Manchester United plc (MANU): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Manchester United PLC no es solo un club de fútbol, ​​es una potencia de entretenimiento global que transforma el hermoso juego en un ecosistema comercial meticulosamente elaborado. Al aprovechar estratégicamente su marca icónica, talento de clase mundial e innovadores flujos de ingresos, Manu ha trascendido las franquicias deportivas tradicionales para convertirse en una empresa multinacional sofisticada que cautiva a millones de fanáticos en todo el mundo. Desde el lanzamiento histórico de Old Trafford hasta las plataformas digitales que llegan a cada rincón del mundo, el modelo de negocio del club representa una clase magistral en marketing deportivo, participación de la marca y estrategia financiera que se extiende mucho más allá de los noventa minutos del partido.

Manchester United PLC (Manu) - Modelo de negocios: asociaciones clave

Nike (Kit principal y socio de fabricación de mercancías)

Nike firmó un acuerdo de kit de £ 750 millones con el Manchester United en 2015, que se ejecuta hasta 2026. El valor anual de la asociación es de aproximadamente £ 75 millones por año.

Detalle de la asociación	Valor financiero	Duración
Derechos de fabricación del kit	£ 750 millones en total	2015-2026
Valor de patrocinio anual	£ 75 millones	Anual

ADIDAS (acuerdo de patrocinio y ropa global)

Antes de Nike, Adidas fue el socio del kit del Manchester United de 2014 a 2015, con un contrato de £ 750 millones.

Chevrolet (patrocinador principal de Jersey)

El patrocinio de Jersey de Chevrolet se valoró en £ 47 millones anuales, terminando en 2021. Actualmente, TeamViewer es el patrocinador principal de Jersey con un acuerdo de £ 55 millones por año.

Socios de telecomunicaciones y tecnología global

• TeamViewer: patrocinio anual de £ 55 millones
• Neumáticos de Sailun: asociación anual de £ 10 millones
• Kohler: patrocinio de manga anual de £ 20 millones en el kit

Global Broadcast Rights Partners

Región de transmisión	Pareja	Valor anual
Reino Unido	Sky Sports	£ 75 millones
Estados Unidos	Deportes de NBC	£ 45 millones
Asia-Pacífico	Varias emisoras regionales	£ 60 millones

Manchester United PLC (Manu) - Modelo de negocios: actividades clave

Gestión del equipo de fútbol profesional

Proyecto de ley de salario anual del jugador del primer equipo: £ 384.2 millones (2022/2023 temporada)

Categoría de gestión	Número de personal
Personal de gestión del primer equipo	45
Equipo de análisis de rendimiento	12

Reclutamiento y desarrollo de jugadores

Inversión anual en la Academia Juvenil: £ 12.5 millones

• Graduados de la Academia Juvenil en el equipo del primer equipo: 6
• Presupuesto anual de exploración: £ 4.3 millones
• Número de redes de exploración internacional: 8

Marketing de marca global y comercialización

Métrico de marketing	Valor
Ingresos anuales de mercancías	£ 215.6 millones
Seguidores globales de redes sociales	187.4 millones

Operaciones de estadio e instalaciones

Capacidad del estadio Old Trafford: 74,140

• Presupuesto anual de mantenimiento del estadio: £ 8.7 millones
• Ubicaciones de las instalaciones de capacitación: 2 (Carrington y Old Trafford)

Contenido digital y producción de medios

Plataforma digital	Métrico de compromiso
Aplicación oficial del Manchester United	3.2 millones de descargas
Equipo de producción de contenido digital	37 miembros del personal

Ingresos anuales de medios digitales: £ 89.4 millones

Manchester United PLC (Manu) - Modelo de negocios: recursos clave

Marca de fútbol y legado de renombre mundial

Valor de marca estimado en £ 1.1 mil millones a partir de 2023

Ranking de marca global	Valor
Clasificación de la marca de fútbol	3er globalmente
Seguidores de redes sociales	1.300 millones en todas las plataformas

Presencia competitiva de la Premier League y la UEFA Champions League

Premio anual de la UEFA Money: £ 72.5 millones en 2022/2023 Temporada

• Ingresos de los derechos de transmisión de la Premier League: £ 139.4 millones (2022/2023)
• Ingresos de participación en la competencia europea: £ 35.2 millones

Instalaciones de capacitación en Carrington

Métrica de la instalación	Especificación
Área total de la instalación	95 acres
Campos de entrenamiento	12 lanzamientos profesionales de tamaño completo
Inversión de instalaciones	£ 35 millones

Infraestructura del estadio Old Trafford

Estadio métrico	Especificación
Capacidad de asiento	74,140
Ingresos anuales de la jornada	£ 111.5 millones (2022/2023)
Valoración del estadio	£ 432 millones

Lista de talentos de fútbol profesional de élite

Categoría de jugador	Número	Valor de mercado total
Jugadores del primer equipo	25	£ 620 millones
Valor promedio del jugador	-	£ 24.8 millones
Jugadores de la Academia Juvenil	45	£ 62 millones

Manchester United PLC (Manu) - Modelo de negocio: propuestas de valor

Experiencia de entretenimiento de fútbol de élite

Asistencia de partidos en 2022/2023 Temporada: 73,505 Capacidad promedio en el Old Trafford Stadium

Ingresos de la jornada	2022/2023 Cantidad
Ingresos totales de la jornada	£ 89.8 millones
Precio promedio de boleto	£58

Marca deportiva global con base de fans internacional masivo

Estadísticas de la base de fanáticos globales:

• Total de seguidores globales: 1.100 millones en las plataformas de redes sociales
• Seguidores de Instagram: 43.4 millones
• Seguidores de Facebook: 43.7 millones
• Seguidores de Twitter: 10.4 millones

Rendimiento de fútbol competitivo de alta calidad

Métrico de rendimiento	2022/2023 datos
Final de la Premier League	3er lugar
UEFA Europa League	Ganadores

Mercancía de fútbol premium y compromiso de los fanáticos

Ingresos de comercialización 2022/2023: £ 173.1 millones

• Asociación oficial del kit con Adidas
• Ventas anuales del kit: aproximadamente 2.5 millones de unidades

Reconocimiento de marca global consistente

Valoración de la marca 2023: £ 1.32 mil millones (clasificación de Forbes)

Clasificación de marca	Clubes de fútbol más valiosos
Manchester United Global Ranking	4to mundo

Manchester United PLC (Manu) - Modelo de negocios: relaciones con los clientes

Plataformas de compromiso de ventiladores digitales

Manchester United tiene 41.4 millones de seguidores en Instagram a partir de 2024. La aplicación móvil del club se ha descargado 2.3 millones de veces a nivel mundial. Los ingresos de la plataforma digital alcanzaron £ 24.6 millones en la temporada 2022-2023.

Plataforma digital	Recuento de seguidores	Compromiso anual
Instagram	41.4 millones	3.200 millones de interacciones
Facebook	38.7 millones	2.9 mil millones de interacciones
Gorjeo	10.2 millones	1.500 millones de interacciones

Experiencias interactivas de las redes sociales

Manchester United genera £ 42.3 millones a partir de contenido digital y experiencias interactivas de fanáticos anualmente.

• Servicios de transmisión en vivo del día de partidos
• Plataformas de interacción de jugadores en tiempo real
• Eventos virtuales de reunión y saluda

Programas de membresía

Manchester United tiene 217,000 suscripciones de membresía activa que generan £ 18.7 millones en ingresos anuales recurrentes.

Nivel de membresía	Miembros	Tarifa anual
Membresía de oro	87,000	£89
Membresía de plata	65,000	£49
Membresía junior	65,000	£29

Clubes de admiradores oficiales en todo el mundo

Manchester United tiene 213 clubes oficiales de admiradores en 43 países, que representan 1.2 millones de fanáticos internacionales registrados.

Experiencias de contenido digital personalizados

El club invierte £ 7.6 millones anuales en creación de contenido digital personalizado, con el 68% de los fanáticos que reciben experiencias de contenido personalizadas.

• Lo más destacado de los partidos personalizados
• Transmisiones de contenido específicos del jugador
• Recomendaciones de mercancías personalizadas

Manchester United PLC (Manu) - Modelo de negocios: canales

Sitio web oficial y aplicaciones móviles

Las plataformas digitales del Manchester United generan aproximadamente £ 15.2 millones en ingresos digitales directos anualmente.

Plataforma	Visitantes mensuales	Descargas de aplicaciones móviles
Sitio web oficial	8.3 millones	N / A
Aplicación móvil	2.7 millones	1.5 millones

Plataformas de redes sociales

Manchester United mantiene una sustancial presencia de redes sociales globales.

Plataforma	Seguidores/suscriptores
Instagram	47.8 millones
Facebook	43.5 millones
Gorjeo	10.2 millones
YouTube	4.3 millones de suscriptores

Tiendas minoristas y tiendas de mercancías en línea

Las ventas de mercancías representan un flujo de ingresos significativo para el Manchester United.

• Ingresos de venta minorista y comercialización total: £ 173.7 millones (temporada 2022-2023)
• Número de tiendas minoristas oficiales: 68 a nivel mundial
• La plataforma de mercancías en línea llega a 189 países

Experiencias del día del partido

Categoría	Capacidad	Asistencia promedio
Estadio de Old Trafford	74,140	72,847
Paquetes de hospitalidad ejecutiva	5.400 asientos	4.900 promedio

Asociaciones de medios de transmisión

Los derechos de transmisión constituyen un canal de ingresos primario para el Manchester United.

Categoría de transmisión	Ingresos anuales
Derechos domésticos de la Premier League	£ 89.4 millones
Derechos de transmisión internacional	£ 126.7 millones
Liga de Campeones de la UEFA	£ 65.3 millones

Manchester United PLC (Manu) - Modelo de negocios: segmentos de clientes

Entusiastas del fútbol global

Manchester United tiene 1.100 millones de seguidores globales a partir de 2023, con distribución de la base de fanáticos en todas las regiones:

Región	Porcentaje de fanáticos
Asia	41%
Europa	33%
África	15%
América del norte	7%
Sudamerica	4%

Fans internacionales de deportes

Métricas de compromiso digital global:

• Seguidores de Instagram: 46.5 millones
• Seguidores de Twitter: 11.2 millones
• Seguidores de Facebook: 44.6 millones
• Suscriptores de YouTube: 5.3 millones

Mercado de patrocinio corporativo

Valor de la cartera de patrocinio actual:

Patrocinador	Valor anual (USD)
Visión de equipo	$ 75 millones
Adidas	$ 95 millones
Chevrolet	$ 65 millones
Cadbury	$ 25 millones

Juventud y demográfico milenario

Desglose del grupo de edad de la base de fanáticos:

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

Consumidores de entretenimiento deportivo premium

Ingresos de la jornada y detalles del segmento premium:

Categoría	Valor (GBP)
Precio promedio de boleto	£58
Ingresos de caja corporativa	£ 12.4 millones
Base de membresía premium	78,000 miembros
Ocupación de suite ejecutiva	94%

Manchester United PLC (Manu) - Modelo de negocio: Estructura de costos

Transferencia de jugadores y gastos salariales

En el año financiero 2022/2023, el Manchester United informó:

Categoría de gastos	Cantidad (£ millones)
Salarios totales del jugador	384.2
Gasto de transferencia de jugadores	229.6
Costos de amortización del jugador	130.5

Mantenimiento y operaciones del estadio

Costos operativos del estadio Old Trafford para 2022/2023:

• Mantenimiento anual del estadio: £ 18.3 millones
• Gastos de servicios públicos e infraestructura: £ 7.6 millones
• Costos de seguridad y personal operativo: £ 12.4 millones

Marketing y desarrollo de la marca

Categoría de gastos de marketing	Cantidad (£ millones)
Marketing digital	22.7
Promoción de la marca	16.5
Marketing comercial	29.3

Infraestructura de rendimiento y capacitación

Instalaciones de capacitación y gastos relacionados con el rendimiento:

• Mantenimiento anual del complejo de capacitación de Carrington: £ 5.2 millones
• Ciencias del deporte e instalaciones médicas: £ 8.7 millones
• Equipo y tecnología de capacitación: £ 3.6 millones

Gastos generales administrativos y de gestión

Categoría de gastos administrativos	Cantidad (£ millones)
Salarios de gestión ejecutiva	12.6
Costos de personal administrativo	24.3
Operaciones de oficina	6.9
Servicios profesionales	11.2

Manchester United PLC (Manu) - Modelo de negocios: flujos de ingresos

Derechos de transmisión y contratos de medios

Para el año fiscal 2022/2023, los ingresos de transmisión del Manchester United fueron de £ 218.2 millones. El contrato de derechos de los medios de la Premier League contribuyó significativamente a esta cifra.

Fuente de ingresos	Cantidad (£ millones)
Derechos domésticos de la Premier League	112.3
Derechos internacionales de la Premier League	65.7
Transmisión de la UEFA Champions League	40.2

Venta de entradas para la mañana

Los ingresos de la jornada para la temporada 2022/2023 fueron de £ 71.5 millones. La capacidad del estadio del Old Trafford es de 74,140.

Categoría de boletos	Precio promedio (£)
Boleto de partido de la Premier League	52
Boleto de partido de la Liga de Campeones	85

Acuerdos de patrocinio comercial

Los ingresos comerciales alcanzaron £ 229.9 millones en 2022/2023.

• Patrocinador de la camisa principal: TeamViewer (£ 55 millones por año)
• Patrocinador del kit técnico: Adidas (£ 75 millones por año)
• Patrocinador del kit de entrenamiento: neumáticos Apollo (£ 15 millones por año)

Mercancías y ventas minoristas

Los ingresos por mercancías fueron de aproximadamente £ 45.6 millones en 2022/2023.

Categoría de productos	Ingresos estimados (£ millones)
Camisetas en casa	18.2
Jerseys	12.5
Ropa de entrenamiento	8.7
Otras mercancías	6.2

Negociaciones de transferencia de jugadores

El comercio de jugadores generó £ 15.3 millones en ganancias netas durante el año financiero 2022/2023.

Actividad de transferencia	Cantidad (£ millones)
Ventas de jugadores	47.8
Compras de jugadores	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.