable, but more importantly, win trophies," Berrada told the club's Fans Forum on 30 July,.
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