Ten crucial days off and on the pitch

Manchester United have the biggest stadium in the English Premier League 76,000 seater Old Trafford and with matches since restart for last quarter of the season being played without fans they lost 5.5 million pounds per home game. Over the course of the season that's 111 million pounds and 18% of clubs overall income. Broadcasting revenues constitutes 38% as per 2019-20 figures and the rest 44% comes from commercial deals wherein the Champions' League qualification has meant United do not lose out on adidas clause and retain 20 million pounds instead. Worst case loss of revenue this fiscal year July 1st, 2020 to June 30th, 2021 could be 111 million of match day receipts plus loss of broadcast revenue of 80 million plus loss of revenue from commercial that includes cancellation of lucrative pre-season tour, suspension of tour of Old Trafford and Museum, and loss in shirt sales, all in all its a massive loss of over 200 million i.e., a third of total revenue (627 million in 2019) wiped out!

Loss in last two quarters Q3, Q4 of 2019-20 season might be the sum of 60.5 million from 9 matches in EPL and 2 in Europa League plus 20 million returned to broadcasters already plus about 9 million to nullify Alexis Sanchez's contract i.e., 89.5 million minimum. For Q3 of 2019-20 (01Jan to 31Mar) club had already announced a loss of 28.5 million with net debt increasing to 429 million which was 127 million more compared to previous year affected by pandemic and USD-GBP exchange rate. In the end of May club secured 140 million in revolving credit facility for reasons stated as player transfers and other expenditures but as it turned out they paid 9 cents a share dividend on 3rd of June! If fans are not allowed till March a year from the start of pandemic, player salaries might be impacted as player wages account for about 50% of revenue discounting 3% minimum of Sanchez's astronomical wage bill. United had shown 307 million in cash though as of June, 2019 which can cushion the blow. Q4 and 2019-20 full year results and earnings report conference call has been postponed to October from last week of September.

By the end of the year net debt might reach levels of 660 million which was the case when the Glazers did the leveraged buy out of the club in 2005 and might put MUFC back in the market for Saudi's to try takeover again. Manchester United was mostly debt free from 1931 when James W Gibson stepped in to help the club and remained so till 2005, consequently eyed by every businessman during that time from Louis Edwards to Michael Knighton and Rupert Murdoch via BskyB. David Conn in the Guardian published in 4th October, 2018 said that Glazers via dividends, executive pay to directors, share sale have taken more than 1 Billion out of the club while Man City's owners have put more than 1 Billion into theirs, gulf between two local Manchester rivals is greater than 2 Billion. Pandemic has put the redevelopment of Old Trafford on hold which was long overdue. At a valuation of over 4 Billion there are indeed very few takers. The $559m shirt deal with Chevrolet and training kit deal with Aon expire at the end of this year and a new deal with new sponsors needs to be struck.

With an uncertain and unpredictable future this season it will not be easy to spend 108 million pounds on a single player. United had two scenario's: Jadon Sancho will only be signed in the last week of transfer window to save paying his huge wages till the last minute if Dortmund agree to slightly reduced fee with installments spread over few years OR pursuing cheaper alternatives early in window. They chose the former but fans are getting nervy if Dortmund decline and United do not sign any alternatives like the chase for Raphael Varane under Jose Mourinho. Faith in clubs transfer process has deteriorated steadily since the last years of Ferguson when very few deals were done due to 'lack of value' and later club pursued the strategy of doing transfers with big agents post Ferguson that resulted in most of the talks being in the public domain via leaks to pent up the price. The change in recruitment under Solskjaer is noticeable but much still needs to be done in scouting. When was the last time they signed a player who was tracked for a good number of years and signed without paying a hefty fee without any delay?

They hired Neil Ashton for PR last January and who till the end of last season had done a good job especially while the club was supporting local communities affected due to the pandemic. It isn't as though the club are complaining about the negative sentiments from most of its 1.1 billion fans on lack of transfer activity. Instead this #MUFC hashtag remains relevant throughout the transfer window and reaches a crescendo when the player is actually signed up. This sounds deliberate of how business imperative forces a footballing decision to be delayed in order to maximize social media and online traffic. Both Solskjaer and Ashton haven't been able to change this yet!

Manchester Evening News rightly points out that United deal for Sancho was always planned in the last week of transfer window i.e., the first week of October in order for it to be impacting the financial reporting of Q2(01Oct to 31Dec). Unless player's and agent's terms are agreed in advance its not possible for deal of this size to be concluded within four days. Does that hold good for Alex Telles or Dayot Upamecano? No and Yes due to the size of the transfer fee. Club are in talks to sell Chris Smalling for 18 million while Sergio Romero has not yet returned who is unlikely to play for Solskjaer again after being dropped for the Europa League Cup semifinal against Sevilla. Rojo, Jones, Lingard and Pereira have no concrete offers yet. Two more promising players have gone out on loan - Dylan Levitt to Charlton Athletic and James Garner to Watford who join three other players - Tahith Chong at Werder Bremen, Matej Kovar at Swindon Town and Joel Pereira at Huddersfield Town.

United won 3-0 away at Kenilworth Road against Luton Town with a Mata converted penalty won by industrious Brandon Williams, Greenwood assist for Rashford to get back in form and finally Rashford assist for Greenwood. Matic and Fred both started to provide cover for battered defense to not lose confidence while giving a platform for new signing Donny van de Beek to make his first full competitive start. That protection in front enabled Eric Bailly to provide a sound display alongside Harry Maguire including a goal line clearance and Solskjaer might retain the duo against Brighton and Hove Albion on Saturday. Jesse Lingard played full 90 minutes with good link play only final shot was missing. Dean Henderson made his senior United debut with a stunning save to deny Hatters an equalizer and this made David de Gea to say "I feel the best I've felt in my career" before the match on Saturday. Solskjaer with that win has taken his tally to 50 wins in 92 games as United manager just behind Ernest Mangnall and Jose Mourinho!

After the restart last season United played a weakened BHAFC team that were aiming for survival which will not be the case on Saturday especially after they beat NUFC 3-0 away a fantastic result. Last time United lost their opening two games in English Premier League was in 1992-93 when they went on to win their first league title in 26 years! Solskjaer has his priority set right after an abysmal defeat on the opening game of this season against Crystal Palace "My focus is solely on the game and I can’t be thinking any other way. We need three points in this game.” Probable XI: De Gea, Wan Bissaka, Shaw, Maguire, Bailly, Fred, van de Beek, Fernandes, Greenwood, Martial, Rashford.

United will play the Seagulls again in the League Cup round of 16 on 30-Sep. 04th October they welcome back Jose Mourinho's Tottenham to Old Trafford before the International break with Newcastle, Chelsea and Arsenal to follow next. Tough fixtures in October also adds to the pressure on getting the away win at Brighton today.

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