The reason why Manchester United missed out on M. Fernandes revealed! Tottenham's financial power of 85 million pounds snatched the deal; how can they spend so much without European competition?

The transfer drama is over! Manchester United were the disappointed party in the "three-way" chase for Matheus Fernandes, with Tottenham splashing 85 million pounds to acquire him from West Ham. His medical is scheduled, and M. Fernandes will be the fifth addition to their squad this summer.

David Ornstein of The Athletic revealed that Tottenham submitted the highest bid, a fixed fee of 85 million pounds, which satisfied West Ham's requirements. Since M. Fernandes had already expressed his willingness to join, the transfer faces no further obstacles. For Manchester United, the transfer fee and player wages exceeded expectations, so they now have to turn to other targets.

Italian transfer expert Fabrizio Romano also announced M. Fernandes' transfer with his iconic "HERE WE GO": "Tottenham have completed a club-record deal for M. Fernandes. Here we go! A fixed fee of 85 million pounds has been agreed, and West Ham are happy to accept—they had been asking for this price, 100% guaranteed. Manchester United will now focus on other midfield options."

There is a rumour that Manchester United made a final effort with a fixed fee of 70 million pounds plus 15 million in add-ons. However, after learning that Tottenham's 85 million pounds offer contained no variable clauses, the Red Devils refused to match the bid and did not pursue it further.

Several clubs were interested in the 21-year-old Portuguese midfielder, but according to Romano, only Manchester United and Tottenham were actively competing for M. Fernandes.

"Manchester United and Tottenham are battling for M. Fernandes. Tottenham have been in contact with the player and his agent for several days, trying to push the deal through; Manchester United have also been in touch with West Ham, working on the transfer. So West Ham made it clear to the player's agent that he would be sold to the highest bidder. Many clubs have kept an eye on M. Fernandes, but only United and Tottenham are 'pushing like crazy' for the deal."

Manchester United once saw M. Fernandes as an ideal opportunity in the summer market, as it was believed that West Ham might be forced to sell at a reasonable price after their relegation. Unfortunately, Tottenham were willing to pay a premium for M. Fernandes, allowing West Ham to hold out for the 85 million pounds asking price.

Both clubs also tried to gain the upper hand in negotiations by securing the support of the player and his agent. In this regard, Manchester United and Tottenham seemed evenly matched. The Red Devils could offer a better competitive environment—Carrick's team will play in the Champions League next season—but Tottenham offset that disadvantage by offering slightly superior terms.

West Ham's media outlet "Claret & Hugh" reported that both Manchester United and Tottenham had essentially reached agreements with M. Fernandes on personal terms, leaving no obstacles in that regard. The only question was which club could persuade West Ham to accept their transfer fee offer.

When M. Fernandes first joined Southampton from Sporting Lisbon in the Premier League, his weekly wage was £20,000. West Ham tripled that when they signed him last year, giving him a basic salary of £60,000 per week, plus £15,000 in performance-related bonuses.

Both Manchester United and Tottenham offered M. Fernandes a basic wage of around £130,000 to £140,000 per week—a generous offer that was certainly enough to attract the player. Moreover, Tottenham's bonus clauses were easier to achieve, making their package more appealing than United's, with the total weekly wage reportedly exceeding £170,000.

"TalkSPORT" radio's Ben Jacobs said: "My feeling is that both Manchester United and Tottenham are waiting for the player to clearly state that he only wants to join one of them, which would put them in a stronger position in negotiations with West Ham."

Unfortunately, M. Fernandes still has four years left on his contract with West Ham, and although he intends to leave this summer, he does not want to burn bridges. So, on the advice of his agent Jorge Mendes, he accepted contract proposals from both Manchester United and Tottenham, leaving the two giants to deal with West Ham's asking price.

Tottenham were more motivated to meet West Ham's asking price, and they also told the "Hammers" during negotiations that they could loan out some of their talented young players to help West Ham in the Championship and boost their chances of returning to the Premier League. One of the players Tottenham mentioned was Mikey Moore, an 18-year-old winger who was on loan at Rangers in the Scottish Premiership last season, scoring 7 goals and providing 4 assists in 47 appearances. West Ham may lose Dutch international Crysencio Summerville, so they are quite interested in Moore.

Tottenham are eager to make a statement in the summer window by signing Tonali and M. Fernandes, demonstrating their determination. Tottenham's previous record signing was only £65 million (for Solanke in 2023), but this summer they could jump straight to £100 million if they agree to Newcastle's asking price. That would send a clear message to everyone inside and outside the club that Tottenham are willing to spend like a big club and bring in players who can elevate the midfield by several levels.

This summer, Tottenham have been the busiest and quickest buyers in the Premier League, having already brought in Van Hecke, Robertson, Senesi, and Dubravka—though three of those were free transfers. M. Fernandes and the upcoming Tonali, however, are the "statement" signings that show they can compete head-on with Champions League clubs.

Last season, midfield was one of Tottenham's biggest weaknesses; they struggled to control games. New manager Roberto De Zerbi has ambitious plans to completely overhaul the midfield. De Zerbi intends to make his compatriot Tonali the core, with M. Fernandes and Bentancur rotating.

So how can Tottenham afford such a high transfer fee? One common method is installment payments, which reduce the immediate cash burden; signing a long-term contract of five years or more allows for amortization in the financial accounts, and it certainly won't breach the Premier League's PSR (Profit and Sustainability Rules).

Although Tottenham missed out on the Champions League, resulting in an expected revenue loss of £80 million, they have rarely posted losses over the years. In particular, since the new Tottenham Hotspur Stadium opened, the club has benefited greatly from commercial revenue, including concerts, NFL games, boxing matches, and go-kart events—despite these activities drawing criticism from fans.

Reportedly, Tottenham's commercial revenue in 2025 will reach £277 million, equivalent to around 40% of the revenue of many Premier League clubs. This allows them to withstand the blow of missing European competition and still have the capacity to spend heavily.

Football finance expert Rob Wilson explained: "Tottenham have never come close to the PSR limits in the past, so they have money in the bank. This year, the Premier League's PSR will be replaced by the SCR (Squad Cost Ratio). The SCR is calculated as a percentage of the club's revenue, and Tottenham's revenue is quite substantial in the Premier League. So it's conceivable that Tottenham's spending power can easily exceed at least every club from 8th place downwards. I wouldn't be surprised if they spend a total of £200 million to £250 million. And they might also sell some players to reduce the overall spending budget."

Both PSR and SCR are calculated over a three-year cycle, which further allows Tottenham to splash the cash this summer. They typically haven't posted losses, so they can go all-in on signings in one window and then make up for it through results and revenue over the next three years—though this does carry some risk.

A year ago, a £100 million investment from the ENIC Group gave Tottenham even more room to manoeuvre. The club's top brass generally believe that this summer must feature some stunning moves; otherwise, it would appear they are not taking their poor performances—which nearly led to relegation for two consecutive years—seriously enough.

During Daniel Levy's 24-year tenure as executive chairman, Tottenham would never have spent £85 million to sign M. Fernandes ahead of rivals like Manchester United. However, the current aggressive approach in the transfer market is almost unprecedented in the Levy era, as he typically preferred to leave deals until the end of the window and was reluctant to overspend on fees and wages.

Manchester United and their fans have little reason to complain about Tottenham snatching M. Fernandes, since the Red Devils themselves have often done the same in the past. As for the outcome? Good luck to Tottenham!

Like the old Tottenham, Manchester United are now reluctant to splash the cash and instead prefer to save money. Ratcliffe believes West Ham's asking price is ridiculously high. Therefore, the club has also held talks with the agent of Bournemouth's 22-year-old English midfielder Alex Scott, as the INEOS management team believes they can reach a deal with the "Cherries" for less than £80 million.