Manchester United’s squad at the end of last season was the most expensively-assembled on record, according to a UEFA report.

The Red Devils’ squad at 2023’s financial year-end cost a collective 1.42 billion euros (£1.21bn) in transfer fees, eclipsing the figure of 1.33 billion euros recorded by Real Madrid in 2020.

The United squad at the end of 2022-23 included £82million Brazilian winger Antony, £80m England defender Harry Maguire, £73m signing Jadon Sancho and the £60m Brazil midfielder Casemiro.

Further recruits last summer such as Mason Mount, Andre Onana and Rasmus Hojlund are not counted within the figures.

UEFA’s European Club Finance and Investment Landscape report found three other clubs’ squads – Manchester City, Chelsea and Real Madrid – cost more than one billion euros in transfer fees in their most recently disclosed financial year-end figures. Chelsea’s most recent figures go up to the year end June 30, 2022, and therefore do not include their heavy spending in the summer of that year or the January 2023 window.

United have become one of 15 English top-flight clubs recognised within the report as being part of a multi-club investment group, with the purchase of a 25 per cent stake by Ineos founder Sir Jim Ratcliffe almost complete. Ineos also holds majority stakes in French side Nice and Swiss club Lausanne.

In all, 105 top-division European clubs (13 per cent of the total number) have a cross-investment relationship with one or more other clubs, the report found.

There were 31 purchases of majority stakes and seven purchases of minority stakes in 2023 by groups holding a stake in at least one other European club, according to the report.

However, less than one transfer per club on average is actually executed within the same multi-club structure, the report found.

As the size of multi-club investment groups has increased, that proportion has even decreased (0.6 transfers per club in 2023 compared to 0.8 in 2021), suggesting the multi-club investment trend is not entirely driven by player transfer considerations.

Andrea Traverso, UEFA’s director of financial sustainability and research, said: “More than 300 clubs are part of multi-club investment groups, leading to an increased risk of seeing two clubs with the same owner or investor facing each other in the same competition, creating potential integrity risks at the European level.

“The current context demands strict enforcement of cost control regulations and more harmonisation of financial rules between leagues. This is paramount to limit overspending, ‘creative finance’, and rules circumvention.

“As long as differences on key regulatory matters continue between leagues, inflationary tensions will persist, contributing to imbalances and instability.”

Elsewhere, the report found spending on player wages dropped by 1.1 per cent among the clubs with the 20 largest player wage bills, with United spending 88m euros (£75m) less on player wages in 2023 compared to the year before. Barcelona and City had large increases in player wages spending – 158m euros and 68m euros (£134.8m and £58m) respectively.

Erik ten Hag says Manchester United are not in a position to underestimate any opponent as his stumbling side look to keep their hopes of silverware alive in Sunday’s FA Cup clash at Newport.

This has been a challenging second season in the hotseat for the Dutchman, whose side languish eighth in the Premier League and were eliminated from European competition before Christmas.

United’s Carabao Cup defence is also long since over, meaning the FA Cup takes on extra significance as their only potential route to a trophy in a disappointing campaign.

“It is the truth,” Ten Hag said. “But it is true that the league, of course, (offers) qualification for the Champions League.

“But the FA Cup probably is, it’s fact, the last opportunity for a trophy, so we would go for it.”

FA Cup glory would be a welcome shot in the arm for a club that is preparing to go through a big transition under Ineos, who are set to take control of football operations next month.

Incoming minority owner Sir Jim Ratcliffe has a bloody-minded focus on improvements across the board and this competition could provide the platform for under-scrutiny Ten Hag to impress.

United have a kind-looking fourth-round assignment at Newport, but there is no chance of complacency seeping in against the mid-table League Two outfit.

“Also in the Netherlands we have a cup and also we also play against lower-class teams,” Ten Hag said of Sunday’s trip to South Wales.

“I know always when you go as a big club to a lower class team, how it will be and how you have to approach that.

“Definitely us, we are definitely not in a position to underestimate any opponent, so we will not do.”

By “lower class” Ten Hag seems to mean lower league, with Newport the lowest ranked side he has faced in any competition since taking charge at Old Trafford.

It is also a rare away day after the third-round trip to League One outfit Wigan earlier this month ended a run of home draws in domestic cups that stretched throughout his entire reign.

Rodney Parade is much different to the DW Stadium, a former Premier League ground, but Ten Hag is confident his players will cope.

That includes summer signing Altay Bayindir, who he confirmed will finally make his United debut between the sticks at Newport.

“You have been in Fenerbahce?” Ten Hag said when asked if he has any thoughts about picking the 25-year-old Turkey international given the specific challenges of such a tie.

“The pressure is also in Turkey, that is big pressure always, also for the national team, so he knows how to deal with that.”

Luke Shaw, Harry Maguire, Lisandro Martinez and Casemiro are in contention for Sunday’s game, but Marcus Rashford and Jonny Evans are doubts having reported ill on Friday.

Andre Onana and Sofyan Amrabat remain at the Africa Cup of Nations, while Mason Mount, Anthony Martial, Tyrell Malacia and Victor Lindelof are sidelined.

What the papers say

Al-Nassr are planning to offer Manchester United a pair of “audacious” bids for midfielder Casemiro and defender Aaron Wan-Bissaka, the Daily Mail reports, in the wake of the Tottenham’s refusal to offload Emerson Royal to the Saudi league outfit.

Also from the Mail, Lyon are said to be targeting winger Arnaut Danjuma in the transfer window, as apparently the 26-year-old’s parent club Villarreal have become frustrated at his lack of game time while on loan at Everton.

According to the Sun, Manchester Untied are leading the race to sign Bologna’s Dutch forward Joshua Zirkzee despite interest from Arsenal.

Social media round-upPlayers to watch

Victor Osimhen: The 25-year-old has hinted that he is ready to leave Napoli, with Chelsea, Manchester United, and Real Madrid keen on the Nigerian, 90 Min reports.

Antonio Nusa: Newcastle are considering hijacking Tottenham’s proposed move for Club Bruges’ teenage forward, with Football Insider claiming he is seen as a direct replacement for Miguel Almiron who may leave Tyneside for Saudi side Al-Shabab.

Karim Benzema: Chelsea are interested in signing the 36-year-old French forward from Al-Ittihad, claims the Guardian.

Erik ten Hag believes Manchester United can “change the story” of their season once key players return from injury.

This has been a bumpy second campaign in the Old Trafford dugout for the Dutchman, whose side have been eliminated from Europe and seen their Carabao Cup defence ended early.

United’s Premier League title chances are all but over before Christmas and Ten Hag’s side need to build on last weekend’s dogged 0-0 draw at rivals Liverpool when they head to West Ham.

The absentee-hit Red Devils are dealing with several doubts ahead of the Saturday lunchtime clash, but Ten Hag expects their injury problems to ease over the coming weeks.

“Now we have some doubts,” the United manager said.

“We have some illnesses during the week, so we have to see who is available for tomorrow. Hopefully they are recovered but we have to see.

“(Casemiro and Lisandro Martinez) are not available before Christmas, so that will be mid-January we expect them back.

“Mason Mount similar into January. Harry Maguire I expect him early on and Victor Lindelof is not available.”

United confirmed that Lindelof has undergone surgery on a minor groin issue and is set to be out for just over a month.

The impending return of such players will be a shot in the arm for a United side deprived of so many options in recent weeks and months.

The spate of injuries has raised eyebrows and has reportedly led to head of sports medicine Gary O’Driscoll heading an internal review of the medical department.

“We did research here about it but there are so many factors in that you can’t point at one factor,” Ten Hag said.

“But in this moment, what is most important is that we have to deal with it.

“And we have to work to get the players back as soon as possible because we know we have a strong squad in the moment we have everyone on board.”

Ten Hag says “bad luck” has been a factor as the United boss mentioned problems at centre-back, left-back and right wing along with the absence of “huge impact player” Casemiro in midfield.

“You have to deal with that, but everyone understands that when such key players are not available it will have a negative effect on the results,” the Dutchman said.

“Still, we are in a place (where) we can change the story, we can change the season, so I am confident when the players are back we will have a good and strong squad.”

United’s squad has been stretched, with illness meaning Anthony Martial missed the previous two matches while Marcus Rashford was absent in their Champions League exit against Bayern Munich.

The England forward was able to return to the bench at Liverpool and is now fighting for a starting berth, having mustered just two club goals after plundering 30 last term.

Rashford’s struggles in front of goal has been compounded by summer signing Rasmus Hojlund failing to open his Premier League account despite scoring five in the Champions League.

“I’m always very supportive to players and I know, especially front players, a keeper, they need more trust, support from the manager,” Ten Hag said.

“I have a strong belief in Hojlund and in Rashford that they are capable of scoring a lot of goals.

“We have to work as a group, as a team, on our attacking game, but they are capable of scoring a lot of goals.”

Asked if he has seen right response from Rashford in training, Ten Hag said: “He’s training well.

“It can always be better, but I think he’s such an experienced player. He’s mid-20s but he’s a very experienced player.

“He knows how football works, how top football works, so he knows he has to take the responsibility and I’m sure he will do (that) so he will line up himself.”

Erik ten Hag is expecting an upturn in Manchester United’s fortunes in the new year as Casemiro, Lisandro Martinez and Mason Mount close in on a mid-January return.

This has been a bumpy second season in the Old Trafford dugout for the Dutchman, whose side have been eliminated from Europe and seen their Carabao Cup defence ended early.

United’s Premier League title chances are all but over before Christmas and Ten Hag’s side need to build on last weekend’s dogged 0-0 draw at high-flying rivals Liverpool when they head to West Ham.

The absentee-hit Red Devils are dealing with several doubts ahead of the Saturday lunchtime clash, but Ten Hag expects their injury problems to ease over the coming weeks.

“Now we have some doubts,” said the United manager, who welcomes back skipper Bruno Fernandes from suspension but sees Diogo Dalot serve a one-match ban.

“We have some illnesses during the week, so we have to see who is always available for tomorrow. Hopefully they are recovered but we have to see.

“(Casemiro and Martinez) are not available before Christmas, so that will be mid-January we expect them back.

“Mason Mount similar into January. Harry Maguire I expect him early on and Victor Lindelof is not available. He has done a surgery so he will be out for a couple of weeks.

“What happened? He had a problem and so (personal) is that, but he has to do the surgery.”

The impending return of such players will be a shot in the arm for a United side deprived of so many options in recent weeks and months.

As well as the aforementioned, Amad Diallo and Tyrell Malacia have been unable to feature yet this season. Christian Eriksen recently returned to training after five weeks out with a knee issue and Anthony Martial missed the trip to Anfield through illness.

The forward’s absence underlined United’s lack of striking options heading into a transfer window that will surely see Jadon Sancho leave given he has been banished from the first team since September.

United have publicly indicated that it will be a quiet January and Ten Hag believes they have the quality in house to kick on in 2024.

“The current squad I’m happy (with),” he said. “As we get our players back, I’m sure we have a good squad.

“I think a lot of the way it went in the first (part of the) season, the reasons behind (it are) because many players were not available.

“I’m sure when all the players are available on board – it looks like, as I said, Casemiro will be back, Martinez will be back, Mason Mount will be back – we will be much stronger after the winter.”

The mid-term looks positive for United but now comes a chaotic Christmas period kicked off by the trip to David Moyes’ West Ham.

“We have three big games to play in this week – really looking forward (to them),” Ten Hag said, with a home match against Aston Villa and trip to Nottingham Forest following the game in east London.

“It’s always a massive period for any club in the Premier League but definitely now for us.”

What the papers say

Crystal Palace are interested in a move for Chelsea defender Trevoh Chalobah this January, with the 24-year-old yet to play under Chelsea manager Mauricio Pochettino, the Daily Express reports. There is also reportedly interest from Serie A teams and Bayern Munich.

The Daily Mail reports Manchester United are willing to sell Jadon Sancho, Raphael Varane, Anthony Martial and Casemiro after their director of football John Murtough spent time in Saudi Arabia this month.

However, the Manchester Evening News says Varane is hoping that the club will trigger their one-year contract extension option for him.

Wolves are reportedly looking to sign Nigerian striker Rafiu Durosinmi from Viktoria Plzen for around £7million, despite reportedly being set to report losses of £65million.

Social media round-upPlayers to watch

Ian Maatsen: Chelsea are reportedly willing to sell the 21-year-old Dutch defender in January, with Manchester City, West Ham, Roma and Napoli among clubs interested in him, 90min says.

Clement Lenglet: The Aston Villa defender’s loan deal from Barcelona could be terminated by the Spanish club as they look to sell the 28-year-old, Football Insider reports.

What the papers say

The potential ins and outs at Manchester United continue to keep the rumour mill turning with Brazil midfielder Casemiro at the heart of the speculation. According to The Sun, via French outlet Sports Zone, Paris St Germain are keen on the 31-year-old with Saudi Arabian side Al-Hilal also interested.

There appears less interest among clubs in ending Jadon Sancho’s time at Old Trafford. The Sun says Manchester United are finding it hard to find a buyer willing to match the 23-year-old’s wages.

One former United player has teased a potential playing return on social media after leaving in the summer. The Daily Mirror reports David De Gea, 33, posted an Instagram message saying “Work, work, work” having been linked with Newcastle or even a shock return to Old Trafford.

Defender Tosin Adarabioyo’s return from injury at Fulham is attracting potential suitors. The Daily Mail says the 26-year-old is catching the eye having almost left for Monaco or Tottenham in the summer.

Social media round-upPlayers to watch

Cedric Soares: Arsenal’s Portuguese defender, 32, is catching the of Villarreal, says ESPN.

Kendry Paez: The 16-year-old Ecuador midfielder has trained with Chelsea according to The Daily Telegraph, having signed from Independiente del Valle in the summer ahead of a move on his 18th birthday.

What the papers say

Fulham midfielder Joao Palhinha is reportedly high on Mikel Arteta’s transfer wish list. According to the Daily Mirror, the Gunners’ boss views signing a new central midfielder as one of his priorities ahead of the January transfer window, with Palhinha considered a top prospect. Any move would also signal the end of Thomas Partey’s time with the Gunners.

Should Palhinha depart Fulham, the Telegraph reports the club already have an alternative in mind. The paper says Brazilian midfielder Andre, of Fluminense, is the club’s number one target to replace Palhinha at Craven Cottage.

Elsewhere, The Independent says Manchester United manager Erik ten Hag is ready to clean house. According to the paper, the club are willing to hear offers for midfielder Casemiro, defender Raphael Varane and winger Jadon Sancho.

And The Times reports Sunderland are interviewing Swedish coach Kim Hellberg to take over as manager following the dismissal of Tony Mowbray.

Social media round-upPlayers to watch

Jarrad Branthwaite: The Everton centre-back is high on Tottenham boss Ange Postecoglou’s wanted list, according to Sky Sports.

Adrien Rabiot: The midfielder is willing to sign a new deal with Juventus, reports Gazzetta Dello Sport.

What the papers say

Casemiro could be on the verge of leaving Old Trafford. The Sun, via talkSPORT, says Manchester United are willing to hear offers for the 31-year-old midfielder, with the Saudi Pro League said to be targeting a big money move for the Brazilian. Incoming minority shareholder Sir Jim Ratcliffe will be open to letting Casemiro leave in a bid to freshen up the squad.

Staying with United, the Daily Mail reports Juventus plan to offer Jadon Sancho an escape route from Old Trafford. According to the paper, the Italian giant recently reached out to United over a potential loan move for the 23-year-old winger, who has not appeared for the Red Devils since August. However, it is unlikely Juventus would be able to afford a transfer fee for a player United paid £73million for in 2021.

And The Standard says Chelsea are confident Victor Osimhen is open to a move to Stamford Bridge, but any move for the Napoli striker is unlikely to come before next summer.

Social media round-upPlayers to watch

Ruben Neves: The Al-Hilal midfielder may become available for a move to Arsenal in January, according to the website 90min.

Emil Forsberg: Journalist Fabrizio Romano says the 32-year-old has verbally agreed to join New York Red Bulls from RB Leipzig.

Casemiro is set to miss a key stretch of Manchester United’s season after Erik ten Hag revealed the midfielder will be sidelined with a hamstring injury until after Christmas.

The 31-year-old midfielder has struggled for form and fitness in his second season since his eye-catching switch to Old Trafford from Real Madrid.

Casemiro sustained an ankle injury on Brazil duty last month and returned against Newcastle last Wednesday, only to be taken off at half-time of the 3-0 Carabao Cup defeat.

United confirmed the Brazil international had sustained a hamstring that would keep him out for “several weeks”, but Ten Hag has now suggested the midfielder may struggle to play again this year.

Left-backs Luke Shaw and Tyrell Malacia may return in the coming weeks but Casemiro and Lisandro Martinez, who is out with a foot injury, are set to miss the 10 matches before Christmas.

“I have some time schedules, yeah,” Ten Hag said. “But it’s always difficult to project that because there can always be setbacks during the rehab period.

“I’m always a little bit holding back on such issues.

“I expect some back but, for instance, Casemiro and Martinez are really strong injuries and I don’t expect them back before Christmas.”

Among the 10 matches Casemiro is expected to miss before Christmas is Wednesday’s key Champions League group game at Copenhagen.

The 31-year-old was suspended for the reverse fixture two weeks ago, when Andre Onana’s stoppage-time penalty save and Harry Maguire’s header secured a 1-0 win at Old Trafford.

The latter has enjoyed a resurgence of late and Brain injury charity Headway questioned the decision to allow him to continue playing after a head collision in Saturday’s 1-0 win at Fulham.

Maguire completed the match and is in United’s 23-man squad to face the Danish champions.

“So, we did all the protocols during and after the game, so he is ready to play,” Ten Hag said. “There is not any indication (of concussion).

“He was fine in the game so no problems. He played a very good game.”

United’s squad also includes Victor Lindelof and Marcus Rashford, who missed the trip to Craven Cottage through illness and a leg issue respectively.

“100 per cent (fit),” the United boss said. “Rashy missed one game out. A small knock but he’s back.”

United will hope the pair’s return can help continue their revival after making hard work of beating Copenhagen on home soil, having lost their Group A openers against Bayern Munich and Galatasaray.

“They played a very decent game and I thought we didn’t play a good game,” Ten Hag added.

“But, still, we won. I think it was a deserved win but we have to do things better.

“We are aware of that because you have to lift the performance if you want to get the result in.”

Manchester United boss Erik ten Hag said Victor Lindelof had been “exhausted” but was ready to play in Saturday’s match at Sheffield United after his distressing experience in Belgium earlier in the week.

Lindelof captained the Sweden side whose Euro 2024 qualifier against Belgium in Brussels on Monday was abandoned at half-time after two Swedish fans were shot dead before the game and another injured three miles from the King Baudouin Stadium.

Ten Hag told a press conference on Friday: “A terrible situation, and I feel really sad for the victims, for all the relatives, family, friends of the victims in Brussels. It’s a crazy world.

“Of course Victor, they had a problem, it’s a bad experience. As captain of the Swedish team, he had to stay in front and give statements. But he dealt well with it.

“Of course he’s exhausted after this experience because also he didn’t sleep overnight. He returned, and yesterday he was back in training. He dealt with the situation.

“Our thoughts once again were with Victor, with the victims and the victims’ relatives. Victor has energy and is ready to play this game.”

United head into the match at Bramall Lane amid considerable talk about their ownership situation, with Qatari banker Sheikh Jassim last weekend understood to have ended his attempt to buy the club, while INEOS founder Sir Jim Ratcliffe is reportedly looking to purchase a 25 per cent stake.

When asked about that situation, Ten Hag said he was “not involved in this”, adding: “Others in the club are dealing with this.

“I am focusing on my team, on the coming block (of games), and I am focusing on the most important priority, the next game – it’s all about that.”

In their last outing before the international break, United – currently 10th in the Premier League table – appeared set for a seventh defeat of the season in all competitions, and third in eight days, before a stoppage-time double from Scott McTominay secured them a 2-1 home win over Brentford.

The visitors had taken the lead in the first half through Mathias Jensen in what was another questionable moment for Andre Onana, the goalkeeper signed from Inter Milan in the summer.

While Ten Hag says Onana has to “step up”, he has reiterated his belief that the Cameroon international will come good and pointed to the example of some of United’s past goalkeepers.

“He knows, we know, he will do much better and as every player who’s coming into the Premier League, you need an integration period, but he has to step up,” Ten Hag said.

“Also, big United keepers like Peter Schmeichel, David De Gea, also they started not too good, and I think for Andre it is good to know a little bit from the history.

“But we live now, we live in the future, and he has to make his future by giving better performances – and he will do, I’m sure.

“He already showed that so many times in big clubs like Barcelona, when he was young, Ajax, Inter Milan, he was in the semi-finals and final of the Champions League. He’s a great player, and I’m sure he will give us performances and I’m sure we will have a lot of joy with him.”

United have Raphael Varane and Sergio Reguilon available for the clash with the bottom-of-the-table Blades after injury lay-offs, and Sofyan Amrabat, despite him not being involved for Morocco during the international break.

Jonny Evans, who sustained a knock while playing for Northern Ireland, also appears to be in contention – but Casemiro has been ruled out by an injury sustained on Brazil duty that Ten Hag has said is “not too bad”.

Luke Shaw, Tyrell Malacia, Lisandro Martinez and Aaron Wan-Bissaka remain sidelined while Jadon Sancho has been training away from the first team, with the club having said that is “pending resolution of a squad discipline issue”.

Asked if there was any change to Sancho’s situation, Ten Hag said: “Everything has been said about it.”

Manchester City take on arch-rivals Manchester United in the FA Cup final on Saturday.

Here, the PA news agency looks at some key battles ahead of the Wembley encounter.

Pep Guardiola v Erik ten Hag

City manager Guardiola has again underlined his status as the best coach of his generation by guiding his side to a fifth Premier League title in six years and bringing them within two wins of a glorious treble. Ten Hag, who worked alongside the Catalan at Bayern Munich for a spell, cannot match Guardiola’s success but his record at Ajax was impressive and his first season with United has been encouraging, with one trophy and Champions League qualification secured. They have both beaten each other once this season.

Ruben Dias v Marcus Rashford

Portugal defender Dias has been back to his best for City during the run-in. After a spell out around the turn of the year, he has recovered form and fitness to provide a rock-solid barrier at the heart of the defence. He will come up against United’s player of the year Rashford, who has bagged 30 goals in all competitions. The forward’s scoring rate may have slowed after a prolific spell in the winter, but after overcoming a recent illness, he will be United’s main threat.

Rodri v Bruno Fernandes

Rodri has enjoyed his best season for City and is now widely regarded as one of the best midfielders in the world. The Spaniard not only provides a defensive shield, but is a driving force who regularly initiates and supports attacks. Fernandes is an important cog in the United midfield. He finds space well, makes dangerous runs and passes incisively. He is both a creator and goalscorer, and has shown of late he can be as effective on the right as centrally.

Kevin De Bruyne v Casemiro

It is remarkable that De Bruyne was criticised by Guardiola just a few months ago. The Belgian playmaker had been performing well enough but the City boss clearly felt he had another level. So it has proved, with the 31-year-old outstanding in City’s charge to the title and two finals. His partnership with Haaland has been especially potent and Casemiro will aim to keep a close watch. The experienced Brazilian has made a big impact at Old Trafford this season, providing a steeliness and maturity they previously lacked.

Erling Haaland v Raphael Varane

Haaland’s first season at City has been absolutely sensational with 52 goals scored in all competitions and nine assists for good measure. His size, pace and strength make him difficult to contain and, after scoring so many goals this term, he will now want to add some signature trophy-winning ones. Varane will provide a good challenge. The Frenchman reads the game well, is strong on the ball and is quick himself.