According to reporter Samuel Luckhurst, Manchester United will only be confident about accepting a loss on Ugarte after selling Garnacho for £40 million, as the club must receive at least £25.38 million in transfer fees to avoid a book loss. The primary obstacle to Ugarte's departure is his £120,000 weekly wage.
When Manchester United signed Ugarte in 2024, the base transfer fee was £42.3 million, with potential add-ons reaching £50.75 million.
However, Ugarte's performance over two seasons at Manchester United has been disappointing, with only 10 starts in the last campaign.
Under the Premier League's Financial Sustainability Rules (PSR), Manchester United must receive at least £25.38 million in transfer fees to avoid recording a book loss on Ugarte's sale.
Player transfer costs are amortized over the contract period, and Ugarte's deal runs until 2029.
However, the £40 million Garnacho sale has given Manchester United the financial flexibility to accept a book loss on Ugarte's transfer.
Under PSR rules, all proceeds from sales of academy graduates are counted as pure profit. In the past year, several academy players have departed, and United has received additional revenue from resale clauses.
When Manchester United sold Álvaro Carreras to Benfica in 2024, a resale clause was included. When he later transferred to Real Madrid, United received £5 million from the resale.
Following departures of Casemiro, Sancho, and Malacia, Manchester United has reduced its weekly wage bill by more than £600,000.
A successful Marcus Rashford sale would save an additional £325,000 per week in wages.
Senior sources at Manchester United acknowledge that Ugarte's £120,000 weekly wage is the main barrier to his departure.
The club will not actively shop Ugarte to avoid depressing his market value and admits there is a strong possibility he could remain after the transfer window closes.
If Manchester United succeeds in offloading Ugarte, they plan to sign a third midfielder. The club has already completed the signing of Ederson from Atalanta and is pursuing Matheus Fernandes from West Ham United.
Both Ugarte and Fernandes are represented by Jorge Mendes' Gestifute agency.
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