Manchester United Plc (Manu): Business Model Canvas [Jan-2025 Mis à jour]

Manchester United Plc n'est pas seulement un club de football - c'est une centrale de divertissement mondiale qui transforme le beau jeu en un écosystème commercial méticuleusement conçu. En tirant stratégiquement sa marque emblématique, ses talents de classe mondiale et ses sources de revenus innovantes, Manu a transcendé les franchises sportives traditionnelles pour devenir une entreprise multinationale sophistiquée qui captive des millions de fans dans le monde. Du point historique d'Old Trafford aux plateformes numériques atteignant tous les coins du monde, le modèle commercial du club représente une masterclass en marketing sportif, en engagement de la marque et en stratégie financière qui s'étend bien au-delà des quatre-vingt-dix minutes de match.

Manchester United Plc (Manu) - Modèle d'entreprise: partenariats clés

Nike (partenaire de fabrication de kit et de marchandises primaire)

Nike a signé un accord de kit de 750 millions de livres sterling avec Manchester United en 2015, se déroulant jusqu'en 2026. La valeur annuelle du partenariat est d'environ 75 millions de livres sterling par an.

Détail du partenariat	Valeur financière	Durée
Droits de fabrication de kit	750 millions de livres sterling	2015-2026
Valeur de parrainage annuelle	75 millions de livres sterling	Annuel

Adidas (accord de parrainage mondial et de vêtements)

Avant Nike, Adidas était le partenaire de kit de Manchester United de 2014 à 2015, avec un contrat de 750 millions de livres sterling.

Chevrolet (commanditaire de Jersey primaire)

Le parrainage du maillot de Chevrolet était évalué à 47 millions de livres sterling par an, se terminant en 2021. Actuellement, TeamViewer est le principal sponsor de Jersey avec un accord de 55 millions de livres sterling par an.

Télécommunications et partenaires technologiques mondiaux

• TeamViewer: 55 millions de livres sterling de parrainage annuel
• Pneus Sailun: partenariat annuel de 10 millions de livres sterling
• Kohler: parrainage annuel de kit annuel de 20 millions de livres sterling

Partenaires mondiaux de droits de diffusion

Région de diffusion	Partenaire	Valeur annuelle
Royaume-Uni	Sky Sports	75 millions de livres sterling
États-Unis	NBC Sports	45 millions de livres sterling
Asie-Pacifique	Divers diffuseurs régionaux	60 millions de livres sterling

Manchester United Plc (Manu) - Modèle d'entreprise: activités clés

Gestion de l'équipe de football professionnel

Bill de salaire annuel de la première équipe: 384,2 millions de livres sterling (saison 2022/2023)

Catégorie de gestion	Nombre de membres du personnel
Personnel de gestion de la première équipe	45
Équipe d'analyse des performances	12

Recrutement et développement des joueurs

Investissement annuel dans la jeunesse de la jeunesse: 12,5 millions de livres sterling

• Diplômés de la jeunesse de l'Académie dans l'équipe de la première équipe: 6
• Budget de dépistage annuel: 4,3 millions de livres sterling
• Nombre de réseaux de dépistage internationaux: 8

Marketing et merchandising de marque mondiale

Métrique marketing	Valeur
Revenus de marchandises annuelles	215,6 millions de livres sterling
Fondeurs mondiaux des médias sociaux	187,4 millions

Opérations de stade et d'installation

Capacité du stade Old Trafford: 74 140

• Budget annuel de maintenance du stade: 8,7 millions de livres sterling
• Emplacements des installations de formation: 2 (Carrington et Old Trafford)

Contenu numérique et production de médias

Plate-forme numérique	Métrique de l'engagement
Application officielle de Manchester United	3,2 millions de téléchargements
Équipe de production de contenu numérique	37 membres du personnel

Revenus médias numériques annuels: 89,4 millions de livres sterling

Manchester United Plc (Manu) - Modèle d'entreprise: Ressources clés

Marque de football de renommée mondiale et héritage

Valeur de la marque estimée à 1,1 milliard de livres sterling en 2023

Classement mondial de la marque	Valeur
Classement de la marque de football	3ème mondiale
Abonnés des médias sociaux	1,3 milliard de plates-formes sur toutes les plateformes

Présence compétitive de la Premier League et de la Ligue des champions de l'UEFA

Prix ​​annuel de l'UEFA en argent: 72,5 millions de livres sterling en 2022/2023 Saison

• Revenus de droits de radiodiffusion en Premier League: 139,4 millions de livres sterling (2022/2023)
• Revenus de participation au concours européen: 35,2 millions de livres sterling

Installations de formation à Carrington

Métrique de l'installation	Spécification
Zone totale des installations	95 acres
Terres d'entraînement	12 emplacements professionnels pleine grandeur
Investissement de l'installation	35 millions de livres sterling

Infrastructure du stade Old Trafford

Métrique du stade	Spécification
Capacité de sièges	74,140
Revenus de la journée annuelle	111,5 millions de livres sterling (2022/2023)
Évaluation du stade	432 millions de livres sterling

Élite de talents de football professionnel

Catégorie des joueurs	Nombre	Valeur marchande totale
First Team Players	25	620 millions de livres sterling
Valeur moyenne du joueur	-	24,8 millions de livres sterling
Joueurs de l'Académie des jeunes	45	62 millions de livres sterling

Manchester United Plc (Manu) - Modèle d'entreprise: propositions de valeur

Expérience de divertissement de football d'élite

Match Assistance en 2022/2023 Saison: 73 505 Capacité moyenne au Old Trafford Stadium

Revenus de la porte	Montant 2022/2023
Revenu total de la journée	89,8 millions de livres sterling
Prix ​​moyen des billets	£58

Marque sportive mondiale avec une base de fans internationale massive

Statistiques mondiales de base de fans:

• Total des adeptes mondiaux: 1,1 milliard sur les plateformes de médias sociaux
• Followers Instagram: 43,4 millions
• Fonds Facebook: 43,7 millions
• Abonnés Twitter: 10,4 millions

Performance de football compétitive de haute qualité

Métrique de performance	Données 2022/2023
Terminé en Premier League	3e place
UEFA Europa League	Gagnants

Marchandise de football premium et engagement des fans

Revenus de merchandising 2022/2023: 173,1 millions de livres sterling

• Partenariat officiel de kit avec adidas
• Ventes annuelles de kit: environ 2,5 millions d'unités

Reconnaissance cohérente de la marque mondiale

Évaluation de la marque 2023: 1,32 milliard de livres sterling (classement Forbes)

Classement de marque	Clubs de football les plus précieux
Classement mondial de Manchester United	4e dans le monde

Manchester United Plc (Manu) - Modèle d'entreprise: relations avec les clients

Plates-formes de fiançailles des ventilateurs numériques

Manchester United compte 41,4 millions de followers sur Instagram à partir de 2024. L'application mobile du club a été téléchargée 2,3 millions de fois dans le monde. Les revenus de la plate-forme numérique ont atteint 24,6 millions de livres sterling au cours de la saison 2022-2023.

Plate-forme numérique	Nombre de suiveurs	Engagement annuel
Instagram	41,4 millions	3,2 milliards d'interactions
Facebook	38,7 millions	2,9 milliards d'interactions
Gazouillement	10,2 millions	1,5 milliard d'interactions

Expériences interactives des médias sociaux

Manchester United génère 42,3 millions de livres sterling à partir du contenu numérique et des expériences de fans interactifs chaque année.

• Services de streaming de jour en direct
• Plates-formes d'interaction des joueurs en temps réel
• Événements de rencontre virtuelle et de salut

Programmes d'adhésion

Manchester United possède 217 000 abonnements à l'adhésion actifs générant 18,7 millions de livres sterling de revenus annuels récurrents.

Niveau d'adhésion	Membres	Frais annuels
Adhésion à l'or	87,000	£89
Adhésion à l'argent	65,000	£49
Adhésion junior	65,000	£29

Fan Clubs officiels du monde entier

Manchester United compte 213 fan clubs officiels dans 43 pays, représentant 1,2 million de fans internationaux enregistrés.

Expériences de contenu numérique personnalisés

Le club investit 7,6 millions de livres sterling par an dans la création de contenu numérique personnalisé, avec 68% des fans recevant des expériences de contenu personnalisées.

• Points forts du match personnalisé
• Streams de contenu spécifiques aux joueurs
• Recommandations de marchandises personnalisées

Manchester United Plc (Manu) - Modèle d'entreprise: canaux

Site Web officiel et applications mobiles

Les plates-formes numériques de Manchester United génèrent environ 15,2 millions de livres sterling de revenus numériques directs par an.

Plate-forme	Visiteurs mensuels	Téléchargements d'applications mobiles
Site officiel	8,3 millions	N / A
Application mobile	2,7 millions	1,5 million

Plateformes de médias sociaux

Manchester United maintient une présence importante sur les réseaux sociaux mondiaux.

Plate-forme	Adeptes / abonnés
Instagram	47,8 millions
Facebook	43,5 millions
Gazouillement	10,2 millions
Youtube	4,3 millions d'abonnés

Magasins de détail et magasins de marchandises en ligne

Les ventes de marchandises représentent une source de revenus importante pour Manchester United.

• Revenu total de vente au détail et de marchandisage: 173,7 millions de livres sterling (saison 2022-2023)
• Nombre de magasins de détail officiels: 68 dans le monde
• La plateforme de marchandises en ligne atteint 189 pays

Expériences du jour du match

Catégorie	Capacité	Fréquentation moyenne
Stadium d'Old Trafford	74,140	72,847
Forfaits hospitaliers exécutifs	5 400 sièges	4 900 moyens

Diffuser des partenariats médiatiques

Les droits de radiodiffusion constituent une chaîne de revenus primaire pour Manchester United.

Catégorie de diffusion	Revenus annuels
Droits nationaux de Premier League	89,4 millions de livres sterling
Droits de diffusion internationale	126,7 millions de livres sterling
Ligue des champions de l'UEFA	65,3 millions de livres sterling

Manchester United Plc (Manu) - Modèle d'entreprise: segments de clientèle

Antariens mondiaux de football

Manchester United compte 1,1 milliard de followers mondiaux à partir de 2023, avec une distribution de base de fans dans toutes les régions:

Région	Pourcentage de fans
Asie	41%
Europe	33%
Afrique	15%
Amérique du Nord	7%
Amérique du Sud	4%

Fans de sport internationaux

Métriques mondiales d'engagement numérique:

• Followers Instagram: 46,5 millions
• Abonnés Twitter: 11,2 millions
• Fonds Facebook: 44,6 millions
• Abonnés YouTube: 5,3 millions

Marché de parrainage d'entreprise

Valeur du portefeuille de parrainage actuel:

Parrainer	Valeur annuelle (USD)
Ventre de l'équipe	75 millions de dollars
Adidas	95 millions de dollars
Chevrolet	65 millions de dollars
Cadbury	25 millions de dollars

Jeunesse et démographique de la génération Y

Répartition des groupes d'âge de la base des fans:

• 16-24 ans: 38%
• 25-34 ans: 32%
• 35 à 44 ans: 20%
• Plus de 45 ans: 10%

Consommateurs de divertissement sportif premium

Détails des revenus et du segment premium de la journée:

Catégorie	Valeur (GBP)
Prix ​​moyen des billets	£58
Revenus de la boîte d'entreprise	12,4 millions de livres sterling
Base d'adhésion premium	78 000 membres
Occupation de la suite exécutive	94%

Manchester United Plc (Manu) - Modèle d'entreprise: Structure des coûts

TRANSFORMATION DES JOUEUR

Au cours de l'exercice 2022/2023, Manchester United a rapporté:

Catégorie de dépenses	Montant (£ millions)
Salaire total des joueurs	384.2
Dépenses de transfert de joueurs	229.6
Coûts d'amortissement des joueurs	130.5

Entretien et opérations du stade

Coûts opérationnels du stade Old Trafford pour 2022/2023:

• Entretien annuel du stade: 18,3 millions de livres sterling
• Dépenses d'utilité et d'infrastructure: 7,6 millions de livres sterling
• Coûts de sécurité et de personnel opérationnel: 12,4 millions de livres sterling

Marketing et développement de marque

Catégorie de dépenses de marketing	Montant (£ millions)
Marketing numérique	22.7
Promotion de la marque	16.5
Marketing commercial	29.3

Infrastructure de performance et de formation

Installations de formation et dépenses liées à la performance:

• Entretien annuel du complexe de formation de Carrington: 5,2 millions de livres sterling
• Sciences sportives et installations médicales: 8,7 millions de livres sterling
• Équipement et technologie de formation: 3,6 millions de livres sterling

Administrative et au-dessus de la direction

Catégorie de dépenses administratives	Montant (£ millions)
Salaires de gestion des cadres	12.6
Frais de personnel administratifs	24.3
Opérations de bureau	6.9
Services professionnels	11.2

Manchester United Plc (Manu) - Modèle d'entreprise: Strots de revenus

Droits de diffusion et contrats médiatiques

Pour l'exercice 2022/2023, les revenus de la radiodiffusion de Manchester United étaient de 218,2 millions de livres sterling. Le contrat de droits des médias de Premier League a contribué de manière significative à ce chiffre.

Source de revenus	Montant (£ millions)
Droits nationaux de Premier League	112.3
Droits internationaux de Premier League	65.7
Broadcasage de la Ligue des champions de l'UEFA	40.2

Ventes de billets de match

Les revenus de la journée pour la saison 2022/2023 étaient de 71,5 millions de livres sterling. La capacité du stade d'Old Trafford est de 74 140.

Catégorie de billets	Prix ​​moyen (£)
Billet de match de Premier League	52
Ticket de match de la Ligue des champions	85

Accords de parrainage commercial

Les revenus commerciaux ont atteint 229,9 millions de livres sterling en 2022/2023.

• Sponsor de la chemise principale: TeamViewer (55 millions de livres sterling par an)
• Sponsor du kit technique: adidas (75 millions de livres sterling par an)
• Sponsor du kit de formation: Apollo Tires (15 millions de livres sterling par an)

Marchandises et ventes de détail

Les revenus de marchandises étaient d'environ 45,6 millions de livres sterling en 2022/2023.

Catégorie de produits	Revenus estimés (millions de livres sterling)
Maillots domestiques	18.2
Maillots à l'extérieur	12.5
Tenue d'entraînement	8.7
Autres marchandises	6.2

Négociations de transfert de joueurs

Le trading des joueurs a généré 15,3 millions de livres sterling de bénéfice net au cours de l'exercice 2022/2023.

Activité de transfert	Montant (£ millions)
Ventes des joueurs	47.8
Achats des joueurs	32.5

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:

Revenue Stream	Fiscal 2025 Revenue (GBP)	Year-over-Year Change
Total Revenue	£666.5 million	Increase of £4.7 million (or 0.7%)
Commercial Revenue	£333.3 million	Increased (driven by sponsorship)
Matchday Revenue	£160.3 million	Increase of £23.2 million (or 16.9%)
Broadcasting Revenue	Derived: £172.9 million	Decrease (due to no UCL football)

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:

Revenue Stream	FY2025 Amount (£ million)	YoY Change
Total Commercial Revenue	333.3	Up 10%
Sponsorship Revenue (Component)	188.4	Up £10.6 million
Retail/Merchandising Revenue (Component)	144.9	Up £19.8 million
Matchday Revenue (Total)	160.3	Record

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:

Revenue Channel Segment	FY 2025 Revenue (GBP)	Year-over-Year Change
Total Revenue	£666.5 million	0.7% increase
Commercial Revenue (Total)	£333.3 million	10% increase
Matchday Revenue	£160.3 million	16.9% increase
Broadcasting Revenue	£172.9 million	Decrease (due to UEFA competition level)
Retail, Merchandising, Apparel & Product Licensing	£144.9 million	15.8% increase

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:

Revenue Stream	Q2 FY2025 Revenue (£ millions)	FY 2025 Revenue (£ millions)
Commercial	109.97	333.3
Broadcasting	40.31	172.9
Matchday	34.21	160.3

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:

Cost Component	Amount (FY2025)
Employee Benefit Expenses	£313.2 million
Other Operating Expenses (Includes Travel/Admin)	£170.4 million
Amortization of Player Registrations	£196.4 million
Depreciation and Impairment	£17.0 million
Exceptional Items	£36.6 million
Total Operating Expenses	£733.6 million

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:

Revenue Component	FY 2025 Amount (£ million)	Year-over-Year Change
Total Commercial Revenue	333.3	10.0% increase
Sponsorship Revenue	188.4	6.0% increase
Retail, Merchandising, Apparel & Product Licensing Revenue	144.9	15.8% increase

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.