A great brand faces a weaker season
- FY25 revenue was £666.5 million, helped by a strong commercial business.
- Commercial revenue was £333.3 million, about half of total revenue.
- The men's first team will have no UEFA football in the 2025/26 season.
- The adidas deal now runs through 2035, which helps prove the brand still has pricing power.
- The main question is whether brand strength can offset weaker on-pitch results and tight finances.
Brand power meets no Europe
Manchester United is still one of the rare sports brands that sponsors want even when the team struggles. The bull case is simple: the club can keep selling global reach. The adidas extension through 2035 and the Qualcomm sponsorship both support that view.
The problem is the football side. After the 2024/25 season, the men's first team did not qualify for any UEFA competition for 2025/26. That cuts into broadcasting upside and can hurt matchday income because there are fewer high-value European nights at Old Trafford.
FY25 showed both sides of the story. Total revenue was £666.5 million, so the top line did not break. But the next season has a clear headwind, and the company needs money to keep competing for top talent.
For investors, this is not a clean growth story. The brand is special, but valuation and financial health look demanding when the team is missing Europe.
Fans become three revenue streams
Manchester United makes money in three main ways: Commercial, Broadcasting, and Matchday. Commercial includes sponsorships, retail, and licensing. Broadcasting comes from domestic and international media rights. Matchday comes from tickets, hospitality, and games at Old Trafford.
Commercial is the most scalable part. A sponsor can pay for global attention without the club adding many extra costs. That is why long deals with companies like adidas matter so much.
Broadcasting and Matchday are more tied to results. Better league finishes and European games usually mean more media money and more big matchdays. No UEFA football in 2025/26 makes those streams harder.
The model breaks if the men's first team loses relevance. Sponsors buy attention, broadcasters pay for must-watch games, and fans pay more when the team is competing for major prizes.
What Manchester United sells
Men's first team
This is the main product and the biggest driver of attention. Its league position and cup runs affect media money, stadium demand, and sponsor exposure.
Women's first team
The women's team adds another way to grow the club's reach. It can deepen fan ties and create more sponsor inventory over time.
Commercial sponsorships
This includes global sponsor deals such as adidas and Qualcomm. It is the clearest proof that the brand can still earn money even during weak seasons.
Merchandise and licensing
Manchester United sells branded products to fans around the world. The adidas technical sponsorship and licensing agreement now runs through 2035.
Old Trafford matchdays
The stadium turns fan demand into tickets and hospitality revenue. Missing European games can reduce the number of high-value matchdays.
MUTV
MUTV is the club's in-house television network. It supports fan engagement and gives the club more direct control over some media content.
FY25 revenue mix
This mix uses FY25 revenue from the Form 20-F: Commercial £333.3 million, Broadcasting £172.9 million, and Matchday £160.3 million. The caveat is that all three still depend on the men's first team staying popular.
What could go wrong
No European football drag
High impact · High oddsThe men's first team will not play in any UEFA competition in 2025/26. That removes European broadcast money and can reduce high-value matchdays. It also makes the club less visible on the biggest midweek stages.
Commercial brand fatigue
High impact · Medium oddsCommercial revenue is the strongest part of the model. But sponsors pay for attention, prestige, and fan passion. If weak results continue, future sponsor renewals could become harder or less valuable.
Talent spending squeeze
High impact · Medium oddsA top football club needs elite players, coaches, and facilities. Missing Europe can reduce income just when the team needs investment to improve. That can create a loop where weaker results make it harder to fund better results.
Matchday limits at Old Trafford
Medium impact · Medium oddsMatchday revenue depends on tickets, hospitality, and the number and quality of home games. No European football means fewer premium fixtures. Any stadium disruption would add more pressure.
Relegation or long-term decline
High impact · Low oddsThe filing states that revenue streams are driven by the performance and popularity of the first teams. A major fall in league status would hurt broadcasting, matchdays, and sponsor value at the same time. This is a low-probability risk, but the impact would be severe.
In one breath
How does Manchester United make money?
The club makes money from Commercial, Broadcasting, and Matchday revenue. Commercial includes sponsorships, retail, and licensing, while Matchday includes tickets and hospitality at Old Trafford.
Why does missing UEFA competition matter?
UEFA games can add broadcast money, big matchdays, and global exposure. Manchester United will have no UEFA football in 2025/26, which is a direct headwind.
What is the bull case for MANU stock?
The bull case is that Manchester United's brand can keep attracting global sponsors even when the team has weak seasons. The adidas extension through 2035 and the Qualcomm sponsorship support that idea.
What is the biggest risk for investors?
The biggest risk is that poor on-pitch results start to weaken revenue across the whole business. That would affect media money, stadium demand, and sponsor pricing.