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Q3 Earnings: "This sustained level [of transfer spending] is probably relatively high compared to what is needed." (self.reddevils)

mufcirclejerk が 投稿

Interesting tidbit. An analyst asked whether we'd continue to expect significant opex on players.

"In recent years there's been continued inflation in player transfers… the second factor is that we've been undertaking retooling. I do think things will stabilise lower in the coming few years, but will continue to be lumpy thereafter. We as a club will always invest in order to compete at the top level, but this sustained level is probably relatively high compared to what is needed."

This is interesting to me because it suggests the club do not believe in pursuing a 'galactico' policy or that good times are here to stay and we should spend £100m a year every year. They are standing by their methodology of rebuilding and overhauling the squad and will then revert to 'normal' spending levels once done.

Many folks on here seem to think that we should spend spend spend every year until we start winning again. I would expect that this summer will be the last summer of significant spending (£150m+ although there don't seem to be too many names floating about who we could possibly spend that much on), and then we'll bed the team down and only add if quality comes up.

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[–]homa-bird 8ポイント9ポイント  (1子コメント)

A bit scary, let's not become Arsenal and go for value over the best talent we can get.

The Martial transfer was so crucial in hindsight, it should encourage them to spend for top talent... Can't imagine how bad the situation would be if he flopped.

[–]ThadderfulRooney 0ポイント1ポイント  (0子コメント)

A bit scary, let's not become Arsenal and go for value over the best talent we can get.

This is what we did between Rio and Ferguson's retirement.

Martial wasn't a 'top talent' when we bought him though, he was a prospective talent - he could very equally have snapped his leg like Shaw and ruined his career (still a possibility for both or either).

Since Rio the only world class players we bought were RVP (lasted one year) and Di Maria (overspent on somebody Madrid were forcing out of the door anyway & he left after one year...).

How many times have we heard 'there is no value in the market' over the last decade. The Glazers have only just realised that spending is necessary to keep their cash cow alive - and they still can't influence world class players to come here (Kroos, Vidal, Benatia, Ozil, Sanchez, De Bruyne, every other world class player who has moved in the last few windows)

[–]ThadderfulRooney 4ポイント5ポイント  (3子コメント)

We as a club will always invest in order to compete at the top level

Fundamentally untrue.

this sustained level is probably relatively high compared to what is needed.

Also not exactly very correct. Whilst in relation to what we spent under Ferguson the post retirement spending is a lot, neither amounts are high enough. Considering market inflation has shown no signs of stopping (in fact the direct opposite) I would imagine this guy either to be deluded or happy to accept mediocrity.

His goals (marginal success as a means to sustained profit) clearly do not align with that of the fans (success).

[–]mufcirclejerk[S] -1ポイント0ポイント  (2子コメント)

Fundamentally untrue.

I agree in recent history we've been quiet whilst Fergie "didn't see value" in the market, but historically we have always been willing to spend on the best players when they become available (they just have to be, er, English, for some reason: Rooney, Rio, Robson, Cole -- even Gazza and Shearer.)

[–]ThadderfulRooney 1ポイント2ポイント  (1子コメント)

Historically oh 100% - I was just referring to the 'will always' when it is a demonstrably false statement given the drastic change between the era you talk about and the Glazer era!

Even the British player thing is losing its shine now, we didn't get Bale when he left Spurs which I think we should have done literally anything for.

[–]GourangaPlusPlusPartial to Martial -1ポイント0ポイント  (0子コメント)

IIRC the reports said we put in a bigger bid but he wanted Real

[–]Creamy_Goodne55 1ポイント2ポイント  (4子コメント)

I didn't interpretative his comments in that way.

Hes talking about the transfer market as a whole in that the stupid prices clubs are paying for players at the minute will stabilize in the next couple of seasons.

Also you can still have high spending summers you just have to offset it with outgoings so your net spend is not high. We could sell Mata, Jones, Fellaini and get 50 million in our pocket.

Remember people are taking these comments literally to footballing matters on the pitch when this isnt what any of these points are about. Every question and answer is in relation to revenue and not footballing matters, investors wont give a shit about how many players we bring in if our net spend is zero from selling players.

[–]mufcirclejerk[S] 0ポイント1ポイント  (3子コメント)

Hes talking about the transfer market as a whole

He's specifically not talking about that. That's why he addresses the "retooling" which United are undertaking.

Every question and answer is in relation to revenue and not footballing matters

No, every question and answer is in relation to the growth potential of the club. (I might be taking you too literally here, if so apologies.)

Questions about transfer spending are indicative of both the ongoing opex the club projects (it was a very wooly answer on that front) and the club's ambitions to compete for trophies and in turn attain bigger and better sponsorship deals.

Stock price is a measure of growth confidence and nothing else, and the questions analysts ask are all geared around assessing growth.

[–]Creamy_Goodne55 1ポイント2ポイント  (2子コメント)

I agree with what your saying but the OP is taking this as a gloomy comment in that we wont be investing big in the future which is not how I read it.

Its a answer to investors, they wont give two shits whether we buy 2 players this summer or 20 players. They only care about the net spend and (like you say) the players bringing in more money either via trophies or mech deals if hes a big enough player.

The only differences I can see with the last 2 summers and this summer and summers in the future is the club are going to have to get better in getting returns on players.

[–]mufcirclejerk[S] 1ポイント2ポイント  (1子コメント)

OP is taking this as a gloomy comment in that we wont be investing big in the future which is not how I read it

I'm OP :)

They came back to the same question and seemed to reiterate it. They need to retool and will spend significantly to do so, but they expect the elevated transfer spending of the last few years to normalise in the future. It would be a huge shock to me if it didn't, you simply can't keep adding players at this rate, it's insane.

[–]Creamy_Goodne55 -1ポイント0ポイント  (0子コメント)

Its depennds what hes talking about though. We are heading into a time where two big signings to improve your squad in a summer is going to cost you upwards of 80 million quid and if thats what we need to do to compete then we are going to have to do that but we are going to need to be better at offsetting that.

This is why I think hes talking about the market in a whole. Prices for young talent cant really susstain this price because for every Sanches or Martial out there there are 50 players at a tenth of the price that could improve your squad that clubs will go to. I think this summer is going to be an interesting mix in that, we cant go on having kids and galactico going for 50 million plus when you can pick up the likes of Kroos, Gotze and others for the 20 million bracket.

Something has to give and that is what I think Ed is talking about. Yes the club may slurge on a big name talent every few years but its not going to be the norm because the market still has great talent out there for "normal" prices.

[–]FeezbullGiggs 0ポイント1ポイント  (0子コメント)

Glazers being glazers again then...

[–]ManUChao7Memphis -1ポイント0ポイント  (0子コメント)

I don't expect big spendings either this season. Since we lost Renato there is no need to spend this ridiculous adds on Mourinho could find a decent CM with half the money of Renato. Also I expect a world class signing for our attack(James,Griezmann) and a CB. Other than that it's up to Jose, which roles should our young players have or loan them out and buy some back ups. Definitely there is going to be some more clear out, Mata,Fellaini,Young,Rojo and me personally I want Lingard out too. Some more money to ease our net spend. The thing that concerns me though is our wage bill, despite Di Maria,RVP,Falcao left we still have the biggest wage bill in premier, we are spending some ridiculous money for Bastian and Rooney though.

[–]bored_in_microEric The King -1ポイント0ポイント  (0子コメント)

interesting
we need a solid foundation, and that's a manager who's world class and who'll stick around for more than 3 years. i'm also pretty sure that LVG didn't veto the Sanches deal, but that woody did, because after the west ham fuck up, LVG won't be here next year to coach him.
i think they won't spend big (100mil +) this summer, they'll get Mourinho and see what he can do with what he's got.

[–]YMMVSPSFDCantona -2ポイント-1ポイント  (0子コメント)

although there don't seem to be too many names floating about who we could possibly spend that much on

Well, there's always the CR7 purchase which would be worth every euro...