Manchester United's summer transfer window of 2022 could well become a case study in years to come of the difficulties of assessing value in the modern game.
After splashing out a record £225million on six new players, the perception within football is that the club overpaid for the players they signed.
Landing Christian Eriksen on a free transfer and Tyrell Malacia for just £13million plus add-ons was impressive business, but they had to cough up a potential £56million for Lisandro Martinez, well above their opening offer for the Argentine.
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The final days of the window were particularly tricky for United. The defeats to Brighton and Brentford made new arrivals all the more pressing and Real Madrid and Ajax were both delighted to bring in up to £70million for Casemiro and £85.5million for Antony.
The latter is a 30-year-old defensive midfielder whose value is only going to depreciate at Old Trafford, while Antony has plenty of potential, but becomes the most expensive Eredivisie export ever on the back of just two good seasons at Ajax.
United will hope both prove to be worth the outlay and it has to be said that Ten Hag's eye for a player looks promising so far. Martinez, Malacia and Eriksen have all had very good starts to their careers at the club.
Casemiro has looked sluggish, however, and needs more game time before he can oust Scott McTominay, while Antony has drifted in and out of games despite some memorable moments.
But if the recruitment drive helps United back into the top four and a return to the Champions League, will the risk of overspending on players that other clubs would have valued at far less have been considered worth it? Probably so.
The idea of defining value in the transfer market is becoming increasingly difficult and every summer throws up anomalies of players that look overpriced or some that appear bargains. The reality is the only value that matters is the one the buying club places on that player.
Spending £85million on Antony looks like a significant risk for United and it's doubtful any other club in Europe would have come close to that fee. But at the same time, Ten Hag knows the player better than anyone else and as a left-footed right-winger, he fills a particular gap in this starting XI.
That makes judging value now even more difficult, but one issue United might face is the reputation they have developed as a club that will bend to demands. They threatened to walk away from signing Antony in the second week of July, baulking at an asking price then that was still significantly lower than the actual price they paid.
The fact they went back in for the Brazilian and eventually did the deal on Ajax's terms suggests a club that will pay a premium to give Ten Hag what he wants. The rest of the football industry will have duly noted that when United come inquiring about a player next summer.
A reputation for overspending on players can be difficult to shake and it makes future negotiations all the more difficult. That stigma can attach itself to United and a new report on fees paid over the last decade will only reinforce the idea.
The renowned CIES Football Observatory's latest weekly report assesses the fee-paying transfer business carried out by clubs in the Premier League, La Liga, Serie A, Bundesliga and Ligue 1 since 2012, comparing values prior to the transfer with the fee paid.
The values are estimated according to the exclusive CIES Football Observatory’s statistical model and the report, unsurprisingly, puts United top. They estimate they've overpaid by €238million on 33 deals since 2012, ahead of Juventus on €234million and Paris St-Germain on €162million.
You only need to look at United's bench this season to get an idea of why they top that particular table if ignominy. Harry Maguire is now an £80million backup and they've been unable to shift Aaron Wan-Bissaka, a £45million right-back who appears to have no market for a permanent move after three years at Old Trafford. They are the two most glaring examples, although there will be many more over the last 10 years.
United feel like they've pressed the reset button with Ten Hag this summer and a run of four successive Premier League victories, including beating Liverpool and Arsenal, has been very promising, but they've had to spend aggressively to give the Dutchman the players he wants.
After a summer of record spending, football director John Murtough and chief executive Richard Arnold should be hoping they can be more cautious on fees next summer, before their reputation as a soft touch in the market sticks.
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