Martinez's Champions League outburst exposes £342m squad value collapse at Manchester United

Lisandro Martinez’s post-match attack on Manchester United’s recruitment strategy following a 2-0 Champions League defeat to Atletico Madrid has shone a harsh light on a club whose squad value has fallen by £342million over five years — the largest depreciation of any club in Europe, according to a Football Observatory report.

The Argentine defender, 28, directed his frustration at sporting director Jason Wilcox after the result, which left United with three defeats in their last five Champions League matches. Martinez has since apologised for his remarks, but they have divided supporters: some sympathise with the sentiment, while others have questioned whether there was a personal agenda behind the timing.

The broader numbers make uncomfortable reading regardless. United spent £191.7million on new players in the most recent summer window — exceeding the £155million the club had publicly earmarked for four signings in Karl Darlow, Youri Tielemans, Carlos Baleba and Andrey Santos. Despite that outlay, supporters had been hoping for a new left-back and a striker, neither of whom arrived. The midfield was prioritised following Casemiro’s departure, yet the squad’s overall market value has continued to slide.

The Football Observatory study, which examined transfer activity since 2022, found that only Saudi Pro League side Al-Hilal suffered a steeper absolute decline, with their squad depreciating by £424.6million over the same period. Among English clubs, United’s fall is comfortably the most severe, with Tottenham Hotspur the next closest.

The decline spans a period in which multiple managers have come and gone. United finished 15th in the 2024/25 Premier League season before Michael Carrick guided them back into the top four last term — though Carrick himself is now reported to be under pressure. Sir Jim Ratcliffe has been in charge for nearly three years, during which the club has pursued a strategy of targeting younger players with long-term potential, yet the squad’s aggregate value tells a different story.

Martinez, who joined the club in 2022 and is therefore part of the very transfer era under scrutiny, has made clear he believes the current squad is not equipped for Champions League football and expects significant reinforcement in the upcoming summer window. United have not won the Premier League title since 2013, and the gap between the club’s present standing and the standards of the Sir Alex Ferguson era remains, by most measures, as wide as ever.