Despite a turbulent year under Sir Jim Ratcliffe’s reign, Manchester United have been named the second most valuable football club in the world, behind only Real Madrid.
The Forbes annual list puts United’s value at $6.6 billion (£4.9 billion) with a reported revenue of $834 million (£620 million) for the 2023-24 season.
United’s valuation rose by 1% even as the club finished eighth in the Premier League and missed out on Champions League qualification last term.
In 2024-25, the situation worsened. United finished 15th in the league and lost the Europa League final, meaning no European football next term under manager Ruben Amorim.
But off the pitch, the club remains a global commercial powerhouse, built over decades of success in the 1990s and 2000s. Despite carrying debts of £1 billion and losses of £113.2 million in 2023-24, United’s strong brand and vast fanbase continue to bolster its standing worldwide.
The club has also seen major cost-cutting moves since Sir Jim Ratcliffe became a minority owner last year, with around 250 staff laid off last summer and up to 200 more jobs potentially at risk this year.
The second match of #MUTOUR25 ⏳
Subscribe to #MUTV to watch the Reds take on Hong Kong, China 🔴🆚🇭🇰#MUFC
— Manchester United (@ManUtd) May 30, 2025
Meanwhile, plans for a new £2billion stadium at Old Trafford were announced in March.
In the Forbes rankings, Real Madrid topped the list with a value of $6.75 billion and revenue of $1.129 billion.
Barcelona, Liverpool and Manchester City rounded out the top five, with City boasting the second-highest revenue in 2023-24 ($901 million) despite being fifth in overall valuation.
Forbes’ figures include stadium economics but not real estate values, and debt is calculated based on long-term borrowings.
The valuations use a mix of club documents, interviews with team executives, credit rating reports and sports bankers’ assessments.
