Manchester United’s disastrous on-field performances continue to dominate headlines, but it’s the club’s woeful record in the transfer market which has fueled its misery—as statistically confirmed by a recent study.

The Red Devils have made countless high-profile and expensive mistakes when recruiting new personnel, especially in recent years as the likes of Jadon Sancho, Rasmus Højlund, André Onana, Mason Mount and Antony failed to deliver after being signed for exorbitant fees.

Evidence of just how misguided their spending has been has now been revealed by the CIES Football Observatory, which recently ranked clubs across the world based on the “appreciation or depreciation in value of non-academy players signed over the past five years.”

For players who have already departed the club, the final calculation balances the fee paid and received. For those still at the club, their signing fee is marked against their current transfer value.

Only clubs whose spending and income exceeds $56 million since 2022 were analyzed, while add-ons were included regardless of whether they have been paid.

Man Utd Rank As Europe’s Most Wasteful Spenders

As per the study, United officially rank as the European club that has lost the most on signings over the past five years.

In total, they have lost an extraordinary $452 million, with only Saudi Arabian giants Al Hilal (-$560 million) having conducted more wasteful business.

Of their final tally, $208 million has been lost on players who have already left the club on permanent deals—such as the aforementioned Sancho, Højlund and Antony—while $244.5 million has been sacrificed on those still representing the Red Devils.

Not only is this a colossal sum wasted on players, but it’s also significantly more than any other European side.

Tottenham Hotspur are the closest continental peer to United when it comes to the depreciation of player values, with the Lilywhites having lost a comparatively modest $210 million—less than half of United’s final total.

Just to rub salt in gaping wounds, local rivals Manchester City rank fifth, having gained just shy of $500 million in value over the last five years. They only trail Eintracht Frankfurt (+$588 million), Real Madrid (+$587 million), Paris Saint-Germain (+$547 million) and Benfica (+$545 million).

Despite splashing massive sums since BlueCo took ownership, Chelsea have a positive value of $200 million. Arsenal (+$123 million) and, to a lesser extent, Liverpool (+$14.5 million) have also seen their signings rise in value overall.

Red Devils Refuse to Learn Their Lesson

Despite consistently losing massive sums on expensive signings, United have opted against a radical transformation of their transfer policy. While their spending has been less erratic over the past two seasons, they still forked out over $400 million on new additions—none of whom, barring the cost-effective Senne Lammens, have yet to live up to their price tag.

United’s decision to bolster one department of the field at a time has also had a negative effect on the team’s performances and, in turn, the value of the current roster.

They prioritized the attack by signing Benjamin Šeško, Bryan Mbeumo and Matheus Cunha in 2025, followed by bolstering the midfield last summer with the additions of Youri Tielemans, Andrey Santos on Carlos Baleba. Presumably, the defense will follow next year.

Such a segmented transfer approach has proven costly on the field. United realistically could have added another left back, center back, left winger and striker to their squad last summer, but instead opted to focus solely on midfield (ignoring the signing of backup goalkeeper Karl Darlow on a free transfer).

As long as they continue to fumble their way through each passing transfer window, they’ll find themselves unable to shrug off the tag of Europe’s worst recruiters.