Despite their recent on-pitch decline, Manchester United has been ranked the second most valuable football club in the world, trailing only Spanish giants Real Madrid, according to Forbes’ annual rankings.
Forbes estimates United’s value at $6.6 billion (approx. £4.9 billion) with revenues of $834 million (£620 million) during the 2023–24 season. The valuation marks a 1% increase year-over-year, even as the Red Devils finished eighth in the Premier League and failed to qualify for the UEFA Champions League.
Poor Form, Big Brand
United’s on-field struggles have been glaring. While they secured the FA Cup in 2023–24, the 2024–25 season was a disaster — the club finished 15th in the Premier League and lost the Europa League final under manager Rúben Amorim. With no European football next season, financial and brand resilience have become more critical than ever.
Despite posting losses of £113.2 million and carrying over £1 billion in debt, the club remains one of the strongest brands in global sport. Manchester United’s iconic status, built through decades of domestic and European dominance, continues to pay dividends off the pitch through commercial deals, global fan engagement, and merchandising.
Behind the Numbers
- Real Madrid topped the 2025 rankings with a value of $6.75 billion and revenue of $1.129 billion.
- Barcelona took third place.
- Manchester City, despite recording the second-highest revenue ($901 million), placed fifth overall with a valuation of $5.3 billion.
- Liverpool came in fourth, valued at $5.4 billion with $773 million in revenue.
Forbes’ valuations are based on enterprise value (equity + net debt), drawing from club financial reports, executive interviews, and market analysis. These figures factor in stadium operations but exclude real estate values. Debt is measured as long-term, interest-bearing obligations — including stadium-related borrowing.
Ownership Shake-Up and Future Plans
Sir Jim Ratcliffe, who acquired a minority stake in the club in December 2024, has implemented cost-cutting measures to control financial losses. Last summer, around 250 staff were laid off, saving the club an estimated £8–10 million, with an additional 200 jobs possibly at risk in the coming months.
In March, Manchester United unveiled plans for a new £2 billion stadium on the current Old Trafford site — a bold move aimed at rejuvenating the club’s infrastructure and long-term commercial strategy.
Looking Ahead
While silverware and European nights remain elusive, Manchester United’s brand power shows little sign of decline. The club’s ability to stay near the top of global valuation charts highlights its commercial magnetism, loyal fan base, and future growth potential — provided they can match it with performances on the pitch.
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