Inside Man United’s transfer window: Ratcliffe’s risk-taking, ‘Project 90’, Amorim’s Baleba push, heartbroken Hojlund

In many ways, the trade Manchester United have done between Rasmus Hojlund and Benjamin Sesko symbolises much about the transfer practices of Sir Jim Ratcliffe’s football hierarchy. Hojlund wanted to stay at United, the club he grew up supporting, yet chief executive Omar Berrada, director of football Jason Wilcox and head coach Ruben Amorim made the decision to sell him to recruit a new striker, and then followed through with actions.

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It is hard to imagine the previous regime applying such cold calculation to a player who remained committed and professional. Hojlund was shown his future by first being dropped in the final game of the U.S. tour against Everton for Matheus Cunha up top — getting 18 minutes as a substitute — then he was unused for the friendly visit by Fiorentina, before being omitted from the squad for the first Premier League game of the season against Arsenal, despite Sesko not being ready to start. He was left out away to Fulham and Grimsby Town too.

There is a certain irony in Hojlund’s ostracisation when much play was made in pre-season of the harmony that came from every squad member working hard and carrying out instructions, the contrast with the five exiled players of Marcus Rashford, Alejandro Garnacho, Jadon Sancho, Antony, and Tyrell Malacia there to read into. Hojlund came to be treated only a little differently, but he remained steadfast in his desire to fight for his place until the end, when the deal with Napoli was struck on Saturday. Hojlund flew to Rome for his medical on Sunday having yet to absolutely agree to the switch.

Hojlund has departed while new competition has arrived for Onana (Photo: Robbie Jay Barratt – AMA/Getty Images)

Part of Hojlund’s motivation, it can be revealed, was that he considers himself better than the centre-forward United have agreed to pay €85million for. He felt showing that in sessions might give Amorim pause for thought on his departure, despite Sesko’s arrival.

But the decision had been made because Hojlund had suffered badly in front of goal during the last campaign — scoring 10 goals in 52 games but only four of those in the Premier League. Hojlund represented the past in the eyes of the football leaders; a player who United overpaid for. Hojlund was tarred by being bought by previous recruitment staff in a way that Joshua Zirkzee, signed last summer, was not.

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He joined Napoli initially on a season-long loan, for a €6m fee (about £5.2m; $7m), plus a €44m buy option that turns into an obligation if they qualify for the Champions League.

Hojlund was said to be heartbroken over the realisation his Old Trafford dream was over aged 22, especially when he started pre-season expecting to continue. The episode demonstrates how Ratcliffe, Berrada, Wilcox and Amorim are operating without sentiment.

Some allowances were made though. During a meeting in Chicago, while on tour, Hojlund was informed United would be going for a new striker but he was not directly told the club were looking to sell him. This massaging of the message was attributed to him being considered a nice guy. At that stage United had whittled down the options to Sesko and Ollie Watkins.

On July 29 Hojlund attended a community event at Chicago Fire facilities, alongside Luke Shaw and Andre Onana. He played football with children, and flashed a few smiles, but away from the cameras he cut a disconsolate figure. That night it became clear United were progressing on Sesko.

The next evening United faced Bournemouth at Soldier Field and Hojlund scored twice, then sought media in the mixed zone to declare his intentions. “My plan is very clear and that is for me to stay and fight for my spot,” he said. Amorim was non-committal: “I don’t know what is going to happen until the market is closed.”

That tension existed until the final weekend of the window, with Hojlund making sure people knew he was leaving against his instincts. He had serious interest from AC Milan and RB Leipzig, among several other clubs, including Inter, but he chose Serie A champions Napoli, where he will be reunited with Ballon d’Or nominee Scott McTominay. Antonio Conte pushed for Hojlund after Romelu Lukaku sustained a thigh injury in August. Hojlund beamed as fans greeted him in Italy.

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United went for Sesko, 22, over Watkins, 29, because of his age and United adding a history of Premier League goals through Cunha and Bryan Mbeumo. The call was a collective one, but director of recruitment Christopher Vivell is said to feel a particular responsibility given his history with Sesko at Red Bull Salzburg and RB Leipzig.

United did make a check call on Hugo Ekitike when Liverpool began their approach, but they were too late, while the pursuit of Sesko accelerated after Newcastle began talks.

Sesko’s arrival followed a late try for Ekitike (Photo: Ash Donelon/Manchester United via Getty Images)

It was at this stage that United weighed up moving for a striker or a midfielder, with discussions to ascertain the potential price of a Carlos Baleba deal underway. The choice at that stage was to go for a No 6 or a No 9. Some at the club believe a midfielder should have been the priority, but Wilcox advocated to sign a scorer, after United’s record of 44 Premier League goals last campaign, and Ratcliffe backed that call.

United began the summer hoping to sign Liam Delap in that position for his £30m release clause from Ipswich Town. But Delap, 22, chose Chelsea, sold on being their No 9, despite United figures advising him Joao Pedro was set to head that direction too from Brighton & Hove Albion.

United felt they had a real chance to get Delap, with Berrada and Wilcox meeting him on May 19 in Manchester. But United’s failure to win the Europa League final two days later, and miss out on qualification for the Champions League, was a major factor. People sensed Delap’s history at Manchester City, where he spent five years, meant he was reluctant about going to the red half of town.

It was around this time that United seriously looked at signing a secondary striker at the other end of the spectrum. It can be disclosed that United explored conditions for bringing Danny Welbeck back.

Erik ten Hag wanted to sign Welbeck last year, but United could not progress amid a new executive structure and uncertainty on the manager. They returned to the prospect again. Welbeck was Brighton’s joint-top scorer in the Premier League last season with ten goals, alongside Joao Pedro and Kaoru Mitoma, and United felt he would add experience, technical quality, and heritage to the squad after spending 16 years at Old Trafford, graduating from the academy.

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United considered making a proposal to Welbeck of a contract to 2027, should they agree a fee with Brighton. He would have been a relatively low-cost arrival to complement a marquee signing. But Ratcliffe was known to feel United could not sanction a two-year deal for a player who is 35 in November and instead a one plus one was discussed, but the offer was not formalised. In a recent interview with The Athletic, Welbeck expressed his happiness at Brighton,

United explored a possible move for Welbeck (Photo: Crystal Pix/MB Media/Getty Images)

United had Dominic Calvert-Lewin in the background as a candidate on a free, with Wilcox feeling he could be a useful deputy, but United declined to make a proposal. Calvert-Lewin, 28, signed for Leeds United midway through August.

As an alternative to Mbeumo, United held talks on Antoine Semenyo, but Bournemouth’s £70m valuation was seen as too high.

It was in Monaco before United’s final game of last season that the plan was mapped out for the second summer transfer window under Ratcliffe’s influence.

United had lost the Europa League final to Tottenham Hotspur two days before, and were preparing for the Premier League contest against Aston Villa 48 hours later, when a scheduled executive committee (ExCo) meeting took place at Ratcliffe’s main base to figure out how to revamp Amorim’s squad without the financial boost of the Champions League.

Amorim attended, unusually, and Berrada and Wilcox presented the strategy for signings to Ratcliffe, Joel and Avram Glazer, and the top band of INEOS executives.

Ratcliffe, Berrada, Wilcox and Amorim were all aligned on aiming for Premier League proven players as a starting point, after the limited success of recruits from the continent in recent years, and they were aware that sales would be essential to support the spending they felt was required.

But there was, and is, differing approaches among the co-owners. Ratcliffe has implemented a strict cost-cutting regime across United so that he feels they can push the boundaries on finance when it comes to matters on the pitch. Even though the Glazers have sanctioned big money moves in the past, they have been expressing extra caution in the market more recently, scrutinising each transfer. Albeit every one has been signed off by both British and American sides of the ownership.

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Ratcliffe’s risk-taking was apparent in his first summer, when he at times expressed frustration at profitability and sustainability rules. United are though on record as remaining committed to — and in compliance with — the Premier League’s PSR and UEFA’s Financial Fair Play regulations.

Ratcliffe led an aggressive approach in which United spent first then pursued sales (Photo: Simon Peach/PA Images via Getty Images)

United have spent more than £200m on new players this summer but expect to be in a good position on FFP, and an even better one on PSR, come next year.

Separately, it can be revealed staff are working towards Project 90 — an internal codename for attempts to improve United’s balance sheet by £90million each year. That could come from operating savings or raised commercial deals, but better player trading which, if it works, brings prize money and more broadcast revenue.

In terms of having access to cash right now, which has been an issue for United since the pandemic, additional lending capacity has been agreed on the revolving credit facility, which had a previous limit of £300m. Of course, United have to pay interest on money borrowed, and the aim is to get the balance to zero and build their own cash reserves, but it at least gives them immediate funds at a period when backing Amorim is so vital.

It was possible to sense a renewed aggression in the market after the summit in Iceland, called for the 72 hours before United’s first pre-season friendly against Leeds in Stockholm on July 19. Berrada and Wilcox met Ratcliffe in the country where United’s co-owner invests in the Six Rivers wildlife conservation project because of his passion for fly fishing, to talk through business. The agreement with Brentford on Mbeumo was reached during this series of meetings on July 18 after six weeks of stand-off.

Then came the pursuit of Sesko, which ramped up in earnest on July 29, before any sales had been made. United, led by Ratcliffe, made the judgment to strike for signings first and figure the finance later, backing themselves to still recoup good money.

Joel and Avram Glazer were at the team hotel, the Waldorf Astoria, on July 31, but had given their approval to the strategy.

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After a carefully curated bidding process, United agreed to the deal on Sesko the following week, with Vivell and director of football negotiations Matt Hargreaves in Leipzig for face-to-face talks. There was then a race against time to have all the paperwork signed so he could be presented to the Old Trafford crowd before the Fiorentina game on August 9. The clock had struck midnight, hours before kick-off, by the time all the fine print was finalised. Late nights and early mornings were a theme of the busy window.

In an ideal world, Amorim would have got Baleba too. A dynamic midfielder was on the agenda all summer, but resources have gone elsewhere. Amorim pushed for Baleba internally, and Ratcliffe wanted United to try for him, but the club could not, in the end, justify the price. At the start of talks, conducted through intermediaries, United sensed Brighton might be open to a sale in the ballpark of Joao Pedro, who moved to Chelsea in a £60m transfer. United agreed personal terms with Baleba, who was keen on the switch, having received positive messages from Andre Onana, Mbeumo, team-mates at Cameroon, and Leny Yoro, who played with him at Lille.

Baleba was desired by Amorim and United make a late check after Fulham (Photo: Mike Hewitt/Getty Images)

As time went on though it became clear Brighton would demand a fee in the range of Moises Caideo, who went to Stamford Bridge in 2023 in a deal worth £115m. Baleba did not aggravate for the transfer. At Brighton’s end, chief executive Paul Barber was across the conversations.

United made a call to Brighton as a courtesy on August 15 to directly say they would not be pursuing the transfer. United are expected to return for Baleba in future.

Other midfielders were considered, including Atalanta’s Ederson, Stuttgart’s Angelo Stiller, and Ardon Jashari, who went from Club Brugge to AC Milan. Adam Wharton at Crystal Palace and Morten Hjulmand at Sporting CP have admirers at United. Lyon’s Corentin Tolisso, 31, was a budget option, which would have been intriguing after he celebrated wildly in the Old Trafford directors’ box as his team scored twice during the Europa League tie in which he was sent off.

No midfielder arrived, meaning Kobbie Mainoo’s request to leave on loan before deadline, made in the final week of the window after two Premier League games on the bench, went unfulfilled. Mainoo’s situation had been bubbling under the surface all summer, a case of the 20-year-old feeling he would struggle for minutes behind Bruno Fernandes, who he was now competing with for position. Conversely, United considered a sale, and though many clubs were interested none made a bid.

Amorim has spoken warmly of Mainoo’s ability on the ball, but early on in his tenure he judged his acceleration an issue for the No 8 role, which is where United’s head coach sees his future. Baleba’s burst of speed is seen as a major positive, for instance. Others at United feel Mainoo does have this athletic potential. The No 6 position, which in Amorim’s system is primarily to break up play and receive the ball off the centre-backs, was the role in which Mainoo emerged into the first-team under Ten Hag, even if he had played further upfield, even as a winger, at United’s academy.

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The uncertainty around Mainoo, from nearby Stockport, became an emotive issue for fans, who saw the player as a shining example of United’s heritage with youth. Supporters want the academy to raise players for the first-team and not simply to sell on for profit.

The other major aspect of the window regarding incomings centred on the goalkeeper. United did not intend to make a signing in the position when the window opened but circumstances changed when Onana came back for pre-season. He reported an issue with his hamstring on day one, and then a full injury on day two, but this left staff questioning what shape he was in after the summer to suffer the problem straight away.

For Amorim, the setback left a lasting impression, with Altay Bayindir selected in the first three Premier League games. Onana was left out of the squad entirely for the Arsenal despite feeling he was fit to play, with Tom Heaton named on the bench. Onana was surprised when overlooked at Craven Cottage.

On reflection the seeds had been sown at the end of last season, when Bayindir started the final Premier League game of the campaign against Aston Villa, with Heaton among the substitutes and Onana left out following a disappointing performance in the Europa League final.

Onana’s injury led to him missing out on the opening games (Photo: Adam Davy/PA Images via Getty Images)

Onana came back to Carrington wanting a new contract — he has been of that view since receiving the standard 25 per cent cut for non-qualification to the Champions League — a stance that did not go down well with Amorim. Yet United made no efforts to sell Onana. Monaco were the only club to register a real interest in him but they were informed his price was a minimum £30m. Monaco declined to go further.

Following the Fulham game Onana’s representatives again checked if United wished for them to seek exit options but they were told not to, and that the player remains a part of Amorim’s plans.

By that point though, following Bayindir’s uncertain display against Arsenal, United had activated on signing Senne Lammens from Royal Antwerp. The club, led by Ratcliffe, decided to sign a new goalkeeper.

Amorim had been keen for another potential No 1 since July, but at that stage his focus was Emiliano Martinez. Amorim felt Martinez’s character and experience, as a World Cup winner, would be hugely beneficial to United — indeed after the Burnley game on Saturday he referenced the pressure of Old Trafford, saying, “It is hard to be a Manchester United goalkeeper in this moment.”

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Once the last campaign was over, Martinez called Amorim and his Argentina team-mate Lisandro Martinez and pleaded for assistance in getting to United. Martinez, the United defender, vouched for the goalkeeper’s leadership qualities and Amorim told some players at the beginning of summer he wanted to make the signing.

Over July and August Amorim continued to be in touch with Martinez. Jorge Mendes, the agent who took Yoro and Manuel Ugarte to United last summer, made strong representations to the club on Martinez too.

But the financials of a deal always appeared implausible. Martinez earns more than Onana based on his contract signed last summer, running to 2029, and Villa would have demanded a transfer fee in excess of £30m.

Berrada and Wilcox therefore regarded Martinez, who was sent off at Old Trafford in May for taking out Hojlund, as an alternative. They preferred Lammens, who had been heavily scouted and could develop. United made a loan proposal for Martinez in a phone call with Villa, but it was rejected, as anticipated, and could be seen as something of a token gesture. Talks were refreshed in the final days of the window, as a contingency in case Antwerp refused to budge on a price for Lammens.

Martinez was waiting for United to come in for him (Photo: Rob Newell – CameraSport via Getty Images)

Indeed, no price had been agreed as Lammens boarded a private plane headed to Manchester at Antwerp International Airport shortly after 11am UK time. Galatasaray had made Lammens a compelling contract offer, while Villa opened talks in case Martinez left.

Having that second option to Lammens gave United leverage though, and eventually, with the plane in the air, Antwerp accepted an offer of €21m plus €4m in add-ons, reaching their €25m asking price but weighting a decent portion to performances.

At the same time Martinez was in Villa’s Bodymoor Heath cafeteria still of the belief United would come for him. In the end United never made a formal offer to Villa.

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Diogo Costa at Porto also among the options, while talks were held over Gianluigi Donnarumma after he fell out of favour at Paris Saint-Germain. But he was quickly ruled out over wage demands. He wanted £13m per year net, a significant amount higher than Fernandes, United’s captain, is on. Donnarumma signed for Manchester City in a €35m deal.

The addition of Lammens means United have four goalkeepers, the same number of midfielders in Amorim’s squad. United would like cover for when Onana is set to go to the Africa Cup of Nations in December. The Turkish window remains open until September 12.

Lammens has only played one season in the Belgian Pro League but, as United communicated privately upon his signing, he had one of the highest goals prevented metrics in Europe, saving more than 14 goals from shots he would have been expected to concede. His youth and inexperience is seen by observers of United as a gamble, but in Belgium he is regarded as a potential future No 1 for the national side, taking over from Thibaut Courtois.

He is expected to compete for the No 1 spot, meanwhile Onana is said to back himself to reclaim his starting place.

How to finance this squad revamp was a persistent thought in minds throughout the summer. United had plans to sell or offload Rashford, Garnacho, Antony, Sancho and Malacia for many months, but only started to collect transfer fees in the final week of the window.

Garnacho was sold to Chelsea for £40m, bringing to an end the most telegraphed transfer of the summer. Garnacho had told friends before the Europa League final he wanted to move to London and was targeting Stamford Bridge, but Chelsea held off until close to deadline to pressure United into lowering a price tag that originally started at £70m, but dropped to £50m as the window went on. Chelsea offered only players in exchange for several weeks, eventually submitting a £25m bid that United negotiated up, plus a 10 per cent sell-on clause.

United’s position had been affected by Amorim making clear Garnacho was persona non grata during an address to players at Carrington the day before the Villa game, in which he confirmed he was staying in charge. “You better hope you have a good agent this summer,” Amorim told Garnacho in front of team-mates.

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Garnacho’s comments after the Europa League final had angered Amorim, but the underlying rift had been there for months, dating back to Viktoria Plzen in December. Amorim felt Garnacho, staring straight ahead, was not listening to him as he gave him instructions before going on in the 81st minute for Casemiro with the score 1-1. Amorim dropped him from the squad for the derby, alongside Rashford, four days later.

That supposed disregard was compounded by Garnacho not fitting Amorim’s system neatly, despite playing in 58 games last season. Garnacho irritated fans with his social media posts, most overtly one of him wearing Rashford’s Villa shirt. He was responding to the feeling United were pushing him to Villa.

Despite going for less than market value due to the situation, Garnacho still represents United’s fourth-largest sale in history.

His departure was followed by another long-trailed exit, with Antony heading to Real Betis on deadline day. A return after his successful loan spell was on the cards but Betis waited to get the best deal they could. At one stage over the weekend, despite an agreement on fee for €25m plus €3m in add-ons, they called off the move over a €6m salary payment due to Antony, which they were expected to pick up.

The clubs effectively split the difference, agreeing to €22m plus €3m fee and Betis covering the payment. United secured a 50 per cent sell-on of any fee Betis receive in future, not just the profit on their purchase price, which could be worth several million given Antony is 25. Still, it is a big drop from the €100m deal United agreed to pay Ajax in 2022.

United started the summer by receiving £5m from Chelsea, who took up the penalty clause instead in the loan agreement for Sancho rather than completing the £25m option to buy. That option, an unusual inclusion, was added by Chelsea late in negotiations last summer.

Rahsford and Garnacho are among United’s summer exits (Photo: Ash Donelon/Manchester United via Getty Images)

Sancho had several clubs interested this time round, and even had a video call with Roma — but decided against moving to Serie A. Just as it looked like he might stay at United, completing the final year of his contract, Villa made a loan approach, which he accepted. Villa are expected to pay around 80 per cent of Sancho’s wages, which are more than £200,000 per week. There are performance bonuses that could take Villa to full coverage.

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A loan to Villa last season gave Rashford a platform to secure his dream move to Barcelona, which saved United around £15million in annual wages. All along, United were confident Rashford and Garnacho would sort moves because they want to play at next summer’s World Cup in the USA.

United projected getting around £100m in player sales, and although they are only at £59m at present, adding in his loan fee, and the sell-on clauses for Alvaro Carreras, Anthony Elanga, and Maxi Oyedele (combined worth about £15m), United are on about £80m. Should Hojlund’s permanent deal, worth £38m, go through, they would be well clear of that target.

Harry Maguire might have joined that list, with several clubs making checks on him, including Juventus and Como, but all inquiries were turned away.

Fernandes was the subject of intense attention from Saudi Arabia, particularly in May when Al Hilal intimated they would bid €100m should he agree. It can be revealed that even on the day Fernandes gave a press conference to say he would be staying at United, Al Hilal raised their offer again, to an astonishing €40m per year net plus €10m in bonuses. Fahad Bin Nafel, Al Hilal’s president, was in Paris as a recruitment base before the Club World Cup in case Fernandes agreed.

Amorim praised Fernandes for turning down the lucrative offer during an address to staff on the Monday before the Premier League campaign started.

Amorim said he wants dedication to the game from his team and referenced players going out and being late for training as examples of bad discipline. He did not name names but addressing that has been a motivator this window.

United did lots of business to that end. They filled target positions, mostly before the season, kept contracts within the pay structure, and recouped significant money on exits. Time will tell if the moves made in this summer of rebuilding will be successful.

Additional reporting: Adam Crafton

(Top image: Eamonn Dalton for The Athletic, images: Getty Images)

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