An awful lot of people still seem to be in denial about the impact on COVID on clubs’ finances, with the exception of those with benevolent billionaire owners, who are owned by countries or who haven’t been able to spend for a summer.

The clubs don’t even know when this will end. Most top level clubs will be cost cutting this summer or investing very conservatively. Money can’t be spent that doesn’t exist or which clubs don’t know will be replaced medium term by future income.

United could lose 1/4 of its turnover over 12-24 months. That’s monumental money. Absolutely absurd that people are expecting them to spend as if it hasn’t happened. It’s fantasy, regardless of other obvious and genuine criticisms of the owners.

Clubs will have to invest more intelligently. There’s plenty of reason to doubt United’s ability to do that, but if you’re comparing United to Chelsea there are massive differences in cash flow that make it pointless. Ditto City. Compare to what the rest are doing.

We may need more players out before we can commit. Liverpool lost Werner, who desperately wanted to join them, because the money wasn’t there to pay his clause. They’re champions of Europe and have hardly spent in the last two years. It’s FUBAR.