Glazer argues United’s commercial strength outlasts results

Manchester United co-owner Avram Glazer has argued that clubs with its global standing are not dependent on sporting success to maintain their commercial power, according to The Athletic.Speaking at Deutsche Bank’s Sports Investment Conference in London in September, Glazer reportedly compared United with the New York Yankees and Dallas Cowboys, whose brands remain commercially powerful despite lengthy waits for major titles.His remarks echoed those of former United executive vice-chairman Ed Woodward, who told investors in 2018: “Playing performance doesn’t really have a meaningful impact on what we can do on the commercial side of the business.”Glazer was responding to a question about the relationship between results and commercial appeal at an event attended by more than 350 investors, owners, operators, advisers and policymakers.The comparison draws on the enduring value of sporting heritage, with United’s 20 English league titles underpinning a global following despite its failure to win the Premier League since 2013.However, the club’s recent financial performance shows a more modest pace of commercial growth than during the years immediately following Sir Alex Ferguson’s retirement.Commercial revenue rose from £152m in 2012/13 to £276m in 2017/18, before reaching £317m in 2025/26.That record demonstrates United’s ability to retain substantial sponsorship and commercial income through a prolonged period without a league title, while leaving open how much stronger those returns might have been with sustained success.Forbes valued United at US$7.2bn in May 2026, placing it third among football clubs behind Real Madrid and Barcelona.The estimate represented an increase from US$6.6bn a year earlier, although United slipped one place in the ranking as Barcelona’s valuation grew faster.Glazer’s appearance also comes as United explores additional ways to monetise its profile, including an Amazon “All or Nothing” documentary agreement worth more than £10m.The club describes that payment as a record access fee, having previously resisted approaches from streaming companies over the risks associated with opening its internal operations to cameras.Filming began during pre-season, following a reassessment of the opportunity under the management structure established after Sir Jim Ratcliffe’s investment.The Glazer family remains involved in budgets and major decisions despite granting Ratcliffe operational control following his acquisition of a minority stake.United’s financial debt stood at £689m at the end of June, up £52m over the previous year.That included £110m drawn on its revolving credit facility, with a further £90m in net borrowing under the facility between July and late September.The figures place Glazer’s assessment of United’s commercial resilience alongside continuing pressure to generate income and manage borrowing while the club seeks improved football results.