July 1st is the date when the new season begins “officially”, as in, the financial year resets and the clubs’ balance sheet starts reflecting changes in personnel, contracts, and fees.
It is why there was a flurry of activity in the transfer market before July 1st as clubs skirting close to falling afoul of Profit and Sustainability Rules scratched and clawed to get some money.
The PSR rules are a hindrance for United too but they weren’t in a position so bad that they needed to do some wheeling and dealing before July 1st.
Instead, United’s biggest worry is huge wages for underperformers which not only prevents them from spending freely in the market but also sets a marker for potential new signings to demand their wage.
Thankfully, some ruthless decision-making from Ineos is set to make United nearly £650,000/week better off on July 1st than they were a day earlier.
Exodus gives payroll a sigh of relief
United had announced that Anthony Martial, Raphael Varane, and Brandon Williams, among others are set to depart the club upon the expiry of their contracts on June 30, 2024.
Due to the extremely high wages they were on, the club was always going to have difficulties in finding a buyer for their services.
As such, the only way to get their wages off the payroll was to let their contract expire and they leave on a free transfer because the lack of a transfer fee would be more than mitigated by how much they would save in wages.
Anthony Martial reportedly earned £250,000/week at Old Trafford while fellow Frenchman Varane was a step higher at nearly £340,000/week.
Add to that Williams’ wages of £50,000/week and the figure comes out to be nearly £640,000/week.
In addition to these three big contracts, United will also say goodbye to academy players like Shola Shoretire, Charlie McNeill, Kie Plumley, and Marcus Lawrence.
Jonny Evans‘ contract has also expired but he is reportedly in talks to extend his deal for another year after impressing in an unexpectedly large role last season.
The same goes for Tom Heaton, although his prospective new deal is likely to be more for what he brings to the dressing room with his presence than his on-pitch contributions.
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Ruthlessness at Old Trafford is long overdue
United fans won’t forget the days when contracts of even underperforming players were extended in the name of protecting their value.
Such thinking, from a banking and financial point of view, was the biggest hurdle in United creating an elite performance environment.
The three big contracts which expire on July 1st are an example of the same phenomenon in action.
Martial had one foot out of the exit door under Jose Mourinho when he was sacked and Ole Gunnar Solskjaer’s arrival inspired him.
Half-a-season worth of goalscoring form after three years of topsy-turvy displays was rewarded with a £250,000/week contract which has aged terribly due to injuries and poor form.
Varane, too, was clearly on the slide downhill after giving his best years to Real Madrid.
He impressed when he played at United but that didn’t happen as much as the club would have liked, especially for someone on his wages.
Williams was also awarded a new contract when he had barely begun breaking into the first team, that too only because Luke Shaw’s injury problems had made it unavoidable.
Following from these disaster deals, some more ruthlessness is expected from Ineos as they search for buyers for Casemiro, while being open to offers for Marcus Rashford.
By the time the window ends, even with prospective new signings, United could shave off well over a million from their weekly payroll, a long overdue culling.