Erik ten Hag might have considered his first Manchester United transfer window as the start of his renewal of the Old Trafford squad, but the noises coming from above him are that this was a one-off, a brief foray into revolution before scaling back to evolution.
United splashed out around £225million this summer, their highest ever spend in one window, and that includes five players who are likely to be in Ten Hag's best XI within the next few weeks.
Lisandro Martinez, Tyrell Malacia, Casemiro, Christian Eriksen and Antony all strengthen the team as well as the squad, but Ten Hag has his eyes on more.
READ MORE: Murtough issues update on January transfer window plans
United are looking for a right-back, a midfielder and a forward next, and they may need a goalkeeper depending on how that situation pans out over the next 12 months.
But as key club bosses yesterday made their first public comments since the transfer window closed on September 1, it was made clear that the kind of investment Ten Hag benefitted from this summer is very unlikely to be repeated.
The message was most starkly laid out by football director John Murtough, who while insisting the club would continue to back Ten Hag by making sure he had "players with the right quality and characters to achieve success", it was also clear it would be done more sustainably under the current ownership.
"We will continue to support Erik in ensuring he has players with the right quality and characters to achieve success while ensuring that investment remains consistent with our commitment to financial sustainability," said Murtough.
"Overall, we are ahead of schedule in our recruitment plans as envisaged at the start of the summer, and we do not anticipate the same level of activity in future windows. As always, our planning focuses on the summer window."
That put the brakes on the idea of any major spending in January and also suggested next summer would be quieter. From five key signings this summer at significant fees, that figure is likely to drop in 2023.
Chief executive Richard Arnold also spoke to investors on the latest conference call and he signed off by talking about the club's strategy of delivering "sustained success on the pitch and a sustainable economic model off it". While talking about redevelopment plans at Old Trafford, Arnold also referenced "macroeconomic pressures" and the "inflationary environment currently impacting the UK and wider global economies."
It certainly sounds like the summer splurge under Ten Hag was a one-off change in approach under the Glazers, rather than a more permanent loosening of the purse strings.
During the question and answer session, chief financial officer Cliff Baty was asked about how the club returned to revenue levels last seen in June 2019. The £627.1million they pocketed for that year remains their highest.
The subsequent years have been affected by the pandemic and while United are talking of revenues of around £580million to £600million for this year, their earning potential is limited by an absence from the Champions League. For Baty, returning to that competition next year is how revenues are propelled forward again and given United are preaching a sustainable model, a top-four finish looks essential for Ten Hag to give himself a significant budget next summer.
Baty also referenced the 19% rise in wages last year, on the back of signing Jadon Sancho, Raphael Varane and Cristiano Ronaldo. The wage bill will remain high this year but he believes it will return to a "more normalised level" soon, which again puts pressure on United to return to Europe's elite.
"Clearly the number you are talking about there is Champions League. Yes, this club needs to be in the Champions League so getting back into the Champions League and success on the football side will improve that level of EBITDA," he said.
"We do have a level of mitigation around that with the way that our contracts are structured but it’s still a £20million to £25million plus and probably will be more lucrative in the next cycle with the new Champions League format.
"If you look at the level of player investment. We have had a high level of player investment, coming out of the back of Covid, we weren’t shy in guiding on the 20% increase in wages that we have seen this year. And that slightly elevated level is ongoing this year. I would expect a return to more normalised levels of wages.
"Now, we obviously work in a market that is competitive, and we want to make sure we have the right players and the right team out there but there has been an elevated level of investment these last couple of years, and then also we are suffering, as is every club and business, from the inflationary shock that we are seeing at the moment.
"I reference that in terms of utilities but that is also affecting us and other clubs in other areas such as travel, flights etc as well as basic wages but assuming that comes under control, the key things are getting back into the Champions League and there would be potential for there to be a normalisation of wages, but most importantly it’s the strong growth in revenues that would take us back to those levels, and we are very comfortable with that."
Ten Hag might never get £225million to spend in one window again, but it's clear that the Champions League is the key to unlocking a larger kitty in future.
READ NEXT:
