[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  The Swedish Rumble 🔰 [@SwedishRumble](/creator/twitter/SwedishRumble) on x 35.2K followers Created: 2025-07-24 20:53:55 UTC King Greg’s ”On-hand liquidity” estimate per XX June, 2025 is out, and it’s slightly better than I expected at £256m. But it’s important to remember that clubs make money during Q4 and Q1 (on average +£100m in operating cash flow) and lose money during Q2 and Q3 (on avg. -£20m in operation cash flow). So the £256m is basically the amount of cash we have the first day you and I have the day we get our wage paid. But to start from the beginning: 🔺What is On-hand liquidity? The amount of money we could produce if we maxed the credit line and emptied the bank account. 🔺Of the £256m — how much is needed to just pay bills during the upcoming season 25/26? It’s the million dollar question. My back of a napkin calculation reads as follows: +For 24/25 — we needed an external 100m from Ratcliffe and reduced On-hand liquidity of 50m to pay the bills, so in total app. 150m (rounded) would have been needed if nothing changed from last year. -Last year we however spent £50m on infrastructure and say £15m on firing and hiring a manager — which (hopefully) won’t be repeated this year. So that leaves £85m. -In 24/25, we obtained £50.9m from selling players while “transfer receivables” — ie what other clubs owe us in installments — increased with £17m, meaning that £34m of the bills paid 24/25 were financed by players sold that summer. If we are to establish how much cash we can spend this summer before player sales — those 34m must be added back to the 85m. That leaves us with a cash need of £119m. +But we also signed players (and managers) last season for a total of 270m. Of which perhaps 80m was paid up front. So far — that number will be a little lower, perhaps 40m. ≈So if nothing other than the above changed from 24/25 — we would need app. 80m of the 225m Cash on hand to pay the bills. 🔺In 25/26, income will however be massively reduced. X less home games. No UEFA TV money. At the same time, costs will be reduced. So at the bottom line, I would guess on that perhaps 100-125m of the available 225m can be used to pay cash for new signings. ⚠️With this said — just like it would be for you and me, On-hand liquidity is only what United ”can” spend this summer. It’s rarely a good idea to completely max out all credits you have. But this just goes into a lot of what I’ve written the last year. I am not against being patient and giving Ineos time. But everyone should be aware of what is happening during this “time”. We are definitely not getting our finance in order, paying off debts and stuff like that. Ratcliffe complained on having to pay 80m for Casemiro, Antony, Rasmus and co this summer. We postpone transfer payments through agreeing on paying in installments to a larger extent now than before. Next summer that sum will be larger. Not a penny has been used to pay off any debt, we utilize a bigger part of the credit fasciitis now than before Ineos came in. Ineos has cut costs, but that doesn’t make up for being out of Europe. IF we get into the CL next season, things will of course look better, but I mean, we would still be miles behind City and Liverpool. And it’s a big if. I think we need much more support from our owners. XXXXXX engagements  **Related Topics** [debt](/topic/debt) [20m](/topic/20m) [avg](/topic/avg) [cash flow](/topic/cash-flow) [100m](/topic/100m) [money](/topic/money) [Post Link](https://x.com/SwedishRumble/status/1948486825963585561)
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The Swedish Rumble 🔰 @SwedishRumble on x 35.2K followers
Created: 2025-07-24 20:53:55 UTC
King Greg’s ”On-hand liquidity” estimate per XX June, 2025 is out, and it’s slightly better than I expected at £256m.
But it’s important to remember that clubs make money during Q4 and Q1 (on average +£100m in operating cash flow) and lose money during Q2 and Q3 (on avg. -£20m in operation cash flow).
So the £256m is basically the amount of cash we have the first day you and I have the day we get our wage paid.
But to start from the beginning:
🔺What is On-hand liquidity? The amount of money we could produce if we maxed the credit line and emptied the bank account.
🔺Of the £256m — how much is needed to just pay bills during the upcoming season 25/26?
It’s the million dollar question. My back of a napkin calculation reads as follows: +For 24/25 — we needed an external 100m from Ratcliffe and reduced On-hand liquidity of 50m to pay the bills, so in total app. 150m (rounded) would have been needed if nothing changed from last year. -Last year we however spent £50m on infrastructure and say £15m on firing and hiring a manager — which (hopefully) won’t be repeated this year. So that leaves £85m. -In 24/25, we obtained £50.9m from selling players while “transfer receivables” — ie what other clubs owe us in installments — increased with £17m, meaning that £34m of the bills paid 24/25 were financed by players sold that summer. If we are to establish how much cash we can spend this summer before player sales — those 34m must be added back to the 85m. That leaves us with a cash need of £119m. +But we also signed players (and managers) last season for a total of 270m. Of which perhaps 80m was paid up front. So far — that number will be a little lower, perhaps 40m. ≈So if nothing other than the above changed from 24/25 — we would need app. 80m of the 225m Cash on hand to pay the bills.
🔺In 25/26, income will however be massively reduced. X less home games. No UEFA TV money. At the same time, costs will be reduced.
So at the bottom line, I would guess on that perhaps 100-125m of the available 225m can be used to pay cash for new signings.
⚠️With this said — just like it would be for you and me, On-hand liquidity is only what United ”can” spend this summer. It’s rarely a good idea to completely max out all credits you have.
But this just goes into a lot of what I’ve written the last year. I am not against being patient and giving Ineos time.
But everyone should be aware of what is happening during this “time”. We are definitely not getting our finance in order, paying off debts and stuff like that. Ratcliffe complained on having to pay 80m for Casemiro, Antony, Rasmus and co this summer. We postpone transfer payments through agreeing on paying in installments to a larger extent now than before. Next summer that sum will be larger. Not a penny has been used to pay off any debt, we utilize a bigger part of the credit fasciitis now than before Ineos came in.
Ineos has cut costs, but that doesn’t make up for being out of Europe. IF we get into the CL next season, things will of course look better, but I mean, we would still be miles behind City and Liverpool. And it’s a big if. I think we need much more support from our owners.
XXXXXX engagements
