Manchester United’s struggles in the transfer market have come under fresh scrutiny after a new study by the CIES Football Observatory ranked the club as the worst-performing European side in terms of player value over the past five years.

The analysis estimates that United have lost about €405 million in value through their recruitment business, placing them below every other European club included in the ranking. Only Saudi Arabian side Al-Hilal recorded a bigger overall decline worldwide.

According to CIES, the calculation considers two areas: the difference between transfer fees paid and money received for players who have left, and the change in estimated market value of players who remain at their clubs.

Several expensive Manchester United signings have contributed to the disappointing figures. Antony, who joined from Ajax for a reported £85 million, later moved to Real Betis for around £21.7 million.

Jadon Sancho is another example. United paid about £73 million to sign the England international, but he eventually left without the club receiving a transfer fee.

Rasmus Højlund’s move to Napoli also contributed to the losses, with the report putting the difference between his signing cost and subsequent transfer value at about £34 million.

The findings highlight the financial consequences of recruitment decisions made during a difficult period for the club. United have spent heavily on new players but have struggled to recover similar amounts when selling some of their signings.

The report also showed that other English clubs had mixed results. Tottenham were among the poorer performers, while Manchester City recorded an estimated increase in player value of about €374 million.

Eintracht Frankfurt led the overall ranking with an estimated gain of €527 million, followed closely by Real Madrid at €526 million.

The figures are not simply cash losses, since part of the calculation relies on estimated market values of players still under contract. However, the results underline the challenge facing Manchester United as the club seeks to improve its recruitment strategy and make better use of its transfer budget.

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