Manchester United plc (MANU): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine room of one of the world's biggest sports brands, and honestly, the numbers from the latest fiscal year tell a fascinating, dual story. Despite the on-pitch turbulence, Manchester United plc's business model is clearly built on massive global equity, pulling in £333.3 million from Commercial Revenue alone-that's the sponsorship and retail machine humming. Before you dive into the full nine blocks below, know this: understanding how they manage player asset amortization (£196.4 million in FY2025) against those huge broadcasting deals is key to seeing the real value proposition here. Let's break down exactly how this global giant keeps the lights on, so you can see the structure behind the spectacle.

Manchester United plc (MANU) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Manchester United plc's commercial engine, the strategic alliances that fuel the top line, so let's break down the numbers behind these critical relationships as of late 2025.

Kit Supply and Front-of-Shirt Sponsorship

The technical kit supply and the main shirt sponsorship are massive drivers of guaranteed income. The deal with adidas, which kicked off its new term on July 1, 2025, is a record-setter for the Premier League.

Here are the key figures for the technical kit supply agreement:

• Minimum guaranteed cash over the 10-year term (until June 2035): £900 million.
• Minimum annual value starting in fiscal year 2026: £90 million per season.
• Maximum possible annual increase based on performance: £4.4 million.
• Annual payment reduction if the men's first team fails to qualify for the Champions League: £10 million per season.
• Annual payment reduction for Premier League relegation: Payments are halved to £45 million, with a one-year notice period for termination.

The front-of-shirt sponsorship with Qualcomm (Snapdragon), which began in the 2024/2025 season, also significantly boosted commercial performance. This deal replaced the TeamViewer agreement, which was worth £47 million per year.

The Snapdragon deal is reported to be worth around £60 million per year, or potentially up to £65 million per season.

The impact of these deals is visible in the fiscal year 2025 results:

Broadcasting Rights Distribution

Manchester United plc's revenue from the Premier League and UEFA is directly tied to on-pitch performance, as you saw in the last reporting cycle. The current Premier League TV cycle, which began in the 2024/25 season, is worth more than £12 billion in total over its life, with £6.7 billion coming from domestic rights.

For the 12 months ending June 30, 2025, Broadcasting revenue was £172.9 million. This was a decrease of £48.9 million, or 22.0%, compared to the prior year, mainly because the men's first team participated in the UEFA Europa League instead of the UEFA Champions League, and finished 15th in the Premier League compared to 8th the year before.

Here's a look at the components of Premier League revenue distribution for the 2024/25 season:

• Domestic Equal Share Payment per club: £29.8 million.
• Domestic Merit Payment per place in the table: £1.6 million.
• International League Equal Share Payment per club (2024/25): £59.2 million.
• Equal Share from Premier League Commercial Rights (per club): £7.9 million (from a total pool of £158 million).

Other Commercial Alliances

The partnership with Coca-Cola for UK/Europe carbonated soft drinks is part of the broader commercial revenue stream derived from official partners, which the Premier League distributes as noted above. Specific financial contributions from Coca-Cola to Manchester United plc itself are not publicly itemized in the same way as the main shirt deals.

The strategic shift to an in-house e-commerce platform powered by SCAYLE is a key operational partnership. Manchester United plc selected SCAYLE in early 2024, and the new direct-to-consumer platform successfully launched on schedule in October 2024, only seven months after the selection process.

The success of this platform is reflected in the Retail and Merchandising revenue growth for FY2025, which reached £144.9 million, an increase of £19.8 million year-on-year. The platform supports features like 'make your shirt' and 'shop by player' customization.

Finance: draft 13-week cash view by Friday.

Manchester United plc (MANU) - Canvas Business Model: Key Activities

You're looking at the core engine room of Manchester United plc, the activities that translate global brand equity into financial results, even when the on-pitch performance is, let's say, volatile. Here's the quick math on what they were actively doing to generate that record £666.5 million in total revenue for fiscal year 2025, despite finishing 15th in the Premier League.

Professional football team management and performance

This is the foundational activity, though the 2024/25 season results show the financial impact of underperformance. The team management, now under Ruben Amorim, focuses on winning silverware, which directly impacts revenue streams like broadcasting. The men's first team finished 15th in the Premier League, missing out on European competition this season, which caused Broadcasting revenue to fall by £48.9 million year-over-year compared to the previous season's Champions League participation. Still, the team reached the final of the UEFA Europa League, which helped boost Matchday revenue. The Women's team, however, secured a third-place finish in the Women's Super League, qualifying for the UEFA Women's Champions League for 2025/26.

The cost structure related to performance is also being actively managed. Employee benefit expenses (wages and salaries) for fiscal 2025 were £313.2 million, a decrease of £51.5 million, or 14.1%, over the prior year, partly due to lower player bonuses from not being in the Champions League and a leaner overall headcount of 932 staff.

Global commercial partnership acquisition and servicing

This is where the brand power really shines through, offsetting the sporting disappointment. Manchester United plc achieved a record commercial revenue of £333.3 million in fiscal 2025, a 10% year-over-year increase. This was heavily supported by the start of the new five-year front-of-shirt sponsorship deal with Snapdragon. Servicing these partnerships involves delivering value through various channels.

Key commercial revenue components for the full fiscal year 2025 include:

The growth in Retail, Merchandising, Apparel & Product Licensing revenue to £144.9 million is directly linked to the launch of their new in-house e-commerce model in partnership with SCAYLE.

Player scouting, transfer, and development (intangible asset investment)

Investing in the playing squad is a critical, high-spend activity, treated as capital investment in intangible assets. For the fiscal year ending June 30, 2025, net capital expenditure on intangible assets (player acquisitions) was £230.0 million, which was an increase of £76.3 million over the prior year. This reflects significant spending in the summer 2025 window, with upfront spending reported around £196.5 million. Player amortization, which spreads the cost of these assets, was £196.4 million for the year. The club's unamortized balance of registrations at June 30, 2025, stood at £537.3 million. You should note that despite this investment, the January 2026 transfer window was expected to be quiet due to financial pressures.

The activity involves significant talent identification, as evidenced by:

• Summer 2025 signings included Matheus Cunha and Benjamin Šeško.
• Benjamin Šeško's deal could reach £74 million total.
• Diego León arrived for a total worth of £7 million.
• Academy players like Chido Obi Martin made first-team debuts.

Matchday operations and hospitality management at Old Trafford

Managing the experience at the 74,197-seat Old Trafford stadium is a core revenue driver. Matchday revenue for fiscal 2025 reached a record £160.3 million, a 16.9% increase, or £23.2 million, over the previous year. This record was achieved despite a lower league finish because the team played 5 more home matches due to their run to the Europa League final. The club averaged 73,747 fans per game, showing effectively a sell-out environment, with strong demand for hospitality offerings driving the increase.

For the fourth quarter of fiscal 2025, Matchday revenue was £37.2 million.

Global content creation and distribution via MUTV and digital platforms

While specific revenue figures for MUTV aren't broken out separately from the Commercial segment, digital platform activity is key to servicing the global fanbase and driving the Retail/Licensing revenue. The launch of the new e-commerce model in partnership with SCAYLE was a major focus, contributing to the 15.8% YoY rise in Retail, Merchandising, Apparel & Product Licensing revenue to £144.9 million in FY2025. Furthermore, the club conducted a post-season tour with games in Kuala Lumpur and Hong Kong, and announced pre-season matches for 2025/26 in New Jersey, Chicago, and Atlanta as part of the Premier League's Summer Series, all of which are content generation activities.

Infrastructure investment supports this: The £50 million redevelopment of the men's first team building at Carrington was completed on time and on budget, creating a world-class environment for players and staff, which indirectly supports on-pitch performance that drives content value.

Manchester United plc (MANU) - Canvas Business Model: Key Resources

You're looking at the core assets that underpin Manchester United plc's operations as of late 2025. These aren't just line items; they're the engines of the business.

Global brand equity and a massive international fanbase is arguably the most valuable intangible asset. This brand strength allowed Manchester United plc to post a record total revenue of £666.5 million for the fiscal year ending 30 June 2025, even while finishing 15th in the Premier League. That resilience is a direct function of global recognition.

The first-team playing squad represents a significant capital investment on the balance sheet. The unamortized balance of player registrations stood at £537.3 million as of 30 June 2025. For context, the amortization charge for that year, which spreads the cost of player acquisitions over their contracts, was £196.4 million. You should note that £200.8 million of that unamortized balance is scheduled to be amortized in the year ending 30 June 2026.

The physical infrastructure, centered around Old Trafford stadium and the Carrington Training Complex, is undergoing a massive strategic shift. While the current Old Trafford has faced criticism, the club announced plans to build a new 100,000-seat stadium with an estimated cost of around £2 billion ($2.6 billion). Separately, net capital expenditure on property, plant and equipment for the nine months ended 31 March 2025 was £34.1 million, driven by investment in the Carrington training centre.

The club's commercial strength is secured by long-term, high-value commercial contracts. These deals provide predictable, multi-year income streams, which is crucial for financial stability. Here's a look at two of the biggest ones:

The media rights portfolio remains a foundational revenue pillar, though performance-dependent. Broadcasting revenue for the full year ended 30 June 2025 totaled £172.9 million. That figure represented a 22.0% decrease, or £48.9 million, compared to the prior year, primarily because the men's first team participated in the UEFA Europa League instead of the UEFA Champions League. Still, the Premier League itself is anticipating an uplift in international media rights value starting from the 2025/26 season.

Key elements underpinning the commercial and matchday revenue streams include:

• Record Matchday revenue of £160.3 million for the year ended 30 June 2025.
• Record Commercial revenue of £333.3 million for the year ended 30 June 2025.
• The club is one of the few Money League clubs whose gate revenue has stagnated, making £140 million in 2024.
• The club's enterprise value was estimated at $6.6 billion as of May 2025.

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:

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:

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:

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:

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:

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:

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.