Lisandro Martinez's post-match interview comments have brought further scrutiny on Manchester United's transfer business
Manchester United have come under the spotlight after one of their key players took aim at the recruitment in the wake of their 2-0 defeat to Atletico Madrid in the Champions League. Sporting director Jason Wilcox was targeted as Lisandro Martinez hit out at the recruitment.
His angry reaction to their first defeat in the Champions League, and a third in the last five, comes with the club in their latest plight, with Michael Carrick already under pressure. They were busy in the summer as they moved to replenish the midfield following the departure of Casemiro.
However, a recent report from Football Observatory has found that United's squad value has plummeted by a staggering £342million - the steepest drop of any club across Europe.
The 28-year-old has since apologised for words but they have split opinion amongst supporters. While some back the sentiment behind his message, others have speculated whether there was an alternative agenda at play.
One thing is certain, Manchester United remain a considerable distance from the lofty standards they achieved during Sir Alex Ferguson's reign at the club and have not secured the Premier League title since 2012.
Managers have arrived and departed, as have players. Yet there's particular focus on the club's recent recruitment strategy, having ended up 15th in the 2024/25 campaign before Michael Carrick steered them to a top-four placing last season.
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Martinez believes that the current United squad is not equipped for Champions League football and anticipates more from the club during the latest summer transfer window.
United splashed out £191.7million on new players over the summer, despite the club announcing they had allocated £155m to secure four signings, Karl Darlow, Youri Tielemans, Carlos Baleba and Andrey Santos. While there was a concerted push to bolster the midfield, supporters had been hoping to see a new left-back and striker arrive at the club.
It proved to be a frustrating summer, and a recent study examining the club's transfer activity since 2022 only serves to highlight just how sharply the club's fortunes have declined.
Ironically, Martinez himself joined in 2022, and over the past five years, United's squad value has fallen dramatically despite a strategy of targeting younger players with significant potential since Sir Jim Ratcliffe took charge nearly three years ago.
The report has found that the Red Devils are the only club to suffer a greater fall in player value was Saudi Arabian outfit Al-Hilal, whose squad depreciated by £424.6m, according to the same report.
The decline is comfortably the most severe of any English club, with Tottenham Hotspur - who have also endured a turbulent period - the nearest to United, registering a depreciation of £99.8m.
The findings make for grim reading when set against Manchester City's squad value, which has actually grown by £378m over the same period.
The figures will only lend weight to Martinez's argument that recruitment has fallen well short of the required standard in recent years. That said, it is worth noting that the responsibility cannot fall entirely on Wilcox's shoulders, given that he only took up the role of technical director in 2024.
The analysis covers the period from 2022 to the present day, meaning Wilcox and the recruitment department can only be held responsible for the last two years.
In 2022, United splashed out heavily on Casemiro, Antony and Martinez. While Casemiro ultimately won supporters round, the Brazilian represented a costly investment at £70m for a player who was then 30, and his fellow countryman Antony proved to be a hugely expensive failure, commanding £86m.
Martinez, who arrived for £56.7m and is now valued at an estimated £38m, remains the sole player from that transfer window still at the club. The subsequent summer saw Mason Mount, Rasmus Hojlund and Andre Onana all brought in for substantial fees, and they have since struggled, with their valuations dropping well below the sums paid.
Hojlund has departed the club on a permanent basis for nearly half what United forked out, while Onana is away on loan, and Mount's worth has nosedived following persistent injury problems and disappointing displays.
Other significant acquisitions in recent seasons who have failed to hit form and are now valued considerably less than when they arrived at the club include Joshua Zirkzee, Manuel Ugarte and Leny Yoro.
United's £200m spending spree on fresh attacking talent last summer proved largely successful, with only doubts surrounding Benjamin Sesko, though there were encouraging indicators as the Reds secured third place under Michael Carrick. Nevertheless, there is widespread agreement that the recruitment team erred this summer, having failed to land several priority midfield targets including Sandro Tonali, Mateus Fernandes and Elliot Anderson.
Instead, United splashed out £155m on Carlos Baleba, Youri Tielemans and Andrey Santos, with all three failing to deliver thus far. Reports emerged last week suggesting that, behind closed doors, United bosses acknowledged they had misjudged the summer transfer window and regretted not bringing in a new left back, with injury-prone Luke Shaw their sole senior option in that position.
United's campaign has begun disastrously, and Martinez's furious interview outburst has done the club no favours whatsoever. While United are backing Wilcox despite some within the squad sharing the view that their summer recruitment fell short, the CIES study has laid bare their wasteful spending in recent years.