LONDON, May 30: Manchester United have signed Mexican striker Javier Hernandez from Chivas of Guadalajara for £8m and centre-back Chris Smalling from Fulham for £12m – and Chelsea’s England forward Joe Cole could be next on the list.
But this does not mean that United are splashing the cash. Quite the opposite. United’s reported interest in the England forward may be a sign that the Glazer family are continuing to play careful with their money . . . because Cole would be available on a free transfer since his contract with Chelsea is coming to an end.
Chelsea, apparently, have not contacted Cole or his representatives about a contract extension as the 28-year-old had hoped. He is seeking a pay rise to £100,000-a-week and though the club is said to have been prepared earlier to pay ‘only’ £80,000 even that offer has been withdrawn.
This knowledge has prompted interest from United as well as from Tottenham whose manager, Harry Redknapp, oversaw Cole’s emergence as a teenager at West Ham. However the fact that United are interested in Cole, just as they signed Michael Owen on a free transfer last year from Newcastle, has added to speculation about the Glazers’ reluctance to buy big.
United have just announced losses of £69m in the first three months of the year thought chief executive David Gill has continued to suggest that transfer funds will be available for manager Sir Alex Ferguson. Also, the latest accounts indicate that United have cash reserves of £95m which might be available for team strengthening.
Other targets
But with Paul Scholes and Ryan Giggs growing ever older and no guarantees yet over the fitness of Owen Hargreaves, Ferguson may feel he needs to save up whatever he can for a new midfielder. He also knows he may need to spend more money on defence if the unsettled Nemanja Vidic finally leaves for Spanish football.
It is a sign of the times that Scholes and veteran defender Gary Neville, both now 35, are considering joining the coaching staff when they end their playing careers, possibly at the end of next season.
Meanwhile, any prospect of the Red Knights group of wealthy fans coming to the “financial rescue” with a buy-out offer which the Glazers could not refuse is receding.
No offer has yet been made or appears even imminent. Gill has always been sceptical about the prospect of a serious offer. The Sunday Times reports today that the Glazers' valuation of the club at £1.5bn has deterred a number of the consortium members.
