United's squad value drops £342m since 2022 — the worst depreciation in Europe

Manchester United’s squad has depreciated in value by £342 million since 2022, the largest drop recorded among any European club, according to a new report from Football Observatory — a damning statistical backdrop to Lisandro Martinez’s public criticism of the club’s transfer decisions.

The figure dwarfs the next-worst English club, Tottenham Hotspur, whose squad value fell by £99.8 million over the same period. For context, Manchester City’s squad appreciated by £378 million during those same years. The only club globally to record a steeper depreciation was Saudi Pro League side Al-Hilal, at £424.6 million.

The data lands in the wake of Martinez’s post-match interview following United’s 2-0 defeat to Atletico Madrid, in which the Argentine defender delivered a pointed critique of the club’s recruitment and took aim at sporting director Jason Wilcox. The 28-year-old, who joined United in 2022, suggested the current squad is not equipped for Champions League football and expressed frustration at the club’s activity in the most recent summer transfer window.

United spent £191.7 million on new players over the summer — a figure the club had publicly framed as a £155 million commitment across four signings: Karl Darlow, Youri Tielemans, Carlos Baleba, and Andrey Santos. The window drew criticism from supporters who had expected a new left-back and striker to be prioritised.

Martinez’s comments have divided opinion among the fanbase. Some supporters have endorsed the substance of his message, while others have questioned the timing and motivation, particularly given subsequent reports that the defender is not seeking a new contract at the club.

The broader picture is one of sustained decline. United have not won the Premier League since Sir Alex Ferguson’s retirement in 2013, and the club finished 15th in the 2024-25 season before Michael Carrick guided them back into the top four last campaign. Sir Jim Ratcliffe has held a controlling stake for nearly three years, with a stated strategy of targeting younger players with high resale potential — a policy the Football Observatory figures suggest has not yet translated into squad value growth.

The depreciation report does not assign blame to any single decision-maker, and the causes are likely to be multiple. But the numbers give statistical weight to a narrative that has been building around Old Trafford: that recruitment since 2022 has, on balance, left the squad weaker in market terms than it was when the cycle began.