By any reasonable measure, Chelsea and Manchester United both were on a par in quality last season. Some promising youngsters, a handful of stars, but a mile from the top 2. One is investing heavily to create a top-tier squad, the other is directed by Ed Woodward and the Glazers. https://twitter.com/ZachLowy/status/1297886567919423489

Chelsea need a new goalkeeper (or two) and improve defensive personnel. But they are, without doubt, a club who are extremely serious.

Mancheser United have a strong XI, and then...? Phil Jones, Jesse Lingard, Daniel James, Fosu-Mensah? A squad with no expectations of success.

This should be balanced: it's tempting to say that the team who has "won the transfer window" is whoever makes the most signings or spends the most money. Every signing is a risk. A 60/40 success rate is impressive. 3 or 4 first-team squad signings is the best balance.