With Sheikh Jassim bin Hamad Al-Thani’s bid out of the picture, Manchester United’s quickfire route to success becomes a lot narrower.
Perhaps it’s almost impossible with the Glazers still in situ. It cannot be denied the Glazers have splashed out heavily on signings since Erik ten Hag walked through the door – around £300million has been spent on newcomers during his tenure.
But millions of pounds worth of paint will never make the rocky foundations of the house steadier and the lack of funding in infrastructure is alarming. This summer, former academy product Charlie Savage put League One Reading’s training facilities on par with those at Carrington.
The Royals have been washed with financial trouble in recent years and, in truth, so have United. The lack of investment by the Glazers at the club means United have to operate on a lower financial threshold within UEFA rules and the club’s debts do not help matters.
The club have been accused of overpaying for underperforming players. Paul Pogba cost a record £89m but left Old Trafford under a cloud for free.
More recently, Jadon Sancho’s £73m looks remarkable while the jury is still out on Antony’s £85m. So much money has been spent on a squad that does not look close to winning the title.
All the while, United could be in the same situation in the winter market as they were last season. A £225m summer spend saw the Reds cash-strapped in January and they ultimately had to lean on loanees Wout Weghorst and Marcel Sabitzer.
This summer, club officials were concerned about Financial Fair Play rules and that same fear may come into play next January. Ten Hag was clearly irked by last season’s situation and let his guard down in May, ahead of the FA Cup final.
“The club knows if you want to play top four, compete for trophies in this league then you have to invest otherwise you don’t have a chance because other clubs will do,” he said.
“We’ve seen it in the winter, all the clubs around us made huge investments, we didn’t. But still we made it, so I’m proud of my team.”
Sir Jim Ratcliffe remains the only bidder left at the table and looks set to invest a 25 per cent minority stake, rather than his initial aim for 69 per cent majority. That in itself is less than ideal but Ten hag has already outlined what he expects from all those who have their hand in the United pie.
Ratcliffe must not be a backseat investor, especially if he wants to deliver on his promise of bringing the Champions League trophy back to Old Trafford.