Manuel Ugarte’s time at Man Utd is widely believed to be coming to a close, but the £50m factor is a huge puzzle to solve.
If there was one player in the Man Utd squad who Michael Carrick didn’t rate at all, he was Manuel Ugarte.
The Uruguayan didn’t get any minutes unless Carrick had absolutely no choice, with the damning verdict coming in the final game of the season, when Tyrell Malacia received farewell minutes but he didn’t.
United have asked Ugarte to leave, but a £50m problem might prove to be a hurdle.
What is a realistic asking price for Manuel Ugarte in 2026?
Will Man Utd have to accept a huge loss on Ugarte?
Manuel Ugarte’s £50m problem
Ineos have largely been disciplined with their finances in the transfer market, but the summer of 2024 wasn’t their finest hour.
They were just beginning to get their feet under the table amidst a lot of boardroom upheaval, and that is reflected in the signings made that summer.
Buying Ugarte for £50m (inc. add-ons) stands as the worst deal they’ve made, and that is an albatross they will have to carry around their neck.
It makes matters worse that PSG used that money to buy Joao Neves, while Ugarte was just a means to grease the wheels for Leny Yoro.
The fixed fee for Ugarte was around £43m, and even if all the add-ons aren’t triggered, the final cost is likely to be somewhere around £45m because some add-ons are always easier to achieve.
That means, his book value decreases by £9m every year he’s at Old Trafford, and this year will mark the end of his second year.
It brings his value to around £27m, which is where the problems begin.
Recent reports suggest that United’s asking price for Ugarte is around £23m, which doesn’t line up with the maths above.
They need to sell him for at least £30m to make a book profit on him, never mind pure profit on the fee they paid in 2024.
Do you want Manuel Ugarte to be a Manchester United player for the 2026/27 season?
A good World Cup, which Ugarte is determined to have, could help nudge his valuation, but it’s a dream scenario if someone pays north of £30m for him.
Ineos have shown that they want to reset United’s position in the market when it comes to selling, so Ugarte’s sale will have to be on their terms.
With four competitions next season, and Ugarte’s playing style suited to playing in Europe, they might have to hold on to him and let his value depreciate to £18m next summer.
That’s when they can easily turn a profit on him. For now, his transfer fee of £50m remains a financial puzzle to be solved.
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