Despite the poor performance in recent years, the Europa League final loss, and a meager 15th place finish in the Premier League, Manchester United has still been evaluated as the second most valuable football club in the world.

On July 1 (Korea time), the British Broadcasting Corporation (BBC) cited the annual report of the U.S. economic magazine Forbes to reveal the 2024 rankings of the most valuable football clubs in the world. Manchester United ranked second with a valuation of $6.6 billion (about 9.133 trillion won), following Real Madrid at $6.75 billion.

Manchester United finished 8th in the Premier League for the 2023-2024 season, failing to qualify for the Champions League, and only managed to find solace in winning the FA Cup. In the 2024-2025 season, the club remained at 15th place, losing in the Europa League final and thus concluded the season without trophies. Under manager Ruben Amorim, the team did not secure a spot for the following season's European competitions.

Nevertheless, Manchester United maintained its value due to its strong brand power. According to the BBC, Forbes reported that Manchester United's club value rose by 1% compared to the previous year. The club's revenue for the same season was recorded at $834 million (about 1.154 trillion won). The analysis suggests that the global fanbase accumulated over decades and the reputation built during the golden age of the 1990s to 2000s continue to be Manchester United's assets.

The financial situation is challenging. In the 2023-2024 season, Manchester United faced a loss of £1.132 billion (approximately 2.1079 trillion won) and debt amounting to £1 billion (approximately 1.862 trillion won). Nonetheless, the club's value was maintained. This is because Forbes based its evaluations not on net profit but on the overall brand, league revenue structure, and the club's potential for future revenue generation, known as 'Enterprise Value.'

Changes in ownership structure also had an impact. Sir Jim Ratcliffe, who joined the club as a minority shareholder last year, implemented significant cost reductions. Last summer, he reduced about 250 staff members, saving approximately £8 million to £10 million in annual labor costs, and this summer, there are indications that an additional 200 people may be laid off.

In March of this year, Manchester United announced plans to build a new stadium at the Old Trafford site, costing about £2 billion (approximately 3.723 trillion won).

According to the Forbes report, Real Madrid topped the list with a valuation of $6.75 billion and revenue of $1.129 billion, while FC Barcelona ranked third. Manchester City came second in revenue at $910 million but ranked fifth with a club value of $5.3 billion. Liverpool ranked fourth with a club value of $5.4 billion and revenue of $773 million.

Meanwhile, Forbes' club value analysis was based on the club's annual financial statements, executive interviews, and reports from investors and credit rating agencies. While operating revenue from the stadium is included, the value of the real estate itself is excluded. Debt is assessed based on interest-bearing borrowings deferred for more than one year (including stadium-related liabilities).

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