It was not just a simple defeat. Manchester United, having lost its entry to the European stage, is expected to incur financial losses of up to £80 million (approximately 149 billion won). The 'financial gap' caused by a single Champions League ticket could shake the very foundation of future club operations.

The British newspaper The Times reported on the 23rd (Korean time) that "After losing to Tottenham in the Europa League final, Manchester United's participation in European competitions next season has been canceled, leading to an estimated financial hole of around £80 million."

Manchester United lost 0-1 to Tottenham in the UEFA Europa League final for the 2024-2025 season, held in Bilbao, Spain, on the 22nd. Having finished 16th in the Premier League this season, Manchester United has now misstepped in this game as well, failing to step onto the European club competition stage for the first time since the 2014-2015 season.

The visible losses are already substantial. Had they successfully reached the Champions League through the Europa League, the guaranteed revenue of about £70 million (approximately 130 billion won) would have been secured, which is now gone. The UEFA broadcast revenue of £30 million (approximately 55.7 billion won) earned from this season's Europa League will also not be expected next season. Additionally, the absence of about five home matches in European competitions will likely reduce gate revenue by approximately £20 million (approximately 37.1 billion won).

There is also another punitive clause. The newly signed Adidas uniform contract reportedly includes a penalty clause of £10 million (approximately 18.5 billion won) for 'not qualifying for the Champions League.' This may be repeatedly applied in future seasons.

The difference in broadcasting rights and prize money based on Premier League performance is significant. If Manchester United finishes 16th this season, after finishing 8th last season, they will incur a loss of approximately £22.4 million (approximately 41.5 billion won). Depending on the last match results, the gap could reach up to £5.6 million.

The issue does not stop at short-term losses. Jim Ratcliffe, co-owner of INEOS, warned that "Manchester United's cumulative losses over the past three years have exceeded £300 million, which is certainly not a sustainable structure. If intervention does not occur now, there is a high possibility of violating the Premier League Financial Sustainability Regulation (PSR)."

Manchester United recorded a deficit of £113.2 million (approximately 24.5 billion won) in the 2023-2024 fiscal year alone and currently carries a liability of approximately £1 billion (approximately 18.548 trillion won). They must pay millions of pounds in interest each year, and with recent interest rate hikes, the burden is increasing.

In such a situation, the summer transfer market is bound to be restricted. There are suggestions that selling key players may become inevitable to fill the revenue gap created by not participating in UEFA competitions. Manchester United has made a profit of £37 million by selling Scott McTominay and Mason Greenwood for more than £25 million each this season, but this is far too insignificant compared to the lacking financial scale.

Moreover, the team’s salaries remain at the top level of the Premier League, and while many of the £1 billion player acquisition costs are handled in installments, the unpaid player expenses have reached £300 million. Not participating in European competitions signifies that a financial 'warning light' has been turned on.

The Times stated, "The European revenues of rival clubs make the reality of Manchester United even more pronounced." This season, Arsenal, which participated in the Champions League, earned £100 million, Liverpool earned £83 million, and Manchester City earned £64 million from UEFA. Next season, Newcastle, Aston Villa, Chelsea, and Nottingham Forest may also join this tally.

Tottenham, which succeeded in winning the Europa League, is expected to receive an additional £3-4 million for qualifying for the UEFA Super Cup and will also earn a prize of £5 million. In contrast, Manchester United completely missed this opportunity.

As a result, this defeat in the final was a decisive blow, causing the loss of finances, image, and fan support. The reason behind coach Ruben Amorim's emphasis that "the Champions League is much more important than the cup" requires no further explanation.

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