Article written by Football Benchmark

Manchester United FC are a club in transition. It is a state that has felt persistent since 2013, when Sir Alex Ferguson retired after more than two and a half decades at the helm of English football’s most dominant force. Much has changed in the years since, yet throughout that period, the club have remained some distance from the summit of the English and European game on the pitch. Off it, however, the brand strength and global appeal of Manchester United have endured, as evidenced by a range of indicators, but rivals have, in some cases, overtaken them in this regard as well.

On 20 February 2024, Sir Jim Ratcliffe and his INEOS Group acquired a minority stake in the club, with the transaction including responsibility for football operations and a commitment to infrastructure investment. The new leadership inherited an institution defined by two parallel realities. On one side, Manchester United remained a global trophy asset, operating one of the most powerful commercial engines in world football and consistently ranking among the most valuable clubs globally. On the other hand, the club were beginning to feel the financial effects of more than a decade of sporting inconsistency.

Exactly two years on from that minority acquisition, the milestone arrives at a moment that underlines how difficult stabilisation can be. Only last month, Ruben Amorim was relieved of his duties following a disappointing year, reinforcing the sense of instability that has shaped the club’s post-Ferguson cycle. At the time of writing, the mood has shifted again. Under Interim Head Coach Michael Carrick, the team have gone unbeaten in his first six matches, including victories over Manchester City FC and Arsenal FC – a reminder of how quickly things can change in football.

Distinct strategic preferences are nonetheless visible. There has been a clear emphasis on operational efficiency and cost control, a more explicit infrastructure agenda, and a renewed articulation of medium-term sporting ambition, including the internal “Project 150” objective of returning to major title contention by 2028.

This analysis looks at some of the strategic choices made during this period and assesses whether early indicators point towards a substantive change in approach, while recognising that the club’s trajectory remains closely tied to on-pitch performance.

Record enterprise value and revenues despite sporting volatility

Football Benchmark’s January 2025 valuations place Manchester United’s Enterprise Value at £4.2bn (+4% year on year), making them the third most valuable club behind only Manchester City (£4.24bn) and Real Madrid CF (£5.2bn). Within the Premier League, United sit narrowly behind City and ahead of Liverpool (£3.5bn), Arsenal (£3.3bn), Tottenham Hotspur (£3.0bn) and Chelsea (£2.5bn). INEOS therefore stepped into one of the largest non-American sporting assets globally. That scale continues to underpin the club’s commercial resilience.

Operating revenue has seen limited growth in recent seasons, increasing from £650m in 2022/23 (the season prior to the acquisition) to £667m in 2024/25. While last season’s figures represent record revenues for the club, the rate of increase has been incremental during a challenging period on and off the pitch. The trend is broadly consistent with the club’s pre-acquisition trajectory over the past decade, aside from the temporary disruption caused by Covid.

The record commercial revenues were a decisive factor, reaching £333m in 2024/25 and accounting for more than half of total revenue. The club launched Qualcomm’s Snapdragon as their principal shirt partner for 2024/25 and subsequently extended the partnership through to 2029. In parallel, the 10-year adidas extension secured long-term stability, albeit with provisions that reduce payments in seasons without UEFA Champions League participation.

While commercial remains the most stable pillar, broadcasting income is significantly more sensitive to sporting performance. Broadcasting revenue increased from £209m in 2022/23 to £222m in 2023/24 before falling to £173m in 2024/25, reflecting participation in the UEFA Europa League rather than the Champions League during that season. The absence from UEFA club competitions in 2025/26 will therefore create a further step-down in broadcasting income this season, placing additional reliance on commercial growth as a financial buffer against sporting underperformance.

Over the same three-year period, matchday revenue rose from £136m to £160m. In 2023/24, Manchester United generated the third highest matchday revenue in Europe, behind only Real Madrid and Paris Saint-Germain FC, supported by consistent full stadium utilisation at Old Trafford despite sporting volatility. Even amid years of managerial change, restructuring, and inconsistent on-pitch performance, attendance levels have remained at capacity. Although matchday revenues increased further in 2024/25, full benchmarking is limited at this stage, given that not all leading clubs have yet published their financial results for the season at the time of writing.

Over a longer-term horizon, the relative weight of the club’s three core revenue streams has changed. In Sir Alex Ferguson’s final season in 2012/13, broadcasting accounted for approximately 28% of total revenue, with commercial contributing around 42%. By 2024/25, commercial revenue has grown to represent roughly half of total income, while broadcasting has declined proportionally despite higher absolute figures, reflecting both the scale of commercial growth and the financial impact of infrequent Champions League participation.

Cost control and capital structure

While the scale and global reach of the brand have cushioned sporting volatility, the financial impact of underwhelming league results and missing out on Champions League qualification remains material. The club are not competing in any European competition this year, removing a significant source of broadcasting and matchday revenue – with a single Champions League home fixture estimated to generate upwards of £6m in ticketing income. The new leadership has sought to offset such pressure through tighter cost control.

Staff costs were £331m in 2022/23, rose to £377m in 2023/24, and then reduced to £348m in 2024/25. As a proportion of revenue, the wage ratio increased from 51% to 57% before declining to 52%. Notably, the sharp reduction from 70% in 2021/22 to 51% in 2022/23 reflected both revenue growth and a significant decline in staff costs. The 2021/22 season had included managerial turnover and associated compensation payments, while 2022/23 coincided with the arrival of Erik ten Hag and a broader squad reset that saw several senior, high-earning players depart. In isolation, this could be viewed as normal fluctuation within an elite cost base. In context, it aligned with a broader organisational shift under INEOS towards a leaner operating model.

That shift has been visible and, at times, contentious. Following an initial round of job losses, further redundancies were confirmed in early 2025, with the club stating the objective was improved financial sustainability and operational efficiency. Full-time employee numbers went from 1,140 in 2023/24 to 932 in 2024/25, an 18% year-on-year reduction, bringing the club back below pre-pandemic levels. More recently, headcount has decreased further to around 700 employees, a materially leaner structure than in recent seasons and now broadly comparable to Manchester City’s most recently reported staffing levels.

Cost discipline appears to have been positioned by the club as an enabling condition for the wider strategy: supporting infrastructure ambition, protecting recruitment flexibility, and increasing resilience to short-term sporting setbacks. Within an evolving regulatory environment in England and Europe, where direct capital injection is not as straightforward as in previous years, operating control becomes a central lever of financial sustainability.

The club’s capital structure also remains a relevant consideration in this context. As of 30 June 2025, they reported net financial debt of £559m. While full peer comparison for the 2024/25 reporting cycle is not yet possible, given the limited number of published accounts, the absolute level of indebtedness continues to represent a structural constraint on financial flexibility. Over the past decade, the club has recorded average annual net financial costs of approximately £26m, reflecting the recurring impact of interest payments. In periods without Champions League participation, such fixed charges reduce the margin for manoeuvre within the operating model. According to media report...

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