Manchester United is about to collect a very nice check for a player who hasn’t worn their shirt in years. Atlético Madrid’s €45 million bid for Mason Greenwood would trigger a sell-on clause that sends roughly €15.7 million back to Old Trafford.

Greenwood, now 24, left United for Marseille in July 2024 for approximately €31.6 million. The deal included a 40% sell-on clause.

The bidding war

Two clubs are currently circling Greenwood with serious intent. Atlético Madrid has put forward a package valued at €45 million plus €5 million in potential performance bonuses. Fenerbahçe has tabled an initial bid of €42 million that could climb to around €50 million with add-ons.

From Atlético’s base offer, the sell-on clause generates €15.7 million for United. From Fenerbahçe’s €42 million bid, United would pocket approximately €14 million.

Greenwood has reportedly agreed on personal terms with both Atlético Madrid and Fenerbahçe. His preference, according to reports, leans toward Spain, given his prior loan stint at Getafe.

For the Fenerbahçe deal, only Marseille’s final approval remains pending.

The fan token angle

Atlético Madrid operates the ATM fan token, and the club’s transfer activities have been mentioned in relation to it. Fan tokens are digital assets that give holders voting rights on minor club decisions and access to exclusive content. They trade on exchanges like Chiliz and tend to spike around transfer announcements.

What this means for investors

United negotiated a 40% sell-on clause in 2024. That clause now generates between €14 million and €15.7 million depending on which bid is accepted.

Fenerbahçe’s willingness to bid €42 million, potentially rising to €50 million, reflects the Turkish Super Lig’s growing financial ambitions.

Greenwood hasn’t officially moved anywhere yet, and only Marseille’s final signature remains pending to facilitate his potential transfer to Fenerbahçe.