From the perspective of Manchester United, this Europa League final is not just a quest for victory, but a '£100 million final' that carries the future of the club.
The British Broadcasting Corporation (BBC) noted on the 20th (Korean time) that 'the return to European competitions could have a decisive impact on Manchester United's finances and structure,' highlighting the importance of the final.
Manchester United will face Tottenham Hotspur in the UEFA Europa League final at 4 a.m. on the 22nd in Bilbao, Spain. Currently in 16th place in the Premier League, Manchester United is essentially in an 'all-in' situation for this single-elimination match. It's a game that determines the return to the Champions League, substantial revenue, and the club's fate. In fact, Manchester United has put everything on the line for this final, even using substitute players in certain league matches, essentially giving up those games.
According to reports, former Manchester United coach René Meulensteen said, 'Winning the Europa League will not cover up this terrible season, but at least it can provide hope. However, if we lose, nothing will change next season.' He added, 'If we win, we will have the financial capacity needed for player acquisitions. If we lose, we won't be able to participate in European competitions.'
In fact, winning the Europa League is not just about a single trophy. It grants entry to the Champions League, which can completely change the revenue structure. Football finance expert Kieran Maguire explained, 'Simply qualifying for the Champions League can generate over £100 million (approximately 186.3 billion won) in revenue from ticket sales, broadcasting rights, and sponsor bonuses.' Particularly if four or more home games are guaranteed, additional revenue could reach between £30 million to £40 million.
Tottenham also qualifies for the Champions League if they win, but Manchester United's situation is much more desperate. According to the BBC, Tottenham recorded a loss of £26 million (approximately 48.4 billion won) last year, while Manchester United lost a staggering £113 million (approximately 242.2 billion won). The accumulated losses over the past three years total £300 million (approximately 559 billion won). This is an unusual loss for a club that generates an annual revenue of £651 million (approximately 1.2 trillion won).
The background includes the leveraged debt incurred at the time of the Glazer family's acquisition. Currently, Manchester United is facing a liability exceeding £1 billion (approximately 1.862 trillion won), which incurs interest costs of millions of pounds annually. Additionally, recent interest rate hikes and financial restructuring have exacerbated the burden.
Jim Ratcliffe, co-owner of the INEOS, stated last March, 'The club was already at risk of violating the Premier League's financial sustainability regulations. Wages are high, and the squad composition is inefficient,' noting that restructuring is inevitable.
Losing in the Europa League final is not just a disappointment. Plans for club operations laid out under a 'no Champions League' scenario are also threatened. Should Manchester United fail to qualify for the Champions League in one of the last two seasons, they will incur a penalty of £10 million (approximately 18.6 billion won) according to their contract with uniform supplier Adidas.
In this crisis situation, the hope lies in the additional revenue obtained from qualifying for the Champions League. Maguire analyzed, 'Currently, Manchester United still maintains a top-tier salary structure in the Premier League and has financed a significant portion of the player acquisition costs, which amount to £1 billion (approximately 1.8637 trillion won) in installments. This leads to an unpaid player expense amounting to around £300 million.' He further stated, 'Champions League revenue will serve as the 'lifeline' to cover these costs and will be the foundation for additional reinforcements.'
In fact, if Manchester United wins the Europa League, they are obligated to pay an additional incentive of about 25% on player salaries. However, nevertheless, qualifying for the Champions League can be a financial 'turning point.'
Currently, various player acquisition rumors are circulating within the club, including those of Liam Delap, Matheus Cunha, and Antoine Semenyo, but if player sales do not take place in conjunction with the restructuring under Ratcliffe's regime, the summer transfer market will essentially depend on the outcome of the final.
The BBC warned, 'If Manchester United loses in the Europa League, the team could face a series of blows, including a decline in team value, the suspension of sponsorship contracts, and loss of fan trust.' In fact, after the training kit sponsorship deal with Tezos, which ends in the summer, subsequent contracts are in an uncertain situation.
Some former senior club officials told the BBC, 'If Manchester United misses out on European competition for two consecutive seasons, the brand value and overall revenue model could collapse. It is a time when rebuilding is necessary, and if they fail to qualify for the Champions League, they may have to sell promising players like Garnacho and Mainu next summer to secure funding.'
Ultimately, this final is more than just a single match. Head coach Rubén Amorim also stated, 'Entering the Champions League is much more important than cup competitions. What we need to reach the top in the coming years is the Champions League.'
In May 2025, Bilbao, in the Basque region, becomes the stage testing the fate of Manchester United, standing at a crossroads between a financial crisis and the pride of a prestigious club.
[OSEN]