Avram Glazer, the Manchester United co-chairman, has claimed the club’s worth is not tied to what happens on the football pitch.
Speaking at Deutsche Bank’s first-ever Sports Investment Conference in London, the head of the deeply unpopular Glazer family responded firmly when an audience member asked whether poor results damage commercial value.
Glazer, speaking back in September with the comments only coming to light now, drew comparisons with the Dallas Cowboys and New York Yankees – two iconic American sporting brands that have continued to declare enormous valuations despite lengthy trophy droughts, according to The Athletic.
Dallas last lifted the Super Bowl in 1996, whilst the Yankees’ most recent World Series triumph came in 2009.
His remarks paint a picture of a co-owner confident that United’s global brand means poor performances on the pitch are not a major concern.
That confidence will not sit well with many supporters watching their side languish in 17th place in the Premier League, perilously close to the drop zone ahead of Sunday’s fixture against Aston Villa at Old Trafford.
The prospect of relegation, though still considered unlikely, would carry devastating financial consequences.
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United have not won a league title since Sir Alex Ferguson’s final season in charge in 2012/13.
Since his departure, the club has seen a sharp decline in its ability to compete with football’s elite.
That sustained period of underachievement has fuelled protests against the Glazer family’s stewardship, with fans increasingly vocal in their opposition to the American owners’ continued involvement.
The club’s commercial income has grown substantially even during the barren post-Ferguson era, rising from £152million in 2012/13 to £276m by 2017/18, with the 2025/26 figure reaching £317m.
The sheer scale of United’s worldwide fanbase and historical prestige continues to underpin that revenue stream, lending weight to Glazer’s argument that the brand can withstand poor results.
However, the club’s position among football’s financial elite has slipped.
Forbes, a ranking the Glazer family frequently cites, placed United third on its most valuable clubs list this May, behind Real Madrid and Barcelona.
As recently as 2018, United topped that list, a position they held for five consecutive years between 2007 and 2012.
At the heart of supporters’ protest lies the debt burden that accompanied the Glazers’ leveraged acquisition of the club in 2005, when the family used bank loans to finance the takeover.
As of June, total debt stood at £689m, a sharp jump of £52m on the previous year, with little indication that it will diminish any time soon.
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