Manchester United’s difficulties on the pitch have been well documented, but a new statistical study has underlined a separate problem: a transfer strategy that has drained value at an alarming rate.

The CIES Football Observatory has ranked clubs around the world by the “appreciation or depreciation in value of non-academy players signed over the past five years.” The method combines fees paid and received for players who have left, while current players are measured against their present market value. Only clubs with spending and income above $56 million since 2022 were included, with add-ons counted whether or not they have already been paid.

On that basis, United sit as the European club to lose the most on signings over the past five years. Their total depreciation stands at $452 million, a figure surpassed only by Al Hilal (-$560 million) across the global list.

Of United’s overall loss, $208 million relates to players who have already left on permanent deals, including Sancho, Højlund and Antony. A further $244.5 million has been lost on players still at the club. That total is far above any other European side.

Tottenham Hotspur are the nearest continental comparison, having lost $210 million, less than half of United’s figure. By contrast, local rivals Manchester City are among the biggest winners, ranking fifth with almost $500 million added in value over the same period.

Eintracht Frankfurt (+$588 million), Real Madrid (+$587 million), Paris Saint-Germain (+$547 million) and Benfica (+$545 million) sit above City. Chelsea also post a positive return at $200 million, while Arsenal (+$123 million) and Liverpool (+$14.5 million) have seen their signings increase in value overall.

United, however, have not dramatically altered course. Their spending has become less erratic over the last two seasons, but they still spent more than $400 million on new arrivals, and none apart from the cost-effective Senne Lammens have yet justified their price tag.

Their approach of strengthening one area at a time has also hurt results and, in turn, the value of the current squad. They focused on attack with Benjamin Šeško, Bryan Mbeumo and Matheus Cunha in 2025, then turned to midfield last summer with Youri Tielemans, Andrey Santos and Carlos Baleba. The defence, presumably, will be next.

Michael Carrick has made his position clear on Bruno Fernandes, confirming the midfielder will remain captain despite recent tension between the pair.

Fernandes, who has been United’s most influential creator, was left on the bench for the full 90 minutes against the Cherries. United then stretched their winless run to eight matches in all competitions, a sequence that has placed Carrick under growing pressure.

For now, though, the manager remains in charge and is preparing for Saturday’s meeting with Chelsea. Asked directly whether Fernandes would continue as skipper, Carrick gave a firm answer and made it plain that no change is planned.

“There is no decision to be made on [the captaincy],” Carrick said. “It will be Bruno. Listen, we’re clear with the situation of the team and as a football club at the moment. He’s an important player for this group. He has been and he will be.

“Between us, we’ve got to make a difference and we’ve got to push things in a good direction. He’s fully committed to this football club. He’s fully committed to making things better. It doesn’t change for me. He’s the one that’s kind of led the team so well for many a game and many a year, and he’ll continue to do that.”

Carrick’s public support followed reports that the pair had held “clear the air” talks in an effort to reset their relationship. The hope inside the camp will be that Fernandes can now rediscover his form.

The 32-year-old enjoyed a record-breaking 2025-26 season, when he won the FWA Footballer of the Year, Premier League Player of the Season and PFA Players’ Player of the Year. This season has been far quieter. In 11 appearances, he has only four goals and one assist, with those contributions coming against Ipswich Town and Champions League debutants Sabah.

United travel to west London short of options. Carrick said on Thursday that Benjamin Šeško will miss a “longer period of time” because of a lingering shin injury, with reports suggesting he may be out until January. He joins Marcus Rashford, Luke Shaw, Patrick Dorgu and Manuel Ugarte on the sidelines, while Kobbie Mainoo has returned to training with the group after his spell out.

Wayne Rooney has delivered a fierce criticism of Manchester United’s current group, saying anyone who believes they are equipped to compete is “deluded” and “living in cuckoo land.”

The club have chosen to stand by manager Michael Carrick despite an ugly eight-match winless spell, with Saturday’s visit of Chelsea next on the schedule. That decision has broadly been met with approval from supporters, particularly after the 3–0 defeat to Bournemouth, which made clear where the frustration lies.

Rooney, though, aimed his anger squarely at the players. In a wide-ranging rant, he accused them of lacking care, intensity and basic commitment to the shirt.

“The players haven’t got a leg to stand on,” he told Stick to United. “What’s not fair is the performances they are giving. I looked at the fans, you could see the pain and anger in their faces when those players are walking around the football pitch. You see Martínez when Rayan ran round him, they are not getting to the ball, it’s so frustrating.

“I could score a goal, had ability or whatever, at least I f—ing ran and put myself about as a team. These players are not doing that.

“I would love to go in that dressing room and say, ‘What the f— are you all doing? What type of performances do you think this is? Do you think you deserve to wear the shirt?’ Put a f—ing firework up their a—- because they are not doing anything.

“We are seeing players who are numb, look like they have got no emotion, look like they don’t care. Some of them might care, some good lads who are getting dragged down. It is so frustrating to watch.”

Rooney also questioned whether the squad is even strong enough, especially in attack. He said the team is, at best, mid-table and argued they are being judged too generously after Michael Carrick’s early impact.

“It is at best a mid-table team, but if you look at all the mid-table teams, what do they get? They get players working hard, running, tackling and I keep saying it, going back to the basics,” he fumed. “These players think they are better than what they are.

“Unfortunately, what happened when Michael Carrick came in at the start is that it has given the players and the board false hope that they are good enough. He has done well, stuck together, managed somehow to finish third, then the board are thinking, ‘We are a top four team,’ when in reality they are miles away from it.

“You are deluded if they think the front three are good enough. They wanted Premier League players, they have brought lads from Wolves and Brentford, who have done well, but for signings to take this Manchester United team to the next level, you are living in cuckoo land if you think they are going to achieve that.”