Manchester United may no longer dominate English football on the pitch, but it continues to stand as one of the most powerful brands in global sport. According to Forbes’ 2024 rankings of the world’s most valuable football teams, the Red Devils are now officially the second most valuable club in the world, valued at $6.6 billion (£4.9 billion). Only Spanish giants Real Madrid, with a valuation of $6.75 billion, sit higher.
That valuation comes in spite of yet another year of instability and underachievement. United finished eighth in the Premier League in the 2023–24 season, missing out on Champions League football, and slumped even further in the 2024–25 campaign, ending up in 15th place—their worst finish in the Premier League era. They also lost the UEFA Europa League final and will not feature in any European competition next season.
🚨 Man United have been named the second most valuable football club in the world – only behind Real Madrid – with a value of £4.9 billion based on the 2023/24 season. [@Forbes] #mufc pic.twitter.com/9yyZh5Kby6
— The United Stand (@UnitedStandMUFC) May 31, 2025
Defeat on the Field, Victory in the Boardroom
What makes United’s place near the top of the financial rankings so remarkable is the growing disconnect between performance and value. Unlike decades past, football clubs are no longer valued solely on silverware or league finishes. Instead, brand strength, revenue diversification, commercial strategy, and global fan engagement are the new currencies of success.
In the 2023–24 financial year, Manchester United generated $834 million (£620 million) in revenue. This includes income from matchdays, broadcasting rights, and commercial ventures. While rivals like Manchester City posted higher revenue—$901 million, in City’s case—United’s overall valuation remains superior due to their extensive historical legacy, global reach, and commercial appeal.
This financial resilience is a testament to United’s reputation as a global superpower. From the club’s decades of dominance under Sir Alex Ferguson to its global fanbase spanning continents, Manchester United has managed to maintain a deep emotional connection with millions of supporters, many of whom have remained loyal despite years of turmoil.
The Weight of Legacy: A Brand Too Big to Fail?
Manchester United’s enduring brand value is the result of more than just recent headlines or balance sheets. This is a club that cultivated its prestige over generations—through legendary players, iconic matches, and a relentless winning mentality that turned Old Trafford into a footballing fortress.
Today, that legacy continues to power its economic engine. United has commercial partners in every corner of the globe, from tech companies in Asia to automotive brands in the United States. Merchandise continues to sell in staggering numbers. Social media engagement remains among the highest of any sports team in the world. And their matches—no matter the outcome—are still broadcast to millions worldwide.
This global visibility allows the club to command top-tier sponsorship deals and maintain commercial growth, even when performance on the pitch stumbles. In a way, Manchester United has become something bigger than football itself—a cultural and corporate juggernaut whose identity transcends the sport.
Financial Turbulence: Mounting Debt and Job Cuts
Despite the glowing valuation, the club is not without serious financial concerns. The latest reports indicate that Manchester United carries over £1 billion in long-term debt. In the 2023–24 season alone, the club posted losses of £113.2 million, sparking internal restructuring and sweeping cost-cutting measures.
After British billionaire Sir Jim Ratcliffe acquired a minority stake in the club, one of his first major moves was to introduce aggressive cost-saving initiatives. Last summer, approximately 250 staff were laid off, a measure that saved the club an estimated £8 to £10 million. Another 200 jobs are reportedly at risk this year as Ratcliffe’s INEOS group looks to streamline operations and steer the club toward profitability.
While these decisions may be fiscally necessary, they have added to a growing sense of uncertainty surrounding the club’s direction. Staff morale, supporter trust, and the club’s identity are all being tested as the business side of Manchester United becomes increasingly dominant.
A New Chapter: Plans for a £2 Billion Stadium
Amid the chaos, United is also laying the foundation for its long-term future—literally. In March 2025, the club announced plans for a brand-new, state-of-the-art £2 billion stadium to be built on the site of the existing Old Trafford. The new stadium is intended to provide modern infrastructure, increased capacity, and enhanced revenue opportunities through hospitality, events, and fan experiences.
The announcement was met with mixed reactions. For some fans, it symbolizes hope and ambition—a necessary step toward modernization. For others, it feels like the latest chapter in a slow departure from the club’s traditional identity. Old Trafford, after all, is more than just a stadium. It is a monument to United’s glory days, and any plan to replace it is bound to stir emotions.
Yet the new project is expected to be a critical component in Manchester United’s continued battle for relevance and revenue in the ever-commercializing world of elite football.
Global Rankings: How United Compares to Rivals
Forbes’ 2024 list of the most valuable football clubs offers a revealing glimpse into the shifting financial landscape of the game. Real Madrid leads with a valuation of $6.75 billion, bolstered by record-breaking revenue of $1.129 billion. Barcelona comes in third, while Liverpool and Manchester City round out the top five with valuations of $5.4 billion and $5.3 billion, respectively.
Notably, Manchester City recorded the second-highest revenue in Europe, but their total valuation still trails United’s. This speaks volumes about the Red Devils’ brand strength, particularly when it comes to intangible assets like fan loyalty, cultural influence, and long-term commercial partnerships.
Enterprise Value: The Business Behind the Beautiful Game
The valuation methodology used by Forbes goes far beyond simple profit-and-loss statements. Each club’s worth is based on enterprise value, which includes both equity and net debt. Factors such as historical transactions, future economic prospects, broadcasting deals, and sponsorship potential are taken into account. The stadium’s economics are considered—but notably, not the real estate value of the stadium itself.
These calculations are informed by data from club annual reports, investor insights, interviews with team executives, sports bankers, and credit agencies. It’s a comprehensive approach that reflects not just what a club earns today, but what it is expected to earn tomorrow.
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🚨 Man United have been named the second most valuable football club in the world – only behind Real Madrid with a value of £4.9 billion based on the 2023/24 season. [@Forbes] #mufc pic.twitter.com/GiSfhOWsEV
— SimplyUtd (@SimplyUtd) May 31, 2025
Conclusion
Manchester United is a case study in modern football’s paradox. On the field, the club is a shadow of its former self—struggling with consistency, lacking Champions League football, and drifting from the top tier of domestic and European competition. But off the field, the club remains an economic powerhouse, with unmatched global appeal and a commercial strategy that few can rival.
As football continues its transformation into a multi-billion-dollar global industry, Manchester United’s journey serves as a stark reminder: trophies may fill cabinets, but in today’s game, brand equity, financial agility, and global relevance are the real keys to long-term dominance.
Whether United can align their business success with sporting triumph once again remains to be seen. But for now, even in the face of crisis, they remain one of the most valuable names in football history—and perhaps, one of the most fascinating.
