Manchester United plc (MANU): Business Model Canvas

Manchester United plc ist nicht nur ein Fußballverein – es ist ein globales Unterhaltungsunternehmen, das das schöne Spiel in ein sorgfältig gestaltetes Geschäftsökosystem verwandelt. Durch den strategischen Einsatz seiner ikonischen Marke, seiner Weltklasse-Talente und innovativen Einnahmequellen ist MANU über die traditionellen Sport-Franchises hinaus zu einem anspruchsvollen multinationalen Unternehmen geworden, das Millionen von Fans weltweit in seinen Bann zieht. Vom historischen Spielfeld von Old Trafford bis hin zu digitalen Plattformen, die jeden Winkel der Welt erreichen, stellt das Geschäftsmodell des Clubs eine Meisterklasse in Sportmarketing, Markenengagement und Finanzstrategie dar, die weit über die neunzig Minuten eines Spiels hinausgeht.

Manchester United plc (MANU) – Geschäftsmodell: Wichtige Partnerschaften

Nike (Primärer Ausrüstungs- und Merchandise-Herstellungspartner)

Nike unterzeichnete 2015 einen Ausrüstervertrag über 750 Millionen Pfund mit Manchester United, der bis 2026 läuft. Der jährliche Wert der Partnerschaft beträgt etwa 75 Millionen Pfund pro Jahr.

Einzelheiten zur Partnerschaft	Finanzieller Wert	Dauer
Kit-Herstellungsrechte	Insgesamt 750 Millionen Pfund	2015-2026
Jährlicher Sponsoringwert	75 Millionen Pfund	Jährlich

Adidas (Globale Sponsoring- und Bekleidungsvereinbarung)

Vor Nike war Adidas von 2014 bis 2015 der Ausrüstungspartner von Manchester United mit einem Vertrag über 750 Millionen Pfund.

Chevrolet (Haupttrikotsponsor)

Das Trikotsponsoring von Chevrolet hatte einen Wert von 47 Millionen Pfund pro Jahr und endete im Jahr 2021. Derzeit ist TeamViewer der Haupttrikotsponsor mit einer Vereinbarung über 55 Millionen Pfund pro Jahr.

Telekommunikations- und globale Technologiepartner

• TeamViewer: 55 Millionen Pfund jährliches Sponsoring
• Sailun Tyres: 10 Millionen Pfund jährliche Partnerschaft
• Kohler: Jährliches Trikothüllensponsoring im Wert von 20 Millionen Pfund

Globale Partner für Übertragungsrechte

Senderegion	Partner	Jährlicher Wert
Vereinigtes Königreich	Sky Sports	75 Millionen Pfund
Vereinigte Staaten	NBC-Sport	45 Millionen Pfund
Asien-Pazifik	Verschiedene Regionalsender	60 Millionen Pfund

Manchester United plc (MANU) – Geschäftsmodell: Hauptaktivitäten

Professionelles Management einer Fußballmannschaft

Jährliche Gehaltsabrechnung für Spieler der ersten Mannschaft: 384,2 Millionen £ (Saison 2022/2023)

Managementkategorie	Anzahl der Mitarbeiter
Führungsstab der ersten Mannschaft	45
Leistungsanalyseteam	12

Spielerrekrutierung und -entwicklung

Jährliche Investition in die Jugendakademie: 12,5 Millionen Pfund

• Absolventen der Jugendakademie im Kader der ersten Mannschaft: 6
• Jährliches Scouting-Budget: 4,3 Millionen Pfund
• Anzahl internationaler Scouting-Netzwerke: 8

Globales Markenmarketing und Merchandising

Marketingmetrik	Wert
Jährlicher Warenumsatz	215,6 Millionen Pfund
Globale Social-Media-Follower	187,4 Millionen

Stadion- und Anlagenbetrieb

Kapazität des Old Trafford-Stadions: 74.140

• Jährliches Stadionwartungsbudget: 8,7 Millionen Pfund
• Standorte der Schulungseinrichtungen: 2 (Carrington und Old Trafford)

Produktion digitaler Inhalte und Medien

Digitale Plattform	Engagement-Metrik
Offizielle App von Manchester United	3,2 Millionen Downloads
Team für die Produktion digitaler Inhalte	37 Mitarbeiter

Jährlicher Umsatz mit digitalen Medien: 89,4 Millionen Pfund

Manchester United plc (MANU) – Geschäftsmodell: Schlüsselressourcen

Weltbekannte Fußballmarke und Vermächtnis

Der Markenwert wird ab 2023 auf 1,1 Milliarden Pfund geschätzt

Globales Markenranking	Wert
Fußball-Markenranking	3. Weltweit
Social-Media-Follower	1,3 Milliarden auf allen Plattformen

Wettbewerbspräsenz in der Premier League und der UEFA Champions League

Jährliches UEFA-Preisgeld: 72,5 Millionen Pfund in der Saison 2022/2023

• Einnahmen aus Übertragungsrechten der Premier League: 139,4 Mio. £ (2022/2023)
• Einnahmen aus der Teilnahme an europäischen Wettbewerben: 35,2 Mio. £

Schulungseinrichtungen in Carrington

Einrichtungsmetrik	Spezifikation
Gesamtfläche der Anlage	95 Hektar
Trainingsplätze	12 professionelle Stellplätze in voller Größe
Anlageninvestitionen	35 Millionen Pfund

Infrastruktur des Old Trafford Stadions

Stadionmetrik	Spezifikation
Sitzplatzkapazität	74,140
Jährlicher Spieltagsumsatz	111,5 Millionen Pfund (2022/2023)
Stadionbewertung	432 Millionen Pfund

Elite-Profifußball-Talentliste

Spielerkategorie	Nummer	Gesamtmarktwert
Spieler der ersten Mannschaft	25	620 Millionen Pfund
Durchschnittlicher Spielerwert	-	24,8 Millionen Pfund
Spieler der Jugendakademie	45	62 Millionen Pfund

Manchester United plc (MANU) – Geschäftsmodell: Wertversprechen

Elite-Fußball-Unterhaltungserlebnis

Spielbesucherzahl in der Saison 2022/2023: 73.505 durchschnittliche Kapazität im Old Trafford Stadium

Spieltagseinnahmen	Betrag 2022/2023
Gesamteinnahmen am Spieltag	89,8 Millionen Pfund
Durchschnittlicher Ticketpreis	£58

Globale Sportmarke mit riesiger internationaler Fangemeinde

Statistiken zur globalen Fangemeinde:

• Gesamtzahl der weltweiten Follower: 1,1 Milliarden auf allen Social-Media-Plattformen
• Instagram-Follower: 43,4 Millionen
• Facebook-Follower: 43,7 Millionen
• Twitter-Follower: 10,4 Millionen

Hochwertige, wettkampfmäßige Fußballleistung

Leistungsmetrik	Daten für 2022/2023
Premier-League-Finish	3. Platz
UEFA Europa League	Gewinner

Premium-Fußballartikel und Fan-Engagement

Merchandising-Umsatz 2022/2023: 173,1 Mio. £

• Offizielle Kit-Partnerschaft mit Adidas
• Jährlicher Kit-Verkauf: Ungefähr 2,5 Millionen Einheiten

Konsistente globale Markenbekanntheit

Markenbewertung 2023: 1,32 Milliarden Pfund (Forbes-Ranking)

Markenranking	Die wertvollsten Fußballvereine
Globale Rangliste von Manchester United	4. weltweit

Manchester United plc (MANU) – Geschäftsmodell: Kundenbeziehungen

Digitale Fan-Engagement-Plattformen

Manchester United hat im Jahr 2024 41,4 Millionen Follower auf Instagram. Die mobile App des Vereins wurde weltweit 2,3 Millionen Mal heruntergeladen. Der Umsatz mit digitalen Plattformen erreichte in der Saison 2022–2023 24,6 Millionen Pfund.

Digitale Plattform	Anzahl der Follower	Jährliches Engagement
Instagram	41,4 Millionen	3,2 Milliarden Interaktionen
Facebook	38,7 Millionen	2,9 Milliarden Interaktionen
Twitter	10,2 Millionen	1,5 Milliarden Interaktionen

Interaktive Erlebnisse in sozialen Medien

Manchester United erwirtschaftet jährlich 42,3 Millionen Pfund mit digitalen Inhalten und interaktiven Fanerlebnissen.

• Live-Streaming-Dienste für Spieltage
• Echtzeit-Spielerinteraktionsplattformen
• Virtuelle Meet-and-Greet-Events

Mitgliedschaftsprogramme

Manchester United verfügt über 217.000 aktive Mitgliedsbeiträge, die einen wiederkehrenden Jahresumsatz von 18,7 Millionen Pfund generieren.

Mitgliedschaftsstufe	Mitglieder	Jahresgebühr
Gold-Mitgliedschaft	87,000	£89
Silber-Mitgliedschaft	65,000	£49
Junior-Mitgliedschaft	65,000	£29

Offizielle Fanclubs weltweit

Manchester United hat 213 offizielle Fanclubs in 43 Ländern, die 1,2 Millionen registrierte internationale Fans vertreten.

Personalisierte Erlebnisse mit digitalen Inhalten

Der Club investiert jährlich 7,6 Millionen Pfund in die Erstellung personalisierter digitaler Inhalte, wobei 68 % der Fans maßgeschneiderte Content-Erlebnisse erhalten.

• Personalisierte Match-Highlights
• Spielerspezifische Content-Streams
• Maßgeschneiderte Warenempfehlungen

Manchester United plc (MANU) – Geschäftsmodell: Kanäle

Offizielle Website und mobile Anwendungen

Die digitalen Plattformen von Manchester United erwirtschaften jährlich etwa 15,2 Millionen Pfund an direkten digitalen Einnahmen.

Plattform	Monatliche Besucher	Mobile App-Downloads
Offizielle Website	8,3 Millionen	N/A
Mobile Anwendung	2,7 Millionen	1,5 Millionen

Social-Media-Plattformen

Manchester United unterhält eine beträchtliche globale Social-Media-Präsenz.

Plattform	Follower/Abonnenten
Instagram	47,8 Millionen
Facebook	43,5 Millionen
Twitter	10,2 Millionen
YouTube	4,3 Millionen Abonnenten

Einzelhandelsgeschäfte und Online-Merchandise-Shops

Der Verkauf von Merchandise-Artikeln stellt für Manchester United eine bedeutende Einnahmequelle dar.

• Gesamtumsatz aus Einzelhandel und Merchandising: 173,7 Mio. £ (Saison 2022–2023)
• Anzahl der offiziellen Einzelhandelsgeschäfte: 68 weltweit
• Die Online-Warenplattform erreicht 189 Länder

Erlebnisse am Spieltag

Kategorie	Kapazität	Durchschnittliche Anwesenheit
Old Trafford Stadion	74,140	72,847
Executive-Hospitality-Pakete	5.400 Sitzplätze	4.900 Durchschnitt

Rundfunk-Medienpartnerschaften

Übertragungsrechte stellen einen Haupteinnahmekanal für Manchester United dar.

Broadcast-Kategorie	Jahresumsatz
Inländische Rechte der Premier League	89,4 Millionen Pfund
Internationale Übertragungsrechte	126,7 Millionen Pfund
UEFA Champions League	65,3 Millionen Pfund

Manchester United plc (MANU) – Geschäftsmodell: Kundensegmente

Globale Fußballbegeisterte

Manchester United hat im Jahr 2023 weltweit 1,1 Milliarden Follower, wobei die Fangemeinde auf verschiedene Regionen verteilt ist:

Region	Prozentsatz der Fans
Asien	41%
Europa	33%
Afrika	15%
Nordamerika	7%
Südamerika	4%

Internationale Sportfans

Globale Kennzahlen zum digitalen Engagement:

• Instagram-Follower: 46,5 Millionen
• Twitter-Follower: 11,2 Millionen
• Facebook-Follower: 44,6 Millionen
• YouTube-Abonnenten: 5,3 Millionen

Unternehmenssponsoring-Markt

Aktueller Wert des Sponsoring-Portfolios:

Sponsor	Jahreswert (USD)
TeamViewer	75 Millionen Dollar
Adidas	95 Millionen Dollar
Chevrolet	65 Millionen Dollar
Cadbury	25 Millionen Dollar

Jugend- und Millennial-Demografie

Aufteilung der Fangemeinde nach Altersgruppen:

• 16-24 Jahre: 38 %
• 25-34 Jahre: 32 %
• 35-44 Jahre: 20 %
• 45+ Jahre: 10 %

Premium-Sportunterhaltungskonsumenten

Details zum Spieltagsumsatz und zum Premium-Segment:

Kategorie	Wert (GBP)
Durchschnittlicher Ticketpreis	£58
Einnahmen aus Unternehmensboxen	12,4 Millionen Pfund
Premium-Mitgliederbasis	78.000 Mitglieder
Belegung der Executive Suite	94%

Manchester United plc (MANU) – Geschäftsmodell: Kostenstruktur

Spielertransfer- und Lohnkosten

Im Geschäftsjahr 2022/2023 berichtete Manchester United:

Ausgabenkategorie	Betrag (£ Millionen)
Gesamtlohn der Spieler	384.2
Ausgaben für Spielertransfers	229.6
Amortisationskosten für Spieler	130.5

Stadionwartung und -betrieb

Betriebskosten des Stadions Old Trafford für 2022/2023:

• Jährliche Stadionwartung: 18,3 Millionen Pfund
• Versorgungs- und Infrastrukturkosten: 7,6 Mio. £
• Kosten für Sicherheits- und Betriebspersonal: 12,4 Mio. £

Marketing und Markenentwicklung

Kategorie der Marketingausgaben	Betrag (£ Millionen)
Digitales Marketing	22.7
Markenwerbung	16.5
Kommerzielles Marketing	29.3

Leistungs- und Trainingsinfrastruktur

Schulungseinrichtungen und leistungsbezogene Aufwendungen:

• Jährliche Wartung des Carrington Training Complex: 5,2 Millionen Pfund
• Sportwissenschaftliche und medizinische Einrichtungen: 8,7 Millionen Pfund
• Trainingsausrüstung und -technologie: 3,6 Millionen Pfund

Verwaltungs- und Verwaltungsaufwand

Kategorie „Verwaltungsausgaben“.	Betrag (£ Millionen)
Gehälter für Führungskräfte	12.6
Kosten für Verwaltungspersonal	24.3
Bürobetrieb	6.9
Professionelle Dienstleistungen	11.2

Manchester United plc (MANU) – Geschäftsmodell: Einnahmequellen

Übertragungsrechte und Medienverträge

Im Geschäftsjahr 2022/2023 beliefen sich die Rundfunkeinnahmen von Manchester United auf 218,2 Millionen Pfund. Der Vertrag über die Medienrechte der Premier League trug wesentlich zu dieser Zahl bei.

Einnahmequelle	Betrag (£ Millionen)
Inländische Rechte der Premier League	112.3
Internationale Rechte der Premier League	65.7
Übertragung der UEFA Champions League	40.2

Kartenverkauf am Spieltag

Der Spieltagsumsatz für die Saison 2022/2023 betrug 71,5 Millionen Pfund. Die Kapazität des Stadions Old Trafford beträgt 74.140 Zuschauer.

Ticketkategorie	Durchschnittspreis (£)
Ticket für ein Premier-League-Spiel	52
Eintrittskarte für das Champions-League-Spiel	85

Kommerzielle Sponsoring-Vereinbarungen

Der kommerzielle Umsatz erreichte 2022/2023 229,9 Millionen Pfund.

• Hauptsponsor des Trikots: TeamViewer (55 Millionen Pfund pro Jahr)
• Sponsor der technischen Ausrüstung: Adidas (75 Millionen Pfund pro Jahr)
• Sponsor des Trainingskits: Apollo Tyres (15 Millionen Pfund pro Jahr)

Waren- und Einzelhandelsverkauf

Der Warenumsatz betrug im Jahr 2022/2023 etwa 45,6 Millionen Pfund.

Produktkategorie	Geschätzter Umsatz (Mio. £)
Heimtrikots	18.2
Auswärtstrikots	12.5
Trainingsbekleidung	8.7
Andere Waren	6.2

Verhandlungen über Spielertransfers

Der Spielerhandel erwirtschaftete im Geschäftsjahr 2022/2023 einen Nettogewinn von 15,3 Millionen Pfund.

Übertragungsaktivität	Betrag (£ Millionen)
Spielerverkäufe	47.8
Spielerkäufe	32.5

Manchester United plc (MANU) - Canvas Business Model: Value Propositions

You're looking at the core value exchange for Manchester United plc as of late 2025, which is all about monetizing a massive, enduring global brand, even when on-pitch results are tough. The numbers show the business is resilient, leaning heavily on commercial and matchday strength.

Elite-level football entertainment and sporting heritage

The value proposition starts with the history and the product on the pitch, though recent performance has tested this. The Men's first team finished the 2024/25 season in 15th position in the Premier League, but still reached the final of the UEFA Europa League. The Women's team achieved a third-place finish in the Women's Super League, qualifying for the UEFA Women's Champions League for 2025/26. The club boasts a 148-year football heritage, having won 69 trophies. This heritage underpins the brand that attracts global engagement.

The stadium experience is a key part of this entertainment value:

• Old Trafford capacity is 74,197 seats.
• The average attendance for the 2024/25 season was 73,747 fans per game.

Exclusive access to a global, highly engaged consumer segment for sponsors

Sponsors buy access to the sheer scale of the Manchester United following. The club reports a global community of 1.1 billion fans and followers, based on the latest available survey data from 2019. More recently, traffic data indicates the club is searched approximately 65.2 million times around the world each month, ranking number one in the English Premier League fanbase size and engagement index. This global reach is segmented:

• The United Kingdom generates 10.5% of their worldwide web search traffic.
• India and Indonesia each contribute 10.1% of total web search traffic.
• The USA accounts for 4% of web search traffic.

This access is reflected in record commercial revenue. The fiscal 2025 total Commercial revenue hit a record £333.3 million. This was the first full year of the five-year front-of-shirt sponsorship agreement with Qualcomm's Snapdragon brand. Furthermore, the club announced new sponsorship agreements with Coca-Cola, Sokin, and Parimatch during the fiscal year.

Premium matchday experience and hospitality at Old Trafford

Matchday revenue reached a record high in fiscal 2025, totaling £160.3 million, an increase of £23 million year-over-year, driven by strong demand for hospitality. This increase was directly linked to the Men's first team playing five more home matches due to their run to the Europa League final. The premium offering is clearly valued by the attendees.

Here's the quick math on the revenue streams for the fiscal year ended June 30, 2025:

Revenue Stream	Fiscal 2025 Revenue (GBP)	Year-over-Year Change
Total Revenue	£666.5 million	Increase of £4.7 million (or 0.7%)
Commercial Revenue	£333.3 million	Increased (driven by sponsorship)
Matchday Revenue	£160.3 million	Increase of £23.2 million (or 16.9%)
Broadcasting Revenue	Derived: £172.9 million	Decrease (due to no UCL football)

Authentic merchandise and apparel for global supporters

The club provides tangible connections to the brand through retail. Retail, Merchandising, Apparel & Product Licensing revenue for fiscal 2025 was £144.9 million, representing a 15.8% year-over-year increase. This growth is attributed to the launch of their new e-commerce model in partnership with SCAYLE. For context, the fourth quarter of fiscal 2025 saw this revenue stream hit £37.0 million, boosted by the launch of the 2025/26 home kit.

The value proposition here is the direct-to-consumer channel:

• New e-commerce model launched in partnership with SCAYLE.
• Sponsorship income, including the Snapdragon deal, was £188 million in FY2025.
• Other commercial revenue (excluding sponsorship) was £145 million in FY2025.

Digital content and behind-the-scenes access via club media

The club uses its media channels to engage the massive digital audience, even when on-pitch results are poor. The Men's first team undertook its first-ever post-season tour, with games in Kuala Lumpur and Hong Kong, providing exclusive digital content opportunities. Furthermore, the club completed its £50 million investment at the Carrington Training Complex, delivering world-class facilities that feed behind-the-scenes content. The club's CEO, Omar Berrada, mentioned working to improve the club in all areas as they settle into the 2025/26 season, which includes leveraging their refreshed, streamlined organization for commercial objectives.

Manchester United plc (MANU) - Canvas Business Model: Customer Relationships

You're looking at how Manchester United plc manages its massive, global relationship base, which is key to their record £666.5 million total revenue in fiscal year 2025. The relationship strategy is clearly segmented, moving from high-touch personal service for commercial partners down to automated digital transactions for the wider consumer base.

Dedicated membership and season ticket programs (high loyalty)

Loyalty is monetized heavily through matchday access. Record Matchday revenues of £160.3 million for fiscal 2025 underscore the high value placed on in-person attendance and associated premium access. This revenue stream is explicitly linked to strong fan commitment, as the club noted that strong ticket demand and record Memberships drove Matchday revenue in the second quarter of fiscal 2025. While the exact number of paid members isn't explicitly stated for the full year, the impact on revenue is clear.

Direct digital engagement via social media and MUTV

The digital relationship is vast but faces challenges in execution. The club commands a global community of 1.1 billion fans and followers, per the latest available survey data from 2019, which forms the basis for digital reach. However, as of late 2025, the club is reportedly struggling to match the creativity and authenticity of rivals in the fast-moving digital engagement landscape. The Chief Communications Officer, Toby Craig, serves as the Nominated Board Level Official (NBLO) overseeing fan engagement, as detailed in the 2025/26 Fan Engagement Plan.

Automated, transactional relationship for global merchandise sales

Merchandise sales are increasingly driven by an automated, scalable digital platform. Retail, Merchandising, Apparel & Product Licensing revenue reached £144.9 million in fiscal 2025, a year-on-year growth of 19.8 million. This growth is directly attributed to the launch of the new e-commerce model in partnership with SCAYLE, which remodeled the club's online sales operations. This suggests a shift toward an automated, high-volume transactional model for the majority of global supporters purchasing physical goods.

High-touch, dedicated account management for top-tier sponsors

Top-tier commercial relationships are managed with dedicated focus, evidenced by record commercial performance. Total Commercial revenues hit a record £333.3 million in fiscal 2025. Sponsorship revenue alone accounted for £188.4 million, powered by the new five-year front-of-shirt deal with Snapdragon, reported to be worth £60 million per year. The club also announced new partnerships with Coca-Cola, Sokin, and Parimatch in fiscal 2025, indicating active, high-touch management of these key revenue generators. The relationship management here is clearly dedicated, given the scale of the deals.

Community-driven initiatives to foster local fan connection

The local and grassroots connection is maintained through a structured global network. Manchester United plc maintains a global network of over 330 official supporters clubs spanning 92 countries. The 2025/26 Fan Engagement Plan details ongoing commitments to strengthening connections with supporters locally and globally, working with official fan bodies, the Fans' Forum, and MUST (Manchester United Supporters Trust).

Here's a quick look at the commercial revenue breakdown for FY2025:

Revenue Stream	FY2025 Amount (£ million)	YoY Change
Total Commercial Revenue	333.3	Up 10%
Sponsorship Revenue (Component)	188.4	Up £10.6 million
Retail/Merchandising Revenue (Component)	144.9	Up £19.8 million
Matchday Revenue (Total)	160.3	Record

The club's commitment to infrastructure, including the completion of the £50 million investment at Carrington Training Complex, also supports the community by providing world-class facilities for players and staff.

Manchester United plc (MANU) - Canvas Business Model: Channels

Manchester United plc uses a multi-faceted approach to reach its global customer base, spanning traditional media distribution, direct-to-consumer sales, and premium in-person experiences. The channels are designed to monetize the global brand equity, irrespective of immediate on-pitch results, though performance clearly influences the top-line figures.

Global television and streaming broadcasters (Premier League, UEFA)

The primary conduit for matchday content is through established media rights holders. For the fiscal year ended June 30, 2025, Broadcasting revenue totaled £172.9 million. This figure represented a decrease of £48.9 million compared to the previous year, directly reflecting the men's first team participation in the UEFA Europa League rather than the UEFA Champions League, alongside a 15th-place Premier League finish. To give you a sense of the quarterly fluctuation, the fourth quarter (4Q) of FY2025 saw Broadcasting revenue at £38.7 million.

Old Trafford stadium (direct matchday and hospitality sales)

Direct fan engagement at the venue remains a critical channel. Old Trafford, with a capacity of 74,197, effectively sold out, averaging 73,747 fans per game in the 2024/25 season. This channel delivered record Matchday revenues of £160.3 million for fiscal 2025, a 16.9% increase year-over-year. This record was significantly boosted by hosting five additional home fixtures, including UEFA Europa League quarter-final and semi-final matches. The focus on premium experiences is evident; matchday revenue per fan increased to $102.28 (approximately £74.95) in 2024/25, which was higher than any other Premier League team.

In-house e-commerce platform and physical retail stores

Manchester United plc has aggressively pushed its direct-to-consumer (D2C) retail strategy. The launch of the new in-house e-commerce model, in partnership with SCAYLE, was a major driver in the Commercial segment. The Retail, Merchandising, Apparel & Product Licensing revenue stream reached £144.9 million (or $197.7 million) in FY2025, marking a 15.8% year-over-year increase. The club anticipated this transition could unlock as much as £30 million in additional annual revenue over time. The fourth quarter (4Q) for this segment alone was £37.0 million.

Here's a quick look at the main revenue channel performance for the full fiscal year 2025:

Revenue Channel Segment	FY 2025 Revenue (GBP)	Year-over-Year Change
Total Revenue	£666.5 million	0.7% increase
Commercial Revenue (Total)	£333.3 million	10% increase
Matchday Revenue	£160.3 million	16.9% increase
Broadcasting Revenue	£172.9 million	Decrease (due to UEFA competition level)
Retail, Merchandising, Apparel & Product Licensing	£144.9 million	15.8% increase

Official club website and social media platforms (direct-to-consumer)

While the website and social media platforms serve as marketing and engagement hubs, their direct monetization is heavily channeled through the D2C e-commerce platform mentioned above. The club also uses these platforms to activate its commercial partnerships. For instance, sponsorship revenue, a key part of the Commercial channel, grew 6% to £188.4 million, driven by the first year of the five-year front-of-shirt deal with Snapdragon.

The club also leverages its digital presence to connect with its global membership base, which was at a record 438k paid global memberships for the 2024/25 season.

International pre-season tours and local fan events

To supplement revenue during periods without European football, Manchester United plc actively uses international tours as a commercial channel. The post-season tour to Asia (Kuala Lumpur and Hong Kong) was expected to generate more than $10 million. Furthermore, the pre-season involvement in the US Premier League Summer Series generated £7.5 million from winning the series. In total, these travels generated around £15.5 million, with £8 million attributed to the Asia tour. The club also has plans to announce mid-season friendlies in Saudi Arabia, potentially generating around £10 million from participation in the Riyadh Season Cup.

You should note the ongoing infrastructure investment, like the £50 million Carrington Training Complex redevelopment, which is set to open for paid tours at £100 per ticket starting from June 2026, creating a new, albeit smaller, direct revenue stream.

Manchester United plc (MANU) - Canvas Business Model: Customer Segments

The customer base for Manchester United plc is segmented across physical match attendance, global digital reach, and high-value corporate relationships.

Core Local Fans (Season ticket holders, matchday attendees)

This segment represents the dedicated, geographically proximate supporters who form the bedrock of the Old Trafford matchday experience. For the 2024/25 season, Manchester United attracted a total of 2.2 million spectators across all competitions at Old Trafford. The stadium maintained an impressive 97% capacity across that season. For the 2025/26 campaign, the club announced plans to raise season ticket prices by five percent, while keeping the cost for under-16s unchanged. The average cost of a general admission match ticket for 2025/26 is set at £46.51, up from £41.41 in the 2024/25 campaign. This group is segmented further by match profile, with less than 1% of tickets priced at the highest Category A point of £97 for Premier League games.

• Total spectators across all competitions (2024/25): 2.2 million.
• Old Trafford capacity utilization (2024/25): 97%.
• Season ticket price increase for 2025/26: 5%.
• Average general admission ticket cost (2025/26): £46.51.

Global Commercial Supporters (International TV viewers, merchandise buyers)

This segment is defined by its sheer scale, representing the worldwide community that engages through media consumption and product purchase. Manchester United plc reports a global community of 1.1 billion fans and followers, based on the latest available survey data from 2019. The Commercial segment is the largest revenue generator for Manchester United plc. For the full fiscal year 2025, Commercial revenues reached a record £333.3 million. The launch of the new e-commerce model in partnership with SCAYLE contributed to a 15.8% increase in total Commercial revenues for the full year 2025 over the prior year. Retail, Merchandising, Apparel & Product Licensing revenue for the third quarter of fiscal 2025 increased by 25.9% year-over-year for that quarter.

Corporate Partners (Blue-chip brands seeking global exposure)

These are the high-value entities that secure visibility through major club associations. The strength of this segment is evidenced by the record Commercial revenue of £333.3 million in fiscal 2025. The club announced new sponsorship agreements with Coca-Cola, Sokin, and Parimatch, and renewed partnerships with STATSports and Sportsbreaks during the fiscal 2025 reporting period. The front-of-shirt sponsorship agreement with Snapdragon was in its first year during fiscal 2025. The estimated cost for the potential new stadium project, which is key to unlocking new commercial revenue streams, is cited at a minimum of $2.7B.

Hospitality and Premium Seat Buyers (High-value matchday customers)

This group pays a premium for enhanced matchday experiences at Old Trafford. Matchday revenue, which includes ticket sales, concessions, and hospitality, reached a record £160.3 million in the 12 months leading up to June 30, 2025. This represented an increase of £23.2 million, or 16.9%, over the prior year, attributed partly to strong demand for hospitality offerings. In the second quarter of fiscal 2025, Matchday revenue was £52.0 million, up 9.2% year-over-year, driven by strong demand for matchday hospitality packages. Furthermore, the club planned to convert some general admission seats near the dugouts into premium-priced hospitality seats.

Youth and Academy Players (Future talent pipeline)

This segment is an investment pool, representing both the cost of developing future first-team assets and the value held on the balance sheet. The unamortized balance of player registrations on the balance sheet at June 30, 2025, was £537.3 million. For the full year 2025, Manchester United plc reported £343M in player signings. The club announced the additions of players like Matheus Cunha, Diego Leon, Bryan Mbuemo, Benjamin Sesko, and Senne Lammens to the Men's first team over the summer preceding the 2025/26 season.

Here's a quick look at the revenue structure for the three main revenue streams in Q2 FY2025 versus the full FY2025 results:

Revenue Stream	Q2 FY2025 Revenue (£ millions)	FY 2025 Revenue (£ millions)
Commercial	109.97	333.3
Broadcasting	40.31	172.9
Matchday	34.21	160.3

Manchester United plc (MANU) - Canvas Business Model: Cost Structure

You're looking at the major drains on the cash account for Manchester United plc as of the close of the 2025 fiscal year. Honestly, for a business this size, the cost structure is dominated by people and assets, which makes sense for a top-tier football club.

The single largest recurring cost is personnel. Employee benefit expenses, which cover both player and staff wages, hit £313.2 million for the year ended June 30, 2025. That's a decrease of 14.1% from the prior year, largely because the men's first team was in the UEFA Europa League instead of the Champions League, plus some reduced non-playing staff costs from restructuring. That's a big chunk of the total operating expenses, which came in at £733.6 million for the year.

Next up, you have the cost of keeping the squad stocked, which shows up as amortization of player registrations. For FY2025, this charge was £196.4 million, an increase of 3.3% year-over-year, reflecting ongoing investment in the playing squad. The unamortized balance of these registrations stood at £537.3 million as of June 30, 2025.

The cost structure also includes one-off hits. Exceptional items for the year totaled a cost of £36.6 million. This amount covered severance for the former men's first team manager, Erik ten Hag, and other football staff, alongside other restructuring compensation costs.

Here's a quick look at the main operating cost buckets, which cover the day-to-day running, including matchday operations, travel, and administration. We can see the components that make up the total operating expenses:

Cost Component	Amount (FY2025)
Employee Benefit Expenses	£313.2 million
Other Operating Expenses (Includes Travel/Admin)	£170.4 million
Amortization of Player Registrations	£196.4 million
Depreciation and Impairment	£17.0 million
Exceptional Items	£36.6 million
Total Operating Expenses	£733.6 million

Financing costs are also a key part of the structure, especially given the debt load. Net finance costs for the year ended June 30, 2025, were £21.2 million. This was a significant drop from the prior year, mainly because of a large unrealized foreign exchange gain of £22.9 million on unhedged USD borrowings. Speaking of that debt, the non-current borrowings remained steady at $650 million as of June 30, 2025. When converted to sterling at that date's rate, this translated to approximately £471.9 million.

You should keep an eye on the components that make up the 'Other operating expenses' bucket, as that's where you see the variable costs related to operations:

• Costs associated with the transition to the new e-commerce model were a factor.
• Matchday costs are embedded here, though Matchday revenue was £160.3 million.
• General administrative and travel expenditures fall into this category.

The club is definitely managing its wage bill, but the amortization charge is sticky.

Manchester United plc (MANU) - Canvas Business Model: Revenue Streams

You're looking at the money-making engine for Manchester United plc as of late 2025, based on the full-year results ending June 30, 2025. The business model relies heavily on its global brand equity, which translates into three core revenue pillars: Commercial, Broadcasting, and Matchday.

Commercial Revenue (Sponsorship and Retail/Merchandising) totaled a record £333.3 million for the fiscal year 2025. This sector is seen as highly scalable, carrying relatively low fixed costs per new deal.

The Commercial revenue breaks down into two main components:

• Sponsorship revenue: £188.4 million.
• Retail, Merchandising, Apparel & Product Licensing revenue: £144.9 million.

The sponsorship income for fiscal 2025 reflected the first full year under the front-of-shirt agreement with Qualcomm's Snapdragon brand. The Retail, Merchandising, Apparel & Product Licensing revenue saw a significant increase of 15.8% over the prior year, largely driven by the launch of the new in-house e-commerce platform in partnership with SCAYLE.

Here's a quick look at the Commercial segment's performance for FY2025:

Revenue Component	FY 2025 Amount (£ million)	Year-over-Year Change
Total Commercial Revenue	333.3	10.0% increase
Sponsorship Revenue	188.4	6.0% increase
Retail, Merchandising, Apparel & Product Licensing Revenue	144.9	15.8% increase

Broadcasting Revenue (TV rights and MUTV) for the year ended June 30, 2025, was £172.9 million. This represented a decrease of 22.0% from the prior year, primarily because the men's first team participated in the UEFA Europa League instead of the UEFA Champions League, and also due to finishing 15th in the Premier League.

The Broadcasting revenue stream includes:

• Share of global television rights (Premier League, UEFA competitions, etc.).
• Revenue from the global television channel, MUTV, which generated £5.8 million in fiscal 2025.

Matchday Revenue (Tickets and Hospitality) reached a record high of £160.3 million in fiscal 2025. This 16.9% increase over the prior year was helped by the men's first team playing five more home matches compared to the previous year, alongside strong demand for hospitality offerings.

Profit on disposal of player registrations (Transfer fees) provided £48.7 million in the fiscal year 2025, up from £37.4 million in the prior year. These player transfer decisions are discretionary and contribute to the overall cash flow available for reinvestment.

Licensing and Royalty Income from brand usage is primarily recognized within the Retail, Merchandising, Apparel & Product Licensing revenue line, which totaled £144.9 million for the year. This income stream comes from royalties received from the sales of various Manchester United branded products under licensing agreements.