The Daily Telegraph analyzed Manchester City's transfer activity this summer. With the acquisition of Enzo Fernández, Manchester City saw through Chelsea's posturing and, after a protracted negotiation, secured the player to complete the final piece of the squad rebuild. The club is very satisfied with this transfer operation.

At 11 p.m. on Monday evening, Manchester City's transfer of Enzo Fernández hit a stalemate.

This bizarre saga, stretching from early summer, was filled with false denials, deliberate posturing, and hollow negotiating tactics that consumed considerable time, yet the story still held many twists.

With only 24 hours until the transfer deadline and Guardiola's first summer window after 10 years at Manchester City, the asking price for Enzo Fernández had soared to £135 million. Manchester City, having offered £104 million plus add-ons, was prepared to walk away from the deal.

However, the next day the fee suddenly dropped by £10 million, and the deal was back on. Manchester City reached an agreement, making Enzo Fernández one of the most expensive Premier League transfers ever, alongside Liverpool's Alexander Isak.

As negotiations wrapped up, Manchester City finally announced their record signing at 11:30 p.m., yet hidden variables remained in this deal until the final moment.

After Monaco dramatically halted Chelsea's signing of midfielder Romain Camaravá on deadline day, Chelsea could have withdrawn Enzo Fernández's transfer at the last minute. Some viewed Monaco's move as unprofessional.

However, Chelsea honored its commitment to Manchester City and Enzo Fernández, completing the transfer. Considering the significant friction between the two clubs in recent months, this was remarkably surprising.

Chelsea had previously set August 14 at 5 p.m. as the deadline, demanding other clubs meet their £120 million asking price and stating they would accept no further offers afterward. However, several potential sales for Manchester City's capital recovery had not yet materialized, which did not force Manchester City to act hastily.

Taking such a hard line with 17 days remaining in the transfer window was highly unusual. Although Chelsea ultimately received an additional £5 million from Manchester City, the cost of this gamble was failing to secure a replacement, and the hard stance ultimately backfired.

Maresca was firm, but Manchester City's initial stance was ambiguous.

In fact, it was not only Chelsea who employed tactics in negotiations. In late May, Manchester City privately denied all rumors of signing Enzo Fernández. However, it was already very clear that Enzo Maresca, who would succeed Guardiola, wanted to bring his former protégé to Manchester.

This background remains unclear. It may relate to sensitive history. Manchester City began approaching Maresca while he was still working at Chelsea, and the London club even pursued legal action. Did Manchester City wish to avoid further escalating the conflict?

In late June, Manchester City agreed with Chelsea on £17 million in compensation, while Maresca himself paid an undisclosed sum to his former club. He left abruptly in January, and Chelsea accused him of disrupting the team's season.

Enzo Fernández was one of several South American players at Stamford Bridge who had backed Maresca. Born in Argentina, he had sought to leave in April, at which point Real Madrid showed interest. Chelsea even suspended him internally, and he clearly wanted to depart.

In early July, Real Madrid unusually issued a statement that they had no intention of signing Enzo Fernández. The same day, the Argentine international fought hard to beat Cape Verde and reach the World Cup round of 16. By then, he knew Maresca was trying to bring him to Manchester City.

With Rodri, Bernardo Silva, Stones, Aké, and Akanjí all departing this summer, Maresca urgently needed a midfielder with major tournament experience and the mental strength to understand his tactical philosophy, so he pushed hard to acquire Enzo Fernández.

"Honestly, both sides wanted to make this transfer happen, and my situation at Chelsea was not easy," Enzo Fernández said in his first interview with Manchester City's official website on Wednesday. "But I know Maresca made an enormous effort and communicated constantly with the club, and I'm grateful for that. The past few days were difficult, but I'm very happy to be here now. From the first day they extended a hand to me, I didn't hesitate for a moment."

Nearly £400 million in sales revenue supports midfielder reconstruction.

Enzo Fernández is the final piece of Manchester City's squad rebuild. After acquiring midfielders Elliot Anderson and Ayoub Bouaddí, the club believes the team's strength has improved significantly compared to the beginning of Guardiola's final season.

Including Moisés Caicedo and Matheus Nunes, acquired in January, Manchester City's total investment this year approaches £540 million, providing all the conditions new manager Maresca needs to settle in quickly.

If Egyptian striker Marmouche from Tottenham Hotspur is signed permanently next summer for £60 million after a loan, Manchester City's sales revenue will approach £400 million. Combined with the £27 million sale of Oscar Bobb to Fulham in January, the team's net investment is expected to be around £133 million.

Manchester City frankly admitted that in summer 2024, after winning the treble and claiming four league titles, it had made a mistake in delaying the squad rebuild.

Although significant errors remained even after the rebuild began the following year, it is worth noting that when Manchester City sold players who fell short of the team's high standards, they recovered most costs in most transactions and even made profits on some deals.

In the deals involving Marmouche, Álvarez (sold to a Saudi team for £52 million), and Nico González (transferred to Newcastle for £50 million), Manchester City recovered most of the initial transfer costs. When English goalkeeper Trafford was sold to Leeds United, Manchester City even made a net profit of £13 million.

The most remarkable deal was selling Brazilian winger Savinho to Tottenham Hotspur, with a base fee of £75 million rising to a maximum of £85 million. The player was originally signed from Troyes for approximately £33 million and recorded just two league goals over two seasons, yet Manchester City will gain a £52 million profit from the sale.

Tottenham Hotspur showed interest in signing Savinho last summer. Manchester City saw Tottenham spend £85 million on Matheus Nunes and £100 million on Sandro Tonali, and combined with overall transfer fee inflation in the market, they felt confident taking a firm position and demanding a high price.

Similarly, Manchester City refused pressure to sell Rodri cheaply. Barcelona initially made an insulting offer of €45 million, which Manchester City immediately rejected, and negotiations only began when Barcelona made a serious bid.

Nevertheless, Manchester City paid substantial fees for Enzo Fernández, Anderson (acquired from Nottingham Forest for £116 million), and 18-year-old Bouaddí. Lille initially wanted Bouaddí to remain on loan for another season, but Manchester City refused. This £86 million signing is viewed as the long-term successor to Rodri's number 6 role, and the club expects him to play an important part this season. Anderson is more positioned as the number 8.

Manchester City has sufficient personnel for most positions, but if Haaland is injured, a natural void at the center forward position will emerge, with Nunes temporarily taking on the number 9 role.

The first summer transfer window after Guardiola's departure was always going to be difficult, but Manchester City is very satisfied with this transfer operation. The challenge now facing the new signings and manager is filling the enormous void left by the departure of several star players.

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