Manchester United currently ranks eighth in terms of total annual revenue generated by Europe’s elite clubs, and fourth on the list of British clubs, according to Deloitte’s latest report.
It’s been almost two years since Sir Jim Ratcliffe took a stake in Manchester United (Image: UEFA via Getty Images)
Sir Jim Ratcliffe, one of the world’s richest businessmen, appears to be facing unusual financial uncertainty. There is the small problem that his Ineos petrochemical empire is £18bn in debt, according to numerous reports.
No wonder Sir Jim, a legendary penny-pincher in the best of times, has been passionate about cutting costs. On the business side, three plants in Germany and a facility in Ohio will be operational. 20% of the workforce at the Hull factory were made redundant at the end of last year.
On the sporting front, Ineos has suspended its participation in America’s Cup sailing and ended its sponsorship agreement with the All Blacks. There have recently been claims that Ratcliffe has reduced his asking price of £170m for control of OGC Nice, who currently sit fourth from the bottom of the Ligue 1 table.
read more: Michael Carrick’s Harry Maguire recall causes disagreement at Manchester United ahead of summer decisionread more: Premier League reality revealed, 8 key facts from Deloitte Football Money League
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But if Ratcliffe wanted truly shocking economic news, Deloitte’s annual Football Money League publication came with it. The long and short of this figure is that in the 12 months leading up to the 2024/25 season, giants Manchester United collected less total revenue than seven other clubs in Europe and three other clubs in the Premier League.
United are the most money-generating powerhouse in English football and should be on par with Real Madrid, Barcelona and Bayern Munich. Instead, United earned more than £300m less than Real Madrid, between £692m and £1.013bn.
This was £159m less than Barcelona earned and £59m less than Bayern Munich. Liverpool (£729m), Manchester City (£723m) and Arsenal (£717m) are all ahead of United in the revenue table.
Michael Carrick has caught his spell as Manchester United manager, making a great start in the derby at Old Trafford (Image: Getty Images)
Now, some of the reasons for United’s relatively low position in the financial rankings require some context. The stadium draws more than 70,000 spectators, but match-day revenue is not maximized. And of the top eight teams in the table, only Arsenal have lower staff costs than United.
But there’s a cruel truth about United’s place on this financial sheet. That has become increasingly true since Mr Ratcliffe acquired a 27.7 per cent stake in the club for £1.25bn in early 2024. United’s mediocrity on the field means their financial dominance in European football has been severely eroded.
And if Ratcliffe, his executives and the Glazers don’t get their football appointments right at the end of this season, irreparable damage will be done. First of all, it would help if United could secure a place in next season’s Champions League.
It was broadcasting revenue that put United in financial trouble in 2024/25. Liverpool, City and Arsenal all brought in at least £100m more than United’s £180m. The numbers for 2025/26 are not going to be any better for United.
Sir Jim Ratcliffe and his advisers made a huge mistake when hiring Ruben Amorim (Image: Michael Regan – UEFA/UEFA via Getty Images)
Quite simply, we need to re-establish ourselves as a club that will not miss the European season in any way, like the 2025/26 season, but also the Champions League season. If Ratcliffe and his people think Michael Carrick is the man who can ensure that, then so be it.
But what Ratcliffe and the Glazers need to do after that is give Ratcliffe, or whoever they decide to manage the team next season, strong financial support. Just because you’re at the top of Deloitte’s Football Money League doesn’t mean you’ll win a big pot.
No parade of open-top buses to become Europe’s revenue champion. But this is yet another stark reminder that Sir Jim and his associates, who made the costly mistake with Ruben Amorim, cannot afford to continue to disrupt the football industry.
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