The reporter reported coldly Manchester United's financial report figures in the era of La Jue have been "pulling the hips", and the revenue of the three major sectors of broadcasting, business and box office has declined across the board. The direct reason is that Manchester United did not qualify for the Champions League this season, which led to a huge reduction in prize money, market pool and matchday income, but in essence, it was actually after Ferguson's retirement, Manchester United ate more than 10 years of "Ferguson Trophy" dividends, and finally exhausted them in these two seasons. United's continued sluggish business situation has finally coincided with the team's long-term sluggish performances on the pitch. The former Premier League's top clubs are struggling in the bottom half of the table and naturally cannot expect the club to be as successful in the commercial world as it has been in the past.

The bottom line of a professional football club's performance is its competitive performance. If you continue to enter the Champions League, which is highly profitable, and win major trophies, the club's revenue from the three major sectors of broadcasting, box office and commerce will naturally rise. Due to the time limit of the broadcast and commercial sponsorship contracts, the club's brand value and commercial income will have a certain delay effect after the performance declines, but the time will come eventually.

After Ra Jue became the owner of Manchester United, many mysterious operations in the field of competition objectively further reduced the competitive performance of the Red Devils, and paid additional financial costs for this, which directly led to the lack of reinforcements in this winter window. In such a vicious circle, Manchester United's downturn on the pitch and in the mall is the cause and effect of each other, and Raja's 2028 Premier League title strategy looks more like a fantasy that is not even a "pie".

Despite missing out on the Champions League, Manchester United's revenue estimate for this season is still the same as last season, so the lack of close to 100 million euros in revenue from the Champions League this season can only be made up for by cutting labor costs. The focus of the revival of Manchester United is to restructure the power structure of the squad, as well as to cut staff and salaries. Originally, it was thought that the new season for United would start with a new manager and new signings under the control of a new sports management team. Unfortunately, the unprofessional act of Abrupt Ten Hag's contract extension in the summer directly disrupted the team's football operation rhythm throughout the season.

Ashworth, the sporting director who was poached at a high price, has indeed built a new football management trio, but the summer recruitment is still inseparable from Ten Hag, who has long lost the trust of fans and the media. Three of the five new signings are still from the Netherlands, and they are still predominantly newcomers, without the immediate players that United desperately need. The operation is reminiscent of the Grenadier cycling team, which INEOS largely stopped sponsoring last year, and the world's top team is now barely supported by young riders.

Returning Ten Hag at a time when it was most time time to restructure Manchester United's football team was a wrong step. Two months into the season, the coach had to be changed. The cost of a manager change surged to £17.5 million from £8.7 million in the summer, almost fully offsetting the savings from the 250 layoffs at the club in the summer. Coupled with the 11 million euro release fee for Amorim poached, it added unnecessary expenses at a time when the team needed to throttle the most. In the following winter window, due to limited cash flow and unable to meet Amorim's recruitment requirements, only 20-year-old left-back Dolgu was signed, and the Portuguese coach basically had to rely on his current squad for the rest of the season.

Not only that, but the "miserable" operation by the fans of Lord La's is also the sports director Ashworth. Last summer, Manchester United spent 3 million pounds to poach him, but because of the unexpected renewal of Ten Hag's contract, the summer window can only focus on the Dutch coach's thinking, and the signing of new signings at a cost of 200 million pounds did not have an immediate effect, and was swept away in December last year. Manchester United's new sports management team was led by Ashworth, and his departure means that the new management team that has been in operation for five months is about to be rebuilt. The Red Devils' inefficiency in the winter window has clearly something to do with the collapse of the management team.

Without strong reinforcements, Amorim can only continue to struggle with Ten Hag's mess. Manchester United's continued failure to qualify for the Champions League next season is a foregone conclusion, which naturally fundamentally determines that the club's business situation will continue to deteriorate.

The commercial value of the club is directly proportional to the competitive value, and although Manchester United has not won the Premier League and Champions League trophies for ten years after Ferguson's retirement, they can at least ensure that they will play in the Champions League for most of the season, and even win one Europa League, two FA Cups and two Premier League runners-up for comfort. But after Ten Hag set the Reds' worst league ranking (eighth) since 1989/90 (13th) last season, United's commercial appeal began to decline at an unprecedented rate. So far this season, Manchester United's results have been even more outrageous, and even threatened with relegation at one point.

The most immediate negative impact of Manchester United's slump on the pitch on the commercial sector is that equipment sponsor Adidas has stressed that the contract that will come into effect next season has a penalty clause linked to Manchester United's poor results. If you miss the Champions League, the sponsorship fee will be deducted by 10 million pounds in a single season, and if Manchester United is relegated, the sponsorship fee will be halved in a single season. However, the British media recently revealed that Adidas and other major sponsors of Manchester United are considering whether to directly terminate the sponsorship contract in the extreme case of Manchester United's relegation.

After more than ten years of missing major trophies, Manchester United's "trophy bonus" was actually basically exhausted as early as last season with Champions League participation. Manchester United qualified for the Champions League in 2023/24, but their commercial income only increased by a measly €5 million, or 1.4 per cent, from previous Europa League seasons. The club's total revenue also increased by only 3%, which is significantly behind Real Madrid, which exceeded 1 billion euros for the first time in the season, and even less than the city's arch-rivals Manchester City and the French giants Paris. This is Manchester United's lowest ranking on the Deloitte Football Fortune List since its inception.

Not only the existing sponsors, but also United's plans to find a title sponsor for a new 100,000-man stadium have not progressed as well. Manchester United have put a £50 million tag on naming rights for their new home stadium, but only chest sponsor Snapdragon has expressed interest in a very "diplomatic tone" in August last year. To this day, there has been no follow-up progress in the context of the strong support of the Manchester City government for the construction of the new stadium. Manchester United plan to modernise Carrington's training base at a cost of £50 million, but Ferguson retired with a whopping £156 million in title income over eight years, but in recent years it has not been noticed. For comparison, even Everton, who have been in the bottom half for many years, sold for the naming rights of the new stadium for £20 million a year. All of this is the inevitable result of the decline in the commercial value of Manchester United's competitive value after the collapse of the curve. If Manchester United's on-field performance does not improve substantially, Manchester United's management problems will undoubtedly become more and more serious.