New Manchester United sold Shaun Wright-Phillips for £8 million, Malouda for £6.5 million, Alou Diarra for £4.5 million, and Olić and Abidal together for £15 million.
The club had completed four major sales in a single summer, and every player who left had been an important member of the squad.
The decisions left much of English football confused.
Although most observers accepted that the transfer fees were excellent, selling so many established players at once raised questions about whether New Manchester United still possessed any ambition.
League One was very different from League Two and the divisions below it.
The competition was considerably stronger. The best sides were capable of competing with clubs near the bottom of the Premier League, while even the weaker teams could dominate if they were relegated to League Two.
In Ethan's previous life, Brighton had won two consecutive promotions before investing heavily after reaching League One.
Even so, they were immediately relegated because they had underestimated the difficulty of the division.
Ethan had not made the same mistake.
One only needed to examine New Manchester United's summer signings.
Kaká was the most exciting young player in Brazil.
Robben was one of the brightest emerging talents in the Netherlands.
Yaya Touré had performed brilliantly for Genk in Belgium the previous season.
Cristiano Ronaldo was one of Sporting Lisbon's finest academy prospects.
Every one of them was a rising talent with enormous potential.
However, the reporters remained concerned about one crucial issue.
New Manchester United needed immediate results, not merely promises for the future.
After Abidal's departure, the outstanding defence from the previous season had lost its first-choice left-back.
Could Evra fill that position?
Would the newly signed Philipp Lahm adapt to English football?
Olić had also been an important member of the squad, particularly from the bench, and his contribution had been obvious to everyone.
Could Villa adapt quickly enough to replace him?
Faced with the growing criticism, Ethan and Mourinho refused to respond.
They chose to remain silent.
Some journalists attacked Ethan's transfer policy, claiming that he had sold important players at inflated prices to finance the new stadium.
In their view, using the squad to pay for construction was one of the greatest mistakes an owner could make.
They believed New Manchester United would be forced to remain cautious in the transfer market for several years.
The club had received approximately £34 million from player sales, an extraordinary amount for a newly promoted League One side.
But how much had New Manchester United spent?
Cristiano Ronaldo had cost £5 million.
Robben had cost £3.5 million.
Villa had cost £1 million.
Lahm and Yaya Touré had either been included in other transfer agreements or recalled from loan spells.
Kaká's fee had never been disclosed, but the media believed it could not have been particularly high because New Manchester United had secured him several years earlier.
After collecting almost £35 million in transfer fees, the Red Rebels had spent only £9.5 million.
Where had the remaining £25 million gone?
Many naturally suspected that Ethan had taken it for himself.
He had recently sold shares worth more than £200 million to finance the new stadium, and some believed he was now using the club's transfer income to recover part of his personal investment.
Several newspapers even claimed that New Manchester United's current squad would embarrass England in the UEFA Cup.
A few suggested that the FA should consider replacing them.
The FA rejected the proposal immediately.
...
"They think I've pocketed the £25 million!"
Ethan pointed through the conference-room window towards the reporters gathered outside and spoke with open mockery.
Everyone in the room burst out laughing.
Besides New Manchester United's senior management, several prominent members of the supporters' organisations were also present.
Ethan had invited two or three of the most respected fan representatives to attend the club's pre-season meeting.
"Ask José whether I'm stingy," Ethan continued.
"I practically begged him to sign more players, but he kept saying, 'Twenty-four players are enough for me. This squad is good enough.'"
He imitated Mourinho's voice perfectly.
"And now I'm receiving all the blame.
"If the team performs well this season, the newspapers will say, 'Saint José led the club to glory despite the miserly owner refusing to provide any transfer funds.'"
Ethan's imitation of Mourinho and the reporters was so accurate that the room erupted in laughter again.
"But what happens if we fail?
"Then everyone will say, 'Damn that tight-fisted Ethan Yu! If you don't have the money, stop pretending to be ambitious. What was the point of building a new stadium? It's all rubbish. You refused to sign anyone, and now the team has failed to win promotion.'"
The laughter grew even louder.
Ethan pointed towards Mourinho with an expression suggesting the manager owed him a considerable debt.
"I'm warning you now, José. This season, you are permitted to succeed, but not to fail.
"If you fail, I'll reveal all your secrets to those reporters outside."
Mourinho looked helpless and could only nod.
He knew Ethan was joking.
Ethan's manner had become increasingly Western over the years, largely because of the environment in which he lived.
Even a meeting that should have been serious and formal became lively and relaxed under his direction.
"Ladies and gentlemen, this is our budget report for the remaining £25 million.
"We intend to upgrade the Newton Heath training complex comprehensively, which will require a substantial investment.
"Once the work is completed, Newton Heath will become one of the most advanced and modern training facilities in England, perhaps even in Europe."
Everyone attending the meeting had received a copy of the report, which detailed New Manchester United's projected income and expenditure.
Only after reading it did they realise that the club had earned another substantial sum through the work of the commercial department.
That figure did not include any future stadium income.
"We will also upgrade the laboratory," Ethan continued.
"I believe everyone knows how curious outsiders have become about our sports science department.
"However, that remains one of the club's most important secrets, and we will not disclose its work publicly.
"I also have no intention of revealing how much we will spend on new equipment and software.
"But I can assure you that these upgrades will provide enormous long-term benefits."
"Next, we intend to build several public facilities in Newton Heath and Droylsden.
"That will also require considerable investment.
"In addition, we will work with Vodafone to establish three football schools in Africa and two in South America.
"All those costs have already been included in the budget."
"The club, the Red Rebel Foundation, Audi, and several other sponsors will also organise a series of charitable projects.
"The foundation intends to work with the Royal Manchester Children's Hospital to establish a medical assistance fund.
"It will help patients and children whose families cannot afford expensive treatment.
"We will also increase our overall investment in the Red Rebel Foundation so that it can expand and improve its services."
Everyone began applauding.
The fan representatives were particularly excited.
They had entered the meeting expecting to discover that the club's money had disappeared into the stadium project.
Instead, they learned that much of it would be reinvested in the team, the supporters, and the local community.
The newspapers outside had been completely wrong.
"For the next two seasons, our home matches will be played at Old Trafford," Ethan continued.
"You all understand how large that stadium is.
"Under our agreement with Manchester United, the average ticket price must be £25.
"However, we have carefully considered what our supporters can reasonably afford.
"We will introduce a series of discounts and benefits to ensure that fans receive genuine value for their money.
"We will also do everything possible to return that revenue to the supporters through better services and facilities.
"I give you my word."
The Red Rebels supporters understood and supported the decision to rent Old Trafford.
They also trusted the club regarding ticket prices.
Despite the considerable increase, New Manchester United had already sold almost ten thousand season tickets for the coming campaign.
The fan representatives assured Ethan that they would communicate everything discussed at the meeting to the wider supporter base.
Some were chairmen of major supporters' groups, while others moderated the Red Rebels' online forums.
All of them possessed considerable influence among the fans.
Ethan also revealed several new supporter benefits for the coming season.
Season-ticket holders would receive higher-quality gifts, while club membership fees would remain unchanged.
New Manchester United would also organise regular supporter events that season-ticket holders could attend free of charge.
There would be several other activities, including charitable programmes and community projects.
Every one of them reflected the club's determination to give something back to its supporters.
The fan representatives were extremely satisfied.
Ticket prices had increased, but Manchester United had forced that condition upon the club.
Even after the rise, New Manchester United's prices remained only slightly above average for League One.
By contrast, the services offered to supporters and the club's charitable work far exceeded those of most other teams in the division.
Once the fans understood where their money was going, Ethan believed they would be far more accepting of the increase.
The Red Rebels had built an excellent reputation, and their supporters trusted the club they loved.
During the meeting, Ethan also encouraged the fans to continue monitoring the club's actions.
He believed supporter scrutiny was essential.
Although he privately understood that fans could sometimes be influenced by misleading reports, he repeatedly assured them that New Manchester United would always uphold one central principle.
What came from the supporters would be used for the supporters.
The meeting lasted for more than two hours.
After seeing off the fan representatives, Ethan intended to visit the first-team training ground.
The players had already been back in pre-season training for several days, but he had not yet found time to meet them.
However, as soon as he returned to his office, the receptionist informed him that three visitors from London were waiting to see him.
(To be continued.)