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Manchester United are set to bank £500,000 from Shola Shoretire’s free transfer to Greek champions Panathinaikos (PAOK).
The 20-year-old academy graduated departed Old Trafford at the end of season after his contract expired, having been at the club since he was just nine years old. There was interest in Shoretire from clubs in England and Spain but it was PAOK who won the race to secure his services, reaching a “verbal agreement” with the forward earlier this month.
The youngster was spotted at an airport touching down in Greece yesterday ahead of officially signing for his new club. In the video he can be seen being serenaded by PAOK fans.
Shoretire then penned an emotional farewell letter to his boyhood club and the United fan base, describing how he achieved his “dream” by representing the Red Devils.
“I feel extremely proud to be able to say I have achieved that dream. To make it even more special, I was given the opportunity to represent this club in the premier league and in Europe.
“I’ll forever be grateful to the many players, staff members and supporters that have played a massive part in my journey to this point. From the first day I arrived at the cliff training ground I have felt at home and part of the MUFC family.”
Shoretire’s free transfer is set to be lucrative for United owing to regulations over compensation for academy players, Simon Peach states.
Shola Shoretire’s move to PAOK expected to bring #MUFC around £500k by way of compensation due to his time in the academy
— Simon Peach (@SimonPeach) July 31, 2024
Writing on X (formerly Twitter), the chief football reporter at PA reveals Shoretire’s move to PAOK is “expected to bring Manchester United around £500,000 by way of compensation due to his time in the academy.”
While Old Trafford officials had made efforts to convince the 20-year-old to sign a new deal with the club, the prospect of half-a-million for a player whose contract had expired will be a welcome bonus.
United’s transfer budget this summer is constrained by the acute pressure of the Premier League’s Profits and Sustainability Rules (PSR). Two big-money moves for Joshua Zirkzee and Leny Yoro have effectively drained the budget and the club are reliant upon sales to fund any further incoming deals.
PSR regulations dictate money generated by the departures of academy players constitutes pure profit and, therefore, these sales are a financial treasure trove, worth many more times the baseline fee received.
As such, while £500,000 may not seem a significant amount within the context of modern football, it’s very much a case of ‘every little helps’ when attempted to tread a fine line with financial fair play for United this summer.
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