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No Question About That – a Manchester United podcast
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No Question About That – a Manchester United podcast

NeuThe MUWFC Show: Eleven Games Unbeaten13.11.2026 · 38 Min.
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13. Nov. 2026

Über den Podcast

No Question About That is the original independent fan-published podcast covering Manchester United. Hosted by Ed, with contributions from Dan, Tom, Wayne, Dharnish, Adam, Jamie, Dominic and Andy. NQAT covers the latest games, news, business, politics and fan culture at the world’s greatest football club. Hate the ads? Want more NQAT? For ad-free listening and our weekly bonus show, find us on Apple Podcasts or Patreon.

Folgen 1.076

  1. The MUWFC Show: Eleven Games Unbeaten

    38 Min.Folge 1071

    #1071 | Manchester United Women are 11 games unbeaten, but they have scored just 10 goals in nine WSL games. Ed and Andy, of the Barmy Article, discuss a team that gets results without putting games away. Could …

    Shownotes

    #1071 | Manchester United Women are 11 games unbeaten, but they have scored just 10 goals in nine WSL games. Ed and Andy, of the Barmy Article, discuss a team that gets results without putting games away. Could January recruitment help bolster the squad?. 

    There are plenty of young players getting minutes in the Players’ Cup, the return of a key winger, and whether European qualification is realistic with United fifth. They also cover how the fans have taken to the new head coach, where Marc Skinner goes next, and who might be on the plane to next year’s World Cup. Crystal Palace at home is the next test.


    0:00 Season Form and Progress
    6:48 United’s Goalscoring Issues
    10:56 New Signings and Squad Depth
    14:41 European Ambitions
    17:33 Coaching Changes
    20:17 Palace Preview
    23:54 Sustainability
    27:18 World Cup Hopes


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  2. Courage Not Included

    1 Std. 3 Min.Folge 1070

    #1070 | Michael Carrick was officially relieved of his duties on Thursday, in a club statement that carried no name and offered no accountability. Ed and Wayne discuss a week that has left them appalled with …

    Shownotes

    #1070 | Michael Carrick was officially relieved of his duties on Thursday, in a club statement that carried no name and offered no accountability. Ed and Wayne discuss a week that has left them appalled with the club’s behaviour. 


    Carrick took training after the news leaked, as the executives who decided to sack him flew to Monaco. The sacking has been planned for weeks, whatever the club say about giving him time. It betrays the values on the back of the shirt.  Courage? Not so much.


    Is there hope of change with the club effectively on the market? With Mauricio Pochettino reportedly chosen by the Glazers, the question now is who is making the decisions, and whether anyone above the manager will answer for them?


    0:00 Carrick’s Dismissal
    7:43 United’s Values
    17:25 The Club’s Financial Decline
    23:47 What Are United’s Ambitions?
    32:53 Summer Rebuild
    35:04 Debt, Ownership and Decision-Making
    40:04 Carrick’s Staff
    47:31 Can United Make the Necessary Changes?


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  3. United Manager: Who's Next?

    37 Min.Folge 1069

    #1069 | Michael Carrick has been sacked as Manchester United manager and the money is flowing toward Mauricio Pochettino. Ed and Adam discuss a process that has never looked coherent. They weigh the case for …

    Shownotes

    #1069 | Michael Carrick has been sacked as Manchester United manager and the money is flowing toward Mauricio Pochettino. Ed and Adam discuss a process that has never looked coherent. They weigh the case for and against Pochettino, why Eddie Howe, Julian Nagelsmann, and Antonio Conte look less likely, and what a new manager could mean for Bruno Fernandes’s future.


    Picking the manager is the easy part. The new man inherits the same sporting department, the same CEO, and the same owners who promised not to oscillate between styles. Surely the sporting director has to go too. No promise of a fresh vision can be backed without proof.


    0:00 Carrick sacked: who’s next?
    1:58 A shambolic process
    3:21 Pochettino emerges as favourite
    7:49 Case for and against Poch
    18:32 Eddie Howe and Nagelsmann
    22:50 Conte
    26:49 Bruno’s future
    31:33 Fuck these owners



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  4. EMERGENCY POD: Michael Carrick Sacked

    37 Min.Folge 1068

    #1068 | Michael Carrick has been sacked as Manchester United manager, according to reports late on Monday night. United had not confirmed it at the time of recording. Ed and Dharnish record an emergency pod to …

    Shownotes

    #1068 | Michael Carrick has been sacked as Manchester United manager, according to reports late on Monday night. United had not confirmed it at the time of recording. Ed and Dharnish record an emergency pod to discuss how it came to this. Carrick earned his shot at the job last season but was left short in the summer. He then tried to evolve the team to a ball-dominant, high-pressing approach that never worked. Injuries, unhappy players, and a drop in Bruno Fernandes’s form turned a poor start into a relegation fight. The bigger story is the ownership. The next manager inherits the same owners, the same CEO, the same director of football, and no clear criteria for hiring and firing. Who exactly is making the decisions at United? And more importantly, why would anyone trust them?


    0:00 Breaking: Carrick sacked
    1:27 How did we get here?
    3:55 Sold short in the summer
    6:37 Tactical experiment that failed
    12:53 Bruno’s form and the data
    15:19 The environment and Ratcliffe
    22:27 Broken decision-making at the top
    29:21 What happens next


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  5. Chaos Everywhere

    51 Min.Folge 1067

    #1067 | Manchester United and Aston Villa played out a 4-4 Premier League draw at Old Trafford. It was chaos on the pitch while fans protested in the stands. United twice trailed by two goals and twice came …

    Shownotes

    #1067 | Manchester United and Aston Villa played out a 4-4 Premier League draw at Old Trafford. It was chaos on the pitch while fans protested in the stands. United twice trailed by two goals and twice came back in dramatic fashion. Ed and Dan discuss.

    There’s plenty to go over, from Michael Carrick’s cautious selection to some horrendous defending. But a sliver of light in United’s attack is finally scoring goals regularly.

    Yet, with one win in the league, pressure remains on Carrick a quarter into the season. Will United change the manager? It seems like there’s very little impetus to do so. Howe, Conte, Pochettino, Nagelsmann are all waiting in the wings. Who exactly is making the decisions at the top? Nobody it seems.


    0:00 Intro: 4-4 at Old Trafford

    1:19 Two down in four minutes

    4:13 United’s team selection

    9:39 Have we infected the goalkeeper?

    11:21 Old Trafford crowd

    16:00 Build-up play and Fernandes

    30:45 System or individual errors?

    32:11 Who replaces Carrick?

    45:45 Wrap-up

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  6. The Tactics Show: Good, Bad, and the Comeback

    36 Min.Folge 1066

    #1066 | Manchester United beat Roma, lost to Chelsea and face Aston Villa at the weekend in what could be Michael Carrick’s last game. Ed and Dharnish break down all three. What worked in the first half at …

    Shownotes

    #1066 | Manchester United beat Roma, lost to Chelsea and face Aston Villa at the weekend in what could be Michael Carrick’s last game. Ed and Dharnish break down all three. What worked in the first half at Chelsea, with United overloading midfield and finding space behind Chelsea’s new full-backs. Why do Carrick’s full-backs keep pushing so high while the team is in crisis? And why did that leave United two down against Roma’s man-to-man press?


    Then the turnaround. What changed after half-time against Roma: Cunha central, United overloaded the right, Shea Lacey committing defenders. With Baleba injured, who plays in midfield now? And how do United cope with Villa’s physicality and Emery’s mid-block?


    0:00 Roma, Chelsea and a Villa test

    1:00 What worked against Chelsea

    2:10 Overloading Chelsea’s midfield

    4:04 Red card, implosion, Amad’s end product

    5:25 Pressing high in crisis mode

    10:32 Roma: how United went two down

    16:07 Old Trafford comeback

    4:02 Villa preview: midfield battle




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  7. United Beat Roma: Does It Change Anything?

    1 Std. 10 Min.Folge 1065

    #1065 | Manchester United finally won, beating Roma 3-2 after nine games without a victory. Ed and Daniel pick through the comeback from two goals down. There are plenty of issues to discuss. Although United …

    Shownotes

    #1065 | Manchester United finally won, beating Roma 3-2 after nine games without a victory. Ed and Daniel pick through the comeback from two goals down. There are plenty of issues to discuss. 

    Although United started the game poorly, was it the first time all season the team looked balanced? Tielemans played a part in the winner, how will Baleba’s injury impact the team and has Leny Yoro made a case for a place at centre-back? Is Amad’s spot now Lacey’s to take? Can Cunha build on his goals when confidence has been short this season?

    Then the conversation widens. A green and gold balloon protest opened the night. Do protests change anything with owners who rarely face the public? 

    With Aston Villa on Sunday possibly Michael Carrick’s last game, who might replace him: Emery, Nagelsmann, Conte, or Eddie Howe? And with United 17th in the Champions League table, what do they need to reach the playoffs?


    0:27 Victory over Roma
    2:25 Comeback and Team Balance
    5:34 Centre Back Issues
    7:57 Amad vs Lacey
    11:22 Midfield Problems
    15:34 Pressing and Penalties
    26:21 Ownership, Protests
    49:03 Villa Preview


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  8. Halloween Horror at Stamford Bridge

    1 Std. 16 Min.Folge 1064

    #1064 | United lost 2-0 at Stamford Bridge, with a promising first half turned into another second-half collapse. Ed and Wayne react to yet another defeat. Was Lisandro Martínez’s sending off the act of a …

    Shownotes

    #1064 | United lost 2-0 at Stamford Bridge, with a promising first half turned into another second-half collapse. Ed and Wayne react to yet another defeat. Was Lisandro Martínez’s sending off the act of a player who wants out? Should he ever wear the shirt again? And how much falls on Michael Carrick, who picked the same two centre-backs and watched them part like the Red Sea for Morgan Rogers?


    Then the conversation moves up the chain. Is riding out two transfer windows with Carrick the only way to force accountability from this squad? Why do Ratcliffe, Barada, and Wilcox face so little scrutiny?  The split cap table leaves United’s owners unwilling and unable to inject capital, even though Ratcliffe could write the cheque tomorrow. With no new money, there’s no relief on the horizon. Could a new manager do anything different in the circumstance?


    0:00 Nine games without a win
    2:12 Second-half collapse at Stamford Bridge
    4:09 Martínez: he should never wear the shirt again
    15:13 It starts at the top: the owners
    17:33 Summer window gamble
    23:48 Accountability and riding out two windows
    28:22 Ownership structure and the money
    47:26 Solskjær precedent
    56:19 Eddie Howe question
    1:00:56 Boycotts, tickets and what the club means


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  9. The Tactics Show: What Went Wrong and How Carrick Can Fix It

    40 Min.Folge 1063

    #1063 | Manchester United have given Michael Carrick more time, with no date, no number of games and no target attached. Ed and Dharnish look at what has to change in the meantime. The press comes first: a …

    Shownotes

    #1063 | Manchester United have given Michael Carrick more time, with no date, no number of games and no target attached. Ed and Dharnish look at what has to change in the meantime. The press comes first: a half-press in which players arrive late, leaving United’s back-four exposed. The build-up has lost its triangles and possession dominance that offers no control. 

    United’s defence is disorganised and the most experienced centre-backs are built for a deep line, which limits how aggressively Carrick’s team can press. 

    Then there’s a look ahead to Chelsea at the weekend, a team that scores freely but with a questionable defence. And ahead to the midweek game against Roma’. Gasperini’s team likes to press man-to-man. The verdict is that not all of United’s problems is tactical, but the rest is out of Carrick’s hands.


    0:00 Intro: Carrick gets more time
    4:08 What’s gone wrong with the pressing
    8:32 How Carrick could fix the press
    14:19 Buildup and central progression
    18:13 Defensive frailties and the rest defence
    21:33 Meltdown mode and managerial patience
    23:51 Platforming players: picking the XI
    27:26 Chelsea preview
    30:52 Roma and Aston Villa
    35:26 Wrap-up



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  10. The Inevitable End

    59 Min.Folge 1062

    #1062 | Michael Carrick looks set to be sacked after a 3-0 home defeat to Bournemouth, coming off the 4-1 loss at Como. Ed and Daniel go through the game and the week around it. If this is the end, Carrick went …

    Shownotes

    #1062 | Michael Carrick looks set to be sacked after a 3-0 home defeat to Bournemouth, coming off the 4-1 loss at Como. Ed and Daniel go through the game and the week around it. If this is the end, Carrick went out with a statement: Bruno Fernandes criticising the staff in public then sitting on the bench without being used.

    Then the disintegration of Carrick’s time at United, with the manager increasingly reaching for odd solutions as the season fell apart.  With the squad giving Carrick very little in recent weeks, the conversation turns to the owners and executives who decide what happens now. The same guys who picked Ten Hag and Amorim and Carrick decide who’s next, with Eddie Howe probably the favourite. 

    In the short term United need to manage the crisis, but with a summer of expiring contracts and more investment needed than is likely, does a new manager really change anything?


    0:00 Match Reaction
    3:47 Bruno vs Carrick
    11:08 Team Selection & Tactics
    16:35 Season in Freefall
    19:09 The Owners
    23:56 Who’s Next?
    34:59 Eddie Howe
    51:09 What Happens Next?


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  11. A Como-dy of Errors

    58 Min.Folge 1061

    #1061 | Manchester United were beaten 4-1 at Como in the Champions League. Ed and Dominic try to make sense of it. United’s pressing does not work; the players asked to lead it cannot do it, and Como passed …

    Shownotes

    #1061 | Manchester United were beaten 4-1 at Como in the Champions League. Ed and Dominic try to make sense of it. 

    United’s pressing does not work; the players asked to lead it cannot do it, and Como passed through United at will. 

    Carrick’s vision for the team is slipping by the week. How much is that on Carrick and how much on a club run by the same people who hired and fired ten Hag and Amorim, with a squad that was barely improved in the summer? 

    Carrick probably won't go yet, though the November break and the January window are the usual moments for change. 

    There there's Bournemouth at Old Trafford this weekend and a manager running short of options.


    0:00 Intro: United spanked by Como
    4:02 United’s press isn’t working
    15:31 Sponsor break
    16:50 Ownership
    27:21 The game itself: the goals
    30:15 Squad and recruitment
    40:55 Bournemouth preview
    51:18 Wrap-up


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  12. United Draw Ugly

    48 Min.Folge 1060

    #1060 | Michael Carrick changed the system at Elland Road and United came home with a 1-1 draw. It was closer to a street fight than a football match for much of it. Ed and Dharnish go through United’s approach …

    Shownotes

    #1060 | Michael Carrick changed the system at Elland Road and United came home with a 1-1 draw. It was closer to a street fight than a football match for much of it. Ed and Dharnish go through United’s approach and performance, including a back three and Bruno Fernandes pushed out wide. It wasn’t very pretty but at least United matched Leeds for physicality before the second half slipped away.

    The point leaves United on two wins from 10 across all competitions this season. The question on everybody’s lips is how long Carrick has? More defeats over the next few weeks will increase the pressure on club and manager.

    Then, what does a growing injury list mean for United’s trip to Como in the Champions League.


    0:00 Carrick changes the system
    0:46 Leeds away: a proper scrap
    2:46 What’s going on with Bruno?
    6:37 Fight and physicality, but no football
    17:22 Should Carrick be sacked?
    26:03 Does Bruno need a rest?
    33:24 Preview: United vs Como
    42:26 Final thoughts and sign-off


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  13. The Tactics Show: Meltdown Mode

    34 Min.Folge 1059

    *Apologies for the dodgy audio on this week's episode* #1059 | Ed, Dharnish, and Daniel open in meltdown mode. Manchester United have two wins from nine and the latest crisis is the fallout from Lisandro …

    Shownotes

    *Apologies for the dodgy audio on this week's episode*

    #1059 | Ed, Dharnish, and Daniel open in meltdown mode. Manchester United have two wins from nine and the latest crisis is the fallout from Lisandro Martinez’ criticism of Jason Wilcox. The tactics tell the story. United conceded after 50 seconds at Atletico with five players in one zone and nobody closing down. They had used a 4-4-2 mid-block against Spurs and were pulled apart anyway. The diagnosis is a team caught between pressing high, sitting deep, and dominating the ball. Masters of none. From there, we work through questions around Yoro, Maguire, Martinez and De Ligt at centre-back. Then there’s Leeds’s 3-5-2 to deal with at the weekend and what Como will ask of United next week.


    0:00 Meltdown mode
    1:35 Pressing problem vs Atlético
    5:24 High press or mid-block?
    7:51 Spurs: the 4-4-2 falls apart
    9:58 Squad building and Carrick’s vision
    14:57 Centre-back questions: Yoro, Maguire, De Ligt
    18:29 Ball dominance isn’t working
    25:00 Predicted XI vs Leeds


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  14. Martinez Calls Out the Board

    60 Min.Folge 1058

    #1058 | Ed and Dominic pick over United’s 2-0 defeat at Atletico Madrid. It was better than the scoreline but still leaves Michael Carrick under pressure. United opened with another defensive blunder but grew …

    Shownotes

    #1058 | Ed and Dominic pick over United’s 2-0 defeat at Atletico Madrid. It was better than the scoreline but still leaves Michael Carrick under pressure. United opened with another defensive blunder but grew into the game, creating some decent chances before losing Leny Yoro to a dubious red card. But defeat is defeat and the noise around Carrick is likely to grow, especially if the run of Leeds, Como, Bournemouth, and Chelsea goes badly.Then post-match, as we were recording, Lisandro Martinez dropped a bombshell!


    0:27 Intro: another defeat in Madrid
    1:15 Team news, formation, and that opening goal
    7:44 The noise around Michael Carrick
    15:39 If not Carrick, then who?
    21:17 VAR, the disallowed goal, and the red card
    25:33 Midfield: Santos, Baleba, and the trade-offs
    31:38 Martinez calls out the board: recruitment and finances
    50:20 City, PSG, and the cheating debate


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  15. The MUWFC Show: Eva Olid Era Takes Shape

    46 Min.Folge 1057

    #1057 | Ed and Andy catch up on four straight wins for United Women, which have turned the mood around after a difficult start to the season. 10-1 against Sheffield United, a narrow victory over West Ham, 5-1 …

    Shownotes

    #1057 | Ed and Andy catch up on four straight wins for United Women, which have turned the mood around after a difficult start to the season. 10-1 against Sheffield United, a narrow victory over West Ham, 5-1 against Durham, and a single goal victory over Liverpool. The team’s personality is becoming clearer under Eva Olid. 

    The conversation widens to goalkeeper depth and how a youth-heavy squad is developing. 

    Then there’s a preview of the games in the coming week. Charlton in the WSL, a second meeting with Liverpool in the Players Cup, and the Manchester derby.


    Read the Barmy Article


    0:26 Intro
    1:40 New momentum: four wins in a row
    5:22 Aggressive press
    10:50 Goalkeeping depth
    16:38 Crowds, marketing, and the fanbase
    19:12 Young players coming through
    26:39 WSL picture and City’s charges


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  16. Well That Was Dreadful

    1 Std. 2 Min.Folge 1056

    #1056 | Ed and Daniel pick through Manchester United 1-1 Tottenham, a game United led until the 92nd minute but in which they played badly for most of the 90. The first half was as poor as anything this season …

    Shownotes

    #1056 |  Ed and Daniel pick through Manchester United 1-1 Tottenham, a game United led until the 92nd minute but in which they played badly for most of the 90. The first half was as poor as anything this season, with Spurs running through United’s midfield at will. One side was moving, the other standing still. Carrick’s changes on the hour briefly changed the game, including a positive cameo from Carlos Baleba. But after Spurs were reduced to 10 men, United went into their shell and produced some more comedy defending. 

    Where does Michael Carrick go from here, especially with Tuesday’s trip to Atletico coming up fast, and a very difficult schedule ahead. Nobody at the club wants another manager change but we’ve seen this film before.


    0:00 Match reaction: United 1-1 Spurs
    2:15 Squad building and transfers
    8:25 Tactical analysis: pressing and intensity
    15:50 Accountability and selection
    24:15 Baleba
    31:10 Red card
    40:30 Manager future and fixtures
    53:20 Atletico preview and sign-off


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  17. City Fallout, Spurs Preview

    60 Min.Folge 1055

    #1055 | Ed and Dharnish talk about Manchester City's cheating three weeks on from the verdict and with the appeal under way. City's “it was government money” defence falls apart when the government, the …

    Shownotes

    #1055 | Ed and Dharnish talk about Manchester City's cheating three weeks on from the verdict and with the appeal under way. City's “it was government money” defence falls apart when the government, the sponsors, and the owner turn out to be one family. With club and fan denial hardening, the likeliest exit is a sale, or a vote to expel if City keep fighting.

    There's some chat about why Financial Fair Play was created in the first place, Andy Burnham and the UAE’s investments in the UK, and what Guardiola knew.

    Then it’s back to the football with Spurs on Saturday. Sesko is ruled out and Dorgu is injured. Will Cunha play through the middle again, what's the right balance in midfield as Baleba returns, and is there a case for Yoro’s pace at centre-back after his France debut?

    The episode finishes with Ronaldo’s complaint over his Portugal minutes against Messi’s emotional send-off, and Ferguson’s book tour and what he said about living to see the new stadium.


    Ready to have an AI that can tackle real work? Try Claude Cowork today.

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    0:00 Intro: Spurs, City and Fergie

    1:36 City’s CPC defence

    7:53 Abu Dhabi, power and the exit route

    16:51 FFP, the appeal and Burnham

    24:56 What did Pep know?

    30:05 Spurs preview: team news, midfield and Yoro

    44:32 Ronaldo and Messi

    50:42 Fergie and the new stadium


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  18. Never Really About Football

    1 Std. 19 Min.Folge 1054

    #1054 | Ed and Paul pick through the fall out from City’s guilty verdict and conclude this is a geopolitical story more than football. The outcome might well owe more to diplomacy than to Premier League rules …

    Shownotes

    #1054 | Ed and Paul pick through the fall out from City’s guilty verdict and conclude this is a geopolitical story more than football. The outcome might well owe more to diplomacy than to Premier League rules. Andy Burnham's situation and UK ties to Abu Dhabi suggest where the pressure is coming from.

    There’s a long look at the City fanbase: why will so few will engage with the evidence or a reasonable discussion about what’s happened? How did a club that was once the punchline become the vehicle of a state?

    There’s the damages bill that could run into billions and whether the other 19 clubs would really vote to expel. Could the only clean exit be a settlement fund and a forced change of ownership?


    0:00 The guilty verdict 2:54 A geopolitical story 9:42 CAS 2020, six emails and the redactions 15:03 Financial doping 27:18 Why City fans won't engage 30:40 Who's who in Abu Dhabi 39:31 Was FFP ever a fair rule? 47:00 Lawsuits, damages and expulsion 55:36 Can titles be reassigned? 1:02:36 Settlement and getting the owners out 1:12:29 Wrap


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

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  19. The Geopolitics of City's Corruption

    54 Min.Folge 1053

    #1053 | Daniel joins Ed to make the case that this was never really a football story: Manchester City's ownership is Abu Dhabi's ruling family operating through the exact same statecraft logic they apply to …

    Shownotes

    #1053 | Daniel joins Ed to make the case that this was never really a football story: Manchester City's ownership is Abu Dhabi's ruling family operating through the exact same statecraft logic they apply to war, espionage and geopolitics. And that family’s refusal to ever hear the word "no" from anyone. It’s the instinct that produced the fraud itself.

    Trace the money and the politics: Abu Dhabi's sovereign wealth, the family network tying the state, the investment vehicle, the sponsors and the football club into one entity. Then there’s Andy Burnham's startlingly weak public response, read against his own history with City-linked land deals in East Manchester and the UK's broader security and investment ties to the UAE. 

    Pep Guardiola is linked in the same way. His public advocacy on Gaza and Catalan independence is impossible to square with total silence on his own owners' role in Sudan. His City trophies cannot be separated from dirty money and the questions of doping that have followed his career since Barcelona. This is potentially the biggest scandal in the history of sport, precisely because of the geopolitics layered underneath it.


    0:00 Intro: City found guilty 2:30 From anti-competitive to human rights 4:39 Statecraft, sovereign wealth and sportswashing 6:58 Paper trail and the defence 14:55 Andy Burnham and Manchester politics 23:36 Punishment, lawsuits and a forced sale 37:48 Guardiola's hypocrisy and his legacy 47:52 Biggest scandal of all time? Wrap-up


    ---

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  20. United Inc: Financing Old Trafford, Path to Ending Glazer Debt

    57 Min.Folge 1052

    #1052 | Jamie's latest Substack note gets the deep dive treatment: United's newly published loan documents show a real, dated path to finally clearing the $550 million Glazer-era LBO debt. The new notes are …

    Shownotes

    #1052 | Jamie's latest Substack note gets the deep dive treatment: United's newly published loan documents show a real, dated path to finally clearing the $550 million Glazer-era LBO debt. The new notes are repayable at par with no further interest from 10 June 2029, but only if it's tied to a "stadium financing event," with a matching change-of-control clause built to let INEOS take a majority stake without triggering repayment. It’s complicated but clear.


    Jamie's model puts the realistic cost for a new stadium closer to £3.2 billion once a typical overrun is applied to the headline £2 billion figure, funded through some mix of club debt, owner equity, and external partners. Personal seat licences could plausibly raise several hundred million pounds on its own.


    The pod opens with City with Ed and Jamie still processing last week's guilty verdict and the Premier League timeline that could produce a sanction within months.


    Jamie's note mentioned in the pod: https://spgoals.substack.com/p/can-ineos-clear-manchester-uniteds

    And for my take on last week's finances: https://nqatpod.substack.com/p/uniteds-new-cash-machine


    0:27 Intro 2:38 City verdict and timelines 6:15 What punishment fits the breach 12:14 Premier League credibility and expulsion 15:45 United's refinancing note explained 26:17 Ineos' path to majority ownership 29:26 Stadium cost and funding options 42:31 Squad budget and wrap-up


    ---

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  21. Pep's Rep

    1 Std. 6 Min.Folge 1051

    #1051 | Ed and Adam use the City verdict to talk about reputation rather than punishment mechanics: City's for organising the fraud, the Premier League's for taking eight years and letting itself be outmuscled …

    Shownotes

    #1051 | Ed and Adam use the City verdict to talk about reputation rather than punishment mechanics: City's for organising the fraud, the Premier League's for taking eight years and letting itself be outmuscled by lawyers, and Pep Guardiola's, since virtually everything he won at City was built on financial cheating he spent years publicly denying.

    There's an awkward political dimension: City are owned by the UAE, a UK security and investment partner, and there’s scepticism that the other 19 clubs would vote for expulsion given how many owners have their own business ties to the Gulf. Given that, how might any punishment be constructed and what might be just? 

    On Pep specifically, they trace a pattern running from his playing days through Barcelona to City. His legacy is now inseparable from the fraud that funded it. Then there’s the broadcasters who’ve pretended non of this was happening. Shame on them. 


    0:27 Intro: 114 of 115 charges 2:32 Reputations in the toilet 4:52 Why spending limits exist 9:27 Can City rebuild their reputation? 14:17 Nation-state ownership and the UAE 19:36 Would clubs vote to expel City? 27:00 What punishment actually fits 32:57 Charge stacking and precedent 38:28 Getting the owners out 39:24 Pep's legacy 45:30 Sudan, sportswashing and silence 47:50 How the media will cover it 55:04 Fan reaction and the weaponized fanbase 58:04 What happens next 1:00:06 Wrap-up


    ---

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    Learn more about your ad choices. Visit podcastchoices.com/adchoices

  22. Emergency Pod: City Found Guilty on 114 Charges

    35 Min.

    #1050 | Ed and Dominic discuss a momentous day. Manchester City have been found guilty on 114 of the 115 charges brought by the Premier League, after a process that's run more than three and a half years …

    Shownotes

    #1050 | Ed and Dominic discuss a momentous day. Manchester City have been found guilty on 114 of the 115 charges brought by the Premier League, after a process that's run more than three and a half years, during which City won six trophies. The charges centre on disguising owner funding as sponsorship income and refusing to cooperate with investigators; no punishment has been decided yet.

    Expect a long appeals process before anything is actually handed down. 

    So what is the proportionate punishment? Points deductions, transfer restrictions, even expulsion are all discussed as genuine options, though retrospective title-stripping  seems unlikely. There's a longer, more uncomfortable question too: how do you separate City's sporting achievements from the financial fraud that funded them, and what does that mean for Pep Guardiola's legacy specifically, given how directly his trophies depended on money the club lied about.


    0:26 Guilty on 114 of 115 charges 5:10 What the charges actually were 12:21 Can titles be stripped? 14:46 What punishment fits the crime 18:38 City's PR machine and the media 21:45 Everton, Forest and precedent 24:26 City before the 2008 takeover 27:33 Pep's legacy and the asterisk 30:32 Wrap-up


    ---

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    ---


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

    Learn more about your ad choices. Visit podcastchoices.com/adchoices

  23. United Inc: Full Year Financials

    51 Min.Folge 1049

    #1049 | Manchester United's full-year financials landed the same week as defeats to City and Brighton and a draw at Fulham. Ed and Jamie's read is that the numbers tell a positive story: record revenue of …

    Shownotes

    #1049 | Manchester United's full-year financials landed the same week as defeats to City and Brighton and a draw at Fulham. Ed and Jamie's read is that the numbers tell a positive story: record revenue of £677.6 million, operating cash flow more than double what United generated the previous year, and a smaller real interest bill than the eye-catching accounting figure implies.

    The episode works through where the financial resilience came from: ticket price rises, strong retail performance offsetting lost sponsors.

    There's the £63.5 million spent on stadium land as the first sign of what United plan to do with the extra cash, and an explainer of INEOS's own complicated, heavily leveraged business, useful context for anyone hoping Jim Ratcliffe can simply write a bigger cheque. 

    The episode closes on ownership: the price floor on a new buyer lifts in 2027, but with almost nobody left in the world both able and willing to pay Glazer-level prices for the club, don't expect a takeover any time soon.


    0:27 Welcome and what's coming up

    3:15 Full year financials: headline numbers

    5:28 Matchday, ticketing and commercial revenue

    10:04 Profitability and cash flow

    14:43 Debt, interest and the stadium land

    23:14 Guidance

    28:50 INEOS explained

    35:10 Ownership, the 2027 price floor and potential buyers


    ---

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    ---


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

    Learn more about your ad choices. Visit podcastchoices.com/adchoices

  24. The MUWFC Show: Parking the Bus at the Emirates

    36 Min.Folge 1048

    #1048 | United Women are three games into new manager Eva Olid's reign: defeat to London City Lionesses, hammered by Chelsea, then a much-improved 1-1 draw at Arsenal, undone by a 95th-minute equaliser. Ed and …

    Shownotes

    #1048 | United Women are three games into new manager Eva Olid's reign: defeat to London City Lionesses, hammered by Chelsea, then a much-improved 1-1 draw at Arsenal, undone by a 95th-minute equaliser.

    Ed and Andy assess Eva Olid's start given the circumstances, a very late appointment, barely any pre-season, no marquee signings.

    There were some interesting changes at Arsenal, with Andrea Medina's shift into midfield the standout tactical call and performance of the three games so far.

    Then there's some winnable fixtures ahead: Sheffield United in the League Cup and West Ham in the league, both real chances to record a first win.


    0:00 Welcome, Andy

    1:05 Draw with Arsenal

    6:28 Assessing Eva Olid

    13:02 Season expectations

    24:01 League Cup

    26:35 West Ham preview

    28:34 WSL title race

    31:18 Wrap-up


    --

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    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

    Learn more about your ad choices. Visit podcastchoices.com/adchoices

  25. The Tactics Show: Pressing, Possession, Performance

    40 Min.Folge 1047

    #1047 | Another week another crisis? After United’s draw at Fulham, Ed and Dharnish push back on the reaction, arguing the underlying picture (29 shots, nearly 3 xG, more shots and box touches than any team in …

    Shownotes

    #1047 | Another week another crisis? After United’s draw at Fulham, Ed and Dharnish push back on the reaction, arguing the underlying picture (29 shots, nearly 3 xG, more shots and box touches than any team in the league this season) suggests better times ahead. Shifts in fine margins turned this game into a mediocre week rather than a crisis.
    The real issue is a press that keeps failing because Bruno and Rashford aren't suited to it. Carrick keeps asking them to do it anyway. 
    In possession, the double false-nine setup leaves progression looking attractive, but nobody is actually in the box when it matters. This needs fixing before results turn even worse. 
    They also take apart the widely shared running-stats graphic, arguing it reflects a possession-heavy style rather than laziness, using City's own numbers as the comparison.

    ---

    Ready to have an AI that can tackle real work? Try Claude Cowork today — Claude.ai/NQAT

    --- 0:27 Intro: another United draw 2:38 Is it really that bad? The xG case 5:12 Pressing issues 10:12 Midblock or press? Personnel and compromise 12:50 In possession: breaking down in the final third 16:44 Attacking dynamics and Bruno's role 27:08 Running stats 33:05 Wrap-up


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

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  26. Fine Margins, Same Mistakes

    1 Std. 3 Min.Folge 1046

    #1046 | United walked away from Fulham with a draw, Mateus Cunha's equaliser cancelling out Lisandro Martinez’ own goal. Fulham were there for the taking though. United had 29 shots, 57% possession, and somehow …

    Shownotes

    #1046 | United walked away from Fulham with a draw, Mateus Cunha's equaliser cancelling out Lisandro Martinez’ own goal. Fulham were there for the taking though. United had 29 shots, 57% possession, and somehow still seemed very passive when it mattered. No disaster, but yet more points leaking away.

    Ed and Wayne look back on a performance that felt very familiar. The same tactical patterns are playing out. And the same weaknesses in the squad are evident too. The international break offers a moment to reset.

    We end with a check-in on Wayne's new book. Ferguson, The Lost Tapes.


    ---

    Ready to have an AI that can tackle real work? Try Claude Cowork today — Claude.ai/NQAT

    ---


    0:00 Introduction

    1:05 Team selection

    15:45 Defence, build-up and player profiles

    22:56 Carrick's game model

    27:31 Ownership, finances and transfer strategy

    35:15 Martinez's own goal

    47:14 Verdict on Carrick

    50:23 International break

    55:07 Wayne's new book and sign-off


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

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  27. Banter Club is Back

    1 Std. 1 Min.Folge 1045

    #1045 | Ed and Dharnish discuss United’s 3-2 defeat to Brighton in the Carabao Cup. United’s heavily rotated side led 2-0 before collapsing, with an increasingly ugly atmosphere at Old Trafford on display. Shea …

    Shownotes

    #1045 | Ed and Dharnish discuss United’s 3-2 defeat to Brighton in the Carabao Cup. United’s heavily rotated side led 2-0 before collapsing, with an increasingly ugly atmosphere at Old Trafford on display. 

    Shea Lacey's goal and a well-worked press that teed up Mount for the second were the rare bright spots in an otherwise chaotic performance from United.

    There’s already a bigger question: are United’s results this season down to bad individual performances, or something wrong with Carrick's actual game model? There’s no easy answer, especially given how comfortably this same group won games last season doing something much simpler.

    There's also a discussion of the JJ Gabriel contract saga, with both urging caution about how much scrutiny a 15-year-old should be under. But scepticism that his camp's version of events reflects what United would realistically have offered. They close by previewing Fulham this weekend.

    --- Ready to have an AI that can tackle real work? Try Claude Cowork today — Claude.ai/NQAT ---


    0:00 Introduction: 3-2 Carabao Cup defeat to Brighton 1:31 Reaction: anger at Old Trafford 4:13 Positives: Shea Lacey 7:00 Yoro and Heaven 12:16 Midfield, Mount and Sesko's night 20:19 Is something fundamentally wrong with Carrick's game model? 31:55 JJ Gabriel contract saga 48:02 Fulham preview 55:30 Wrap


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

    Learn more about your ad choices. Visit podcastchoices.com/adchoices

  28. No Question About That Offside

    56 Min.Folge 1044

    #1044 | Daniel and Dharnish review United’s 0-1 defeat at home to Man City. City were down to 10 men for most of the second half after Foden's red card. The goal itself should have been ruled out: Enzo …

    Shownotes

    #1044 | Daniel and Dharnish review United’s 0-1 defeat at home to Man City. City were down to 10 men for most of the second half after Foden's red card. The goal itself should have been ruled out: Enzo Fernandez was offside and interfering with Martinez in the build-up. VAR waved it all through. 

    United had spells of real control, especially with the extra man, but rarely looked like scoring without Sesko on the pitch as an actual centre-forward.

    The biggest frustration is Carrick's team selection: leaving Sesko out for tactical reasons left nobody occupying the box. Taking Tielemans off after the goal made things worse by removing United's only real tempo-setter. 

    There's a more uncomfortable argument too: that Maguire and Martinez's lack of pace makes Carrick's front-foot style impossible. One of Yoro or Heaven has to take over. 

    Finally, a look ahead to Brighton in the League Cup and Fulham before the international break.

    --- Ready to have an AI that can tackle real work? Try Claude Cowork today — Claude.ai/NQAT ---


    0:27 Intro: United 0-1 City

    1:40 Team selection

    5:46 Carrick's tactics: clogged middle, forced wide

    24:01 VAR decision: goal that wasn't

    40:51 Maguire, Martinez, Yoro and Heaven

    47:07 Looking ahead: Brighton and Fulham

    51:35 Wrap


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

    Learn more about your ad choices. Visit podcastchoices.com/adchoices

  29. United, Inc: Economics of a Record Transfer Window

    49 Min.Folge 1043

    #1043 | The transfer window smashed Premier League spending records. The real story is how incestuous it all was: clubs buying from each other, squeezed by the same rules and looking to square their own books …

    Shownotes

    #1043 | The transfer window smashed Premier League spending records. The real story is how incestuous it all was: clubs buying from each other, squeezed by the same rules and looking to square their own books. United funded their window through a revolving credit facility and not player sales. They sold precisely nobody all summer.


    Ed and Jamie dig into why, including a wage bill that is about to jump with three new signings, Rashford’s return and Champions League bonuses. 

    Then a full tour of the league's finances: City and Chelsea both bankrolled by relentless trading, Villa turning their squad over for a tidy profit, Everton and Crystal Palace both looking primed for a sale and Spurs spending like a club that's given up on ever being bought. 

    The pod closes on the outlook: United's transfer debt clears over the next 12 months, creating real flexibility next summer, just as Maguire, Shaw and a stack of big contracts come up for renewal.

    --- Ready to have an AI that can tackle real work? Try Claude Cowork today — Claude.ai/NQAT ---

    0:28 Intro 2:29 Transfer market: money cycling in the Premier League 5:57 How United funded the window 8:48 United's wage bill 11:39 Why United didn't sell 15:11 Manchester City 16:05 Chelsea's player trading machine 20:58 Aston Villa 24:08 Everton 27:35 Crystal Palace 29:09 Spurs' spending spree 33:45 Liverpool 37:08 Looking ahead to next season 43:00 Wrap-up


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

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  30. Sabah Ranks as Fine Champions League Victory

    1 Std. 2 Min.Folge 1042

    #1042 | Ed and Tom discuss United's return to the Champions League, which was a comfortable 4-0 win over Sabah, with the game effectively dead by half-time. It was about all we could ask from an opener like …

    Shownotes

    #1042 | Ed and Tom discuss United's return to the Champions League, which was a comfortable 4-0 win over Sabah, with the game effectively dead by half-time. It was about all we could ask from an opener like this. Sesko and Dorgu both impressed in changed roles up front and at left-back, reopening the debate over their role in the team.

    Mainoo and Tielemans continue to look like United's best midfield pairing, with Tielemans's passing already taking pressure off Bruno and Mainoo demonstrating his all round game. 

    There's also a word for the youth team's own win and 15-year-old JJ Gabriel's UEFA Youth League debut hat-trick.

    The pod closes by previewing a much tougher test: Manchester City at Old Trafford on Sunday. 


    --- Ready to have an AI that can tackle real work? Try Claude Cowork today — Claude.ai/NQAT ---


    0:28 Introduction 1:58 United 4-0 Sabah: the verdict 6:14 Team selection 11:19 Left-back debate: Dorgu vs Shaw 16:21 Cunha, the front line and Carrick's system 23:47 Midfield: Mainoo and Tielemans 42:49 Youth team victory 45:40 Manchester City preview


    If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify.

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