Poor form, MU still ranks second worldwide

Manchester United has just been ranked as the second most valuable football club in the world, only behind Real Madrid.

According to Forbes' annual list, Manchester United is valued at $6.6 billion (£4.9 billion), placing second among the world's most valuable football clubs, just after Real Madrid. In the 2023/24 season, the Old Trafford club earned $834 million (£620 million), despite finishing 8th in the Premier League and missing out on Champions League qualification.

The report states that the "Red Devils" increased their value by 1% despite finishing 8th in the Premier League 2023-24 and failing to qualify for the Champions League. That season, they won the FA Cup, but in 2024-25 they dropped to 15th in the Premier League and lost the Europa League final. This means coach Ruben Amorim's team will not participate in European competitions next season.

Despite poor performance on the pitch, a £1 billion debt, and a £113.2 million loss in the 2023/24 season, Manchester United still benefits from one of the strongest sports brands globally, built over two decades of dominance in the 1990s and 2000s.

After becoming a minority shareholder last year, Sir Jim Ratcliffe implemented several cost-cutting measures. Last summer, about 250 staff were laid off, saving £8-10 million.

In March, the club announced plans to build a new £2 billion stadium on the current Old Trafford site.

Conversely, Real Madrid tops the rankings with a value of $6.75 billion and revenue of $1.129 billion, while Barcelona ranks third. Manchester City had the second highest revenue in 2023/24 ($901 million) but only fifth in value ($5.3 billion), up 4% from the previous year. Liverpool holds fourth place with a value of $5.4 billion and revenue of $773 million.

Forbes explained that club valuations are based on enterprise value (including equity and net debt), past transactions, and the economic outlook of the leagues and clubs. Revenue and operating income (before interest, taxes, depreciation, and amortization) reflect the 2023/24 season.

These valuations consider stadium economics but exclude the real estate value of the stadium. Debt includes long-term interest-bearing loans (including stadium construction debt). Forbes’ data comes from annual reports, club documents, club executives, investors, credit reports, and sports banks.

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