• Ferrari for a football club
• Disney for a sports team

• Live Football Matches: Providing thrilling live sports entertainment and competition through professional football games.
• Broadcasting Rights Licensing: Granting media companies the rights to broadcast Manchester United's matches globally.
• Commercial Partnerships & Sponsorships: Engaging in strategic alliances with brands for marketing, advertising, and brand association.
• Official Merchandise Sales: Retailing branded club apparel, equipment, and souvenirs to fans worldwide.
• Matchday Hospitality & Ticketing: Offering premium experiences, seating, and general admission tickets for home games.
• Stadium Tours & Museum Experiences: Providing immersive tours of Old Trafford stadium and access to the club's historical museum.

Manchester United (symbol: MANU) sells primarily to other companies, particularly through its lucrative commercial and broadcasting revenue streams. While the club also sells directly to individuals (e.g., match tickets, merchandise), its largest and most direct contractual relationships are with corporate entities.

The major customer companies for Manchester United include:

• Adidas AG (Symbol: ADDYY) - Adidas is Manchester United's official kit manufacturer and principal partner, representing a massive long-term licensing and sponsorship deal for the production and distribution of club merchandise globally.
• Qualcomm Incorporated (Symbol: QCOM) - Qualcomm's Snapdragon brand will become Manchester United's new front-of-shirt sponsor from the 2024/25 season, replacing TeamViewer. This represents a very significant direct sponsorship agreement.
• TeamViewer SE (Symbol: TMV) - TeamViewer is the current front-of-shirt sponsor. While their agreement is being adjusted and Snapdragon will take over the main shirt sponsorship, TeamViewer still represents a substantial commercial partnership for the club.

Other significant commercial partners and broadcasting entities also contribute substantially, but Adidas, Qualcomm, and TeamViewer represent the largest direct financial relationships for sponsorship and licensing from a "customer" perspective.

• Adidas (ADS.DE)
• Compass Group PLC (CPG.L)

Omar Berrada, Chief Executive Officer

Omar Berrada was appointed Chief Executive Officer of Manchester United in July 2024. Prior to joining Manchester United, he served as Chief Football Officer at City Football Group, where he oversaw football operations, player transactions, data analytics, sports science, and scouting across 11 clubs on five continents. He played a key role in City Football Group's success, including Manchester City's dominant period with multiple league titles and a treble. He also contributed to the success of other City Group clubs such as New York City FC, Girona, Troyes, Melbourne City, and Mumbai City. Earlier in his career, he held senior roles at FC Barcelona, including Head of Sponsorship, and began his professional journey in the telecommunications sector with Tiscali. Berrada was described as Manchester United's first outside hire for the CEO role.

Roger Bell, Chief Financial Officer

Roger Bell was appointed Chief Financial Officer of Manchester United in May 2024. He joined INEOS from ICI in 2001, where he had held various senior business finance roles. Subsequently, he accumulated extensive experience across the INEOS Group, holding various financial and CFO positions, and is the former CFO of INEOS Sport.

Avram Glazer, Executive Co-Chairman and Director

Avram Glazer is an Executive Co-Chairman and Director of Manchester United. He previously served as President and Chief Executive Officer of Zapata Corporation, a US public company, from March 1995 to July 2009, and as Chairman of its board from March 2002 to July 2009. Mr. Glazer currently serves as Chairman of the Board of Directors of Innovate Corp. He holds a business degree from Washington University in St. Louis and a law degree from American University, Washington College of Law.

Joel Glazer, Executive Co-Chairman and Director

Joel Glazer is an Executive Co-Chairman and Director of Manchester United. He also serves as Co-Chairman of the Tampa Bay Buccaneers and is a member of various NFL committees, including Finance, International, Media, Legalized Sports Betting, and the NFL Management Council Executive Committees. Mr. Glazer graduated from American University in Washington, D.C., with a bachelor's degree.

Matt Hargreaves, Director of Football Negotiations

Matt Hargreaves was appointed Director of Football Negotiations at Manchester United in June 2023. He joined the club after a 14-year tenure at sportswear giant Adidas, where he served in various roles, including Sports Marketing Director for North Europe, with responsibilities encompassing football players and scouting, as well as legal counsel positions. Before his time at Adidas, Hargreaves worked in the legal sector for law firms James Chapman & Co and Brabners, and also had a secondment in Manchester United's legal department in 2008. He is known for his ability to recruit star clients and is reportedly set to lead Manchester United's transfer plans for the summer of 2025.

There are two clear emerging threats to Manchester United:

1. Establishment of an Independent Regulator for English Football: The UK Government is actively pursuing legislation to establish an independent regulator with significant powers over English football clubs. This regulator is expected to oversee financial sustainability, ownership tests, corporate governance, and potentially enforce revenue redistribution mechanisms across the football pyramid. For Manchester United, this represents a fundamental shift in the regulatory landscape, potentially constraining financial autonomy, dictating spending limits, imposing stricter governance requirements, and forcing greater sharing of its substantial revenues with lower league clubs. This directly threatens the club's profitability and strategic flexibility, including preventing participation in potential future breakaway leagues that could offer higher revenues.

2. Potential Shift to Centralized Direct-to-Consumer (DTC) Global Streaming by Football Leagues/Federations: While the Premier League currently licenses its broadcast rights to various regional broadcasters globally, there is an emerging trend in major sports towards leagues and federations establishing their own centralized direct-to-consumer (DTC) streaming platforms (e.g., MLS Season Pass on Apple TV, NBA League Pass). If the Premier League or UEFA were to consolidate global broadcasting rights into a single DTC platform, it would fundamentally alter the existing broadcast revenue model. This could reduce Manchester United's individual leverage in securing broadcast income and shift the burden of fan acquisition and engagement more directly onto the club within a league-controlled ecosystem. It represents a disruptive change in content distribution, similar to Netflix's impact on traditional media, potentially affecting how the club monetizes its global fanbase and reaches new audiences.

Manchester United (symbol: MANU) generates revenue primarily through three main sectors: Commercial, Broadcasting, and Matchday. The addressable markets for these services are global.

Commercial Revenue

This sector includes sponsorship, retail, merchandising, apparel & product licensing, and mobile & content.

• Sports Sponsorship: The global sports sponsorship market was estimated at USD 73.8 billion in 2022 and is projected to reach USD 151.4 billion by 2031. Other estimates for the global market include USD 60.17 billion in 2024, expected to reach USD 132.86 billion by 2033, and USD 105.47 billion in 2023, with a projection to reach USD 189.54 billion by 2030.
• Licensed Sports Merchandise: The global licensed sports merchandise market reached USD 33.5 billion in 2024 and is expected to grow to USD 44.7 billion by 2033. Other analyses show the global market size at USD 36.36 billion in 2024, projected to reach USD 49.00 billion by 2030, or USD 38.65 billion in 2025, with an anticipated rise to USD 61.17 billion by 2035.

Broadcasting Revenue

This primarily comes from global television rights for competitions like the Premier League and UEFA Champions League.

• Sports Media Rights: The global value of sports media rights reached almost $56 billion in 2023 and is projected to exceed $60 billion in 2024. Specifically, football (soccer) had a global media rights value of $19.183 billion in 2023. A broader projection for the top 17 sports leagues worldwide forecasts global media rights revenue to grow to $73 billion by 2030 and $96.3 billion by 2035.

Matchday Revenue

This includes ticket sales, concessions, and hospitality at Old Trafford.

• Sports Events Tickets: The global sports events tickets market was valued at USD 15.47 billion in 2022 and is expected to expand to USD 43.85 billion by 2030. Other reports indicate a global market size of USD 17.29 billion in 2023, poised to grow to USD 55.78 billion by 2032, or USD 20.56 billion in 2024, projected to reach USD 74.25 billion by 2034.

Manchester United (MANU) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion of Commercial Partnerships and Sponsorships: The club has demonstrated significant growth in this area, with commercial revenues increasing by 10% year-over-year to a record £333.3 million in fiscal year 2025. This growth was notably boosted by a five-year shirt sponsorship deal with Snapdragon, described as the most valuable of its kind in global sports. Manchester United continues to attract blue-chip sponsors, as evidenced by a recent multi-year partnership with Coca-Cola across the UK and Europe. The club's strategy involves leveraging its global brand through segmented sponsorship deals.
2. Growth in Matchday Revenue and Enhanced Fan Experience: Manchester United achieved record matchday revenues of £160.3 million in fiscal year 2025, marking a 16.9% increase. This rise is attributed to factors such as playing more home games, strong demand for hospitality offerings, and consistent ticket price increases. The club is also investing in Old Trafford's infrastructure, including new hospitality facilities, expanded rail seating, and kiosk refurbishments, to further enhance fan engagement and matchday atmosphere. The club also reported the highest-ever levels of ticket sales and memberships, with a waiting list for season tickets growing to 171,000 for the 2024/25 season.
3. Development of E-commerce and Merchandising: Retail and merchandising revenues climbed nearly 16% to £144.9 million, largely driven by the launch of a new e-commerce model. The transition to an in-house e-commerce operation, in partnership with SCAYLE, is anticipated to further improve retail, merchandising, and licensing revenues in fiscal year 2026. This focus on digital sales channels aims to deliver appealing products and experiences to its global fanbase.
4. Improved On-field Performance and UEFA Competition Qualification: While broadcasting revenue has fluctuated, reflecting participation in European competitions, strong on-field performance remains a critical driver for higher income. Qualification for prestigious UEFA competitions, particularly the Champions League, significantly boosts broadcasting revenue. Conversely, absence from these competitions leads to substantial revenue losses. The club's strategic investments in new player signings for both men's and women's teams are aimed at strengthening squads and building for long-term success on the pitch, which is expected to positively impact future broadcasting and commercial revenues.

Share Repurchases

• Manchester United authorized a share repurchase program for up to $35 million of its Class A ordinary shares in March 2020.
• The company explicitly stated it would not purchase shares from members of the Glazer family as part of this program.

Share Issuance

• In October 2021, the Kevin Glazer Irrevocable Exempt Family Trust and the Edward S. Glazer Irrevocable Exempt Trust offered 9,500,000 Class A Ordinary Shares, with Manchester United not receiving any proceeds from this sale.
• Sir Jim Ratcliffe's initial investment in the club involved the issuance of further shares, which increased his ownership stake to 27.7%.
• His ownership is set to increase to 28.9% with an additional $100 million investment by December 31, 2024.

Inbound Investments

• Sir Jim Ratcliffe completed a US$1.65 billion deal in February 2024 to become a minority owner of Manchester United, acquiring a 27.7% stake.
• As part of this agreement, Ratcliffe committed to inject $300 million into the club's infrastructure at Old Trafford, with $200 million paid initially and a further $100 million by the end of 2024.
• Around November 2023, American hedge fund manager Leon Cooperman purchased approximately 1 million shares of the club.

Capital Expenditures

• For the fiscal year ended June 30, 2025, capital expenditure at Old Trafford was £13.1 million, and approximately £42.7 million was spent at the Carrington training facility, largely for a new men's first-team facility.
• Net capital expenditure on property, plant and equipment for the fiscal year ended June 30, 2025, increased to £44.7 million, with a focus on the Carrington Training Centre.
• The club is exploring a potential £2 billion ($2.65 billion) project to build a new 100,000-seater stadium by 2030, which Manchester United intends to fund, while seeking government support for surrounding infrastructure.