Manchester United co-owner Avram Glazer reportedly told a room of investors that the club's commercial power does not depend on success on the pitch, speaking at Deutsche Bank's inaugural Sports Investment Conference. According to the phrasing carried by The Athletic, Glazer said United "are not dependent on success on the pitch for commercial power."
Glazer is thought to have compared United's position to that of the NFL's Dallas Cowboys and MLB's New York Yankees, two franchises that retain historic prestige and high valuations despite years without fresh silverware. It has been 17 years since the Yankees last won the World Series, while the Cowboys' most recent Super Bowl triumph dates back to the 1995 season. Forbes ranks both the Cowboys and the Yankees as the most valuable franchises in their respective sports, and Manchester United trail only Real Madrid by the same metric in soccer.
Glazer's remarks echo comments made in 2018 by United's former executive Ed Woodward, who told a shareholder that "playing performance doesn't really have a meaningful impact on what we can do on the commercial side of the business."
The Numbers Tell a Different Story
Between Sir Alex Ferguson's retirement in 2013 and Woodward's 2018 comments, United's annual commercial revenue rose from around $240 million to $360 million. According to Deloitte figures, that commercial revenue reached a world-leading €364 million ($407 million at today's rates) in 2016. By the 2025 accounts, it stood at €397 million ($444 million) - still substantial, but now behind Real Madrid, Barcelona, Bayern Munich and, with an asterisk, Manchester City.
Since 2016, United's commercial revenue has grown by just 9%. Over the same period, Arsenal and Liverpool have more than doubled their commercial income, while Tottenham Hotspur's revenue has grown by 323%.
The Glazer family has held a majority stake in Manchester United since completing a leveraged buyout in 2005, a deal that prompted home fans to chant "Die, Glazers, die!" at the first match Avram and his brother Joel attended afterward. Former United defender Paul Parker previously described the club as "the highest-profile ATM machine in world football."
On the pitch, United have cycled through seven managers in the 13 years since Ferguson's exit, and current manager Michael Carrick's position had reportedly been under pressure before a Champions League comeback eased some of that scrutiny.
