Manchester United’s lack of on-pitch success over the past few years has changed the commercial revenue landscape in the Premier League.
According to research by Football Benchmark, Manchester City and Liverpool have both overtaken United in the commercial revenue stakes.
Man City generated £349m in 2023/24, a cool £41m more than Liverpool and £47m ahead of the Red Devils.
Intriguingly, Arsenal recorded the largest percentage increase from 2018/19 to 2023/24, albeit from a lower base.
Intriguingly, while the two Manchester clubs had differing fortunes commercially, their overall Enterprise Value (EV) is very similar.
Man City are now valued at just over €5.10 billion, putting them marginally ahead of United’s €5.05bn EV.
Liverpool (€4.2bn), Arsenal (€4.01bn), Tottenham (€3.66bn) and Chelsea (€3.02bn) all feature in the top 10 most valuable clubs.
Arsenal achieved the highest EV growth across the clubs featured in the study, recording a 29% increase. This was fuelled by a 34% boost in operating revenue.
The Gunners could make further gains over the next few years if they can start winning major silverware consistently.
Man City and Liverpool have capitalised on their on-pitch successes to boost their commercial revenues over the past few years significantly.
Andrea Sartori, Football Benchmark’s founder and chief executive officer, says top football clubs are setting new standards for commercial operations in sport.
“Over the past decade, we have seen football clubs at the pinnacle of the industry emerge not only as sporting powerhouses but also as globally recognised brands, often transcending their on-pitch success,” Sartori said.
“While squad value and infrastructure remain foundational to EV, the commercial dimension – particularly for elite clubs – has become an increasingly dominant driver.
“For smaller clubs, meanwhile, squad value continues to weigh more heavily in valuations, with financial sustainability often hinging on effective player trading strategies.
“Clubs such as Benfica, Porto and Atalanta exemplify this model, combining talent development with consistent financial returns.”
