Manchester United is a colossal entity in football that cannot remain stagnant indefinitely. Their upcoming Premier League showdown against reigning champions Liverpool at Anfield this Sunday serves as a poignant reminder of the potential revival that awaits one of the globe’s foremost sporting brands.
This week marked the 15th anniversary of Fenway Sports Group (FSG) at the helm of Liverpool, a transformative period during which the club secured two Premier League titles and the UEFA Champions League. Under the guidance of Jurgen Klopp and more recently Arne Slot, Liverpool has reclaimed a dominant position in English football after enduring a 30-year stretch of setbacks, managerial changes, and ownership disputes, coinciding ironically with Manchester United’s era of supremacy under Sir Alex Ferguson.
The tides have turned, and now it’s United facing challenges, yet just like Liverpool, they too will rise again to stand shoulder to shoulder with titans such as Real Madrid, Bayern Munich, and Barcelona. Their inherent advantages make their resurgence only a matter of time — a case of sporting gravity eventually favoring United.
As a former United executive pointed out to ESPN, “If football success were akin to rolling dice, Manchester United need only roll threes and fours to find success, given their rich history, commercial prowess, and vast global fanbase.” The concern lies in their recent streak of poor performances symbolized by rolling ones and twos, while rivals Liverpool and Manchester City have been consistently rolling fives and sixes.
The issues stem from a combination of misjudgments, luck, and in Liverpool’s case, the genius of FSG president Mike Gordon making pivotal decisions. However, the belief remains that United will eventually start rolling the dice favorably.
Revenue Reality Despite Struggles
For Manchester United, serious contention for the Premier League and Champions League titles appears a distant prospect, given their title drought since 2013 and their last Champions League triumph in 2008. Meanwhile, Liverpool required only three years under FSG’s leadership to contend for the title, with Brendan Rodgers’ team finishing second in the 2013-14 season, followed by Klopp’s arrival in October 2015, which sparked their resurgence.
Currently, United remains in a state of transition concerning management and ownership. They find themselves stuck in a continuous cycle of setbacks, having dismissed five managers since 2014, witnessed expensive transfer failures, and watched rivals Liverpool and Manchester City amass trophies both domestically and internationally. Off the pitch, turmoil persists with unpopular co-owners, the Glazer family, alongside Sir Jim Ratcliffe, implementing severe cost-cutting measures and layoffs. Yet, the club’s recent annual financial report revealed why they remain a sleeping giant poised for revival.
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United recorded a loss of £33 million ($44.3m) due to excessive spending on transfer fees and wages, but their revenue hit a record £666.5 million ($890m), the highest in club history. Despite a disastrous 2024-25 season that saw United miss the Champions League and terminate Erik ten Hag during a campaign yielding their worst-ever Premier League finish (15th place), they still achieved record revenue, surpassed only by Real Madrid (£910.8m / $1.216 billion), Manchester City (£730m / $974.4m), and Paris Saint-Germain (£702.1m / $937.3m).
All these teams are expected to see revenue spikes due to the financial benefits of participating in this summer’s FIFA Club World Cup, while Liverpool’s Premier League title win and Champions League run will likely elevate their income for the 2024-25 season beyond £700 million ($934m).
Last season, Liverpool secured £174.9 million ($233.5m) in Premier League prize money, which exceeds United’s £136.2 million ($181.9m) from their 15th-place finish. The £82.73 million ($110.5m) Liverpool earned from their Champions League Round of 16 performance far outweighed the £30.7 million ($41m) United received for reaching the Europa League final, highlighting the financial benefits linked to being a superior football club.
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Despite the challenges, United continues to generate substantial revenue off the pitch, underscoring their potential to reclaim their position at the top.
Casper Stylsvig, a former commercial executive for United, Barcelona, AC Milan, and Chelsea, expressed maintained optimism, stating, “Could United bridge the gap and find success again? Absolutely. They possess the brand strength akin to the Dallas Cowboys, who haven’t won the Super Bowl since 1995, yet continue to thrive commercially. I believe United will eventually find their stride.”
“While there has been a significant transformation at United, which was necessary to some degree, they still hold a powerful brand and enjoy deep fan engagement, ranking among the largest in the world. Hence, a resurgence is certainly on the cards.”
United’s shirt sponsorship deal with Snapdragon is valued at £60 million ($80.1m) annually until 2029, matching the deals of Real Madrid (Emirates), Barcelona (Spotify), and PSG (Qatar Airways). Nevertheless, their kit partnership with Adidas, at £90 million ($120m) annually until 2033, pales in comparison to the more lucrative contracts held by Barcelona (Nike, £127 million / $170 million), City (Puma, £100 million / $133.5 million), and Real Madrid (Adidas, £95 million / $128 million). Even with their recent triumphs, Liverpool only secured a £60 million-a-year ($80.1 million) deal with Adidas earlier this year.
“United is still a colossal club,” Stylsvig added. “The very fact that one of the world’s foremost buyers in sports, Adidas, is renewing for £90 million year is a testament to United’s enduring appeal. Adidas wouldn’t invest £90 million per year without seeing potential.”
Nonetheless, United’s decline from a club capable of clinching the Premier League and Champions League has undeniably impacted their earnings, as illustrated by Liverpool’s on-field achievements yielding £257.63 million ($344 million) last season, compared to United’s £166.9 million ($222.9 million).
If United can rectify their issues on the field, they might anticipate an earnings boost of approximately £100 million ($133.6 million) annually, making them a more attractive option for star players and potential sponsors. Edward Freedman, a sports branding expert who revolutionized United’s commercial earnings in the 1990s before starting his own sports memorabilia company, emphasized the intrinsic link between on-field performance and commercial success.
“The state of the commercial landscape is closely tied to performance on the field,” Freedman explained. “Given that United hasn’t been performing well lately, their commercial revenues have suffered as a result.
“While United maintains long-term contracts with major sponsors, the expiration of those contracts could lead to diminished bids; sponsors are unlikely to invest at previously inflated rates if United isn’t performing at the top of the league. They’ve lost players like Marcus Rashford and replaced them with players lacking the same star power, which is a challenge they need to confront.”
Former United commercial director Richard Arnold once remarked that the club didn’t sign players merely for brand enhancement, stating, “We have 25 George Clooneys — they are all massive stars.” However, that isn’t the case anymore, and despite concerns about their diminishing success and appeal to star talent, Freedman acknowledges that United can still access a burgeoning commercial market.
“Many clubs have caught up to United commercially,” Freedman stated. “Nonetheless, the financial pool is expanding as more investors pour money into the sport.
“It’s still a substantial market. With the growth of football in China and the United States, football is on an upward trajectory, and the momentum shouldn’t wane. However, for United to capitalize on this growth, they must appoint individuals versed in the commercial landscape and invest in a marquee player because success on the pitch is inextricably linked to commercial success.”
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‘United Will Find Their Way Again’
The road ahead for United is fraught with challenges, including plans for a new stadium estimated to cost up to £2 billion ($2.67 billion). However, sources suggest they could secure naming rights worth at least £25 million ($33.4 million) for the new venue, significantly increasing their current matchday income of £5 million ($6.7 million) per game.
There are also discussions regarding lucrative direct-to-consumer broadcasting options expected to become available within 5 to 7 years, which would significantly benefit both United and Liverpool due to their massive global followings. Nevertheless, while Liverpool operates with streamlined efficiency both on and off the pitch — “Liverpool have experienced a period of continuous improvement,” remarked a former United executive — United needs to synchronize their operations at Old Trafford.
Stylsvig noted, “It seems that United has faced difficulties in innovating and adapting in recent years, showing a reluctance to embrace change. However, their business acumen is impressive, and their operational scale is simply phenomenal. They are, without a doubt, one of the biggest clubs in the world.”
Despite being without a Premier League title since 2013, United has seen a consistent rise in revenue, even in the absence of success on the pitch. This financial strength allows them to attract top talent; there are ongoing debates regarding their squad composition and managerial appointments. Ultimately, United’s improving financial position offers a pathway to acquiring better players and investing in the team, leading to a belief that they will eventually find their footing again.
The upcoming clash against Liverpool presents a pivotal moment for United — an opportunity to roll the dice and aim for a big win.