London Edition Saturday 10 October 2026
Football Economy The Business of the Beautiful Game
THE DESK
BVB.DE 3.03 +0.83% JUVE.MI 2.16 +2.18% SSL.MI 1.69 +0.6% AJAX.AS 8.44 +0.71% CCP.L 248.00 +0% MANU 23.53 +3.02% SLBEN.LS 6.96 +2.79% FCP.LS 3.00 +0% SCP.LS 0.96 +0% FENER.IS 2.41 -22.01% Rayo Vallecano game abandoned after paper plane protest BBC Sport Arsenal bid to close gap on City, lowly Spurs head to Manchester United – matchday live The Guardian Greece v England: Women’s World Cup playoff semi-final, first leg – live The Guardian Football watchdog to unveil levy proposals as report lays bare game's financial peril Sky News Business Everton owners The Friedkin Group put Merseyside club up for sale City A.M. Everton owners consider selling club two years after takeover BBC Sport Everton owner The Friedkin Group exploring sale of club after two years The Guardian Oliver Glasner: ‘There was no plan for me to be Nottingham Forest manager’ The Guardian How Arteta's response to Brighton loss may shape Arsenal's next chapter BBC Sport Cowboys suffer shock home loss to Buccaneers Sky Sports Friday briefing: Ceferin and Montagliani seek new terms as UEFA and CONCACAF presidents Off The Pitch Football Q&A: ask Ed Aarons your questions as the Premier League returns – live The Guardian
From the Record

Glazer family business plan for United requires success on the field

First reported 6 November 2005

The Glazers’ finely balanced business plan, initially described as ‘potentially damaging’ by the then United board, was based on a series of performance forecasts. These included an assumption that the team would reach the knockout stage of the Champions League every season and the quarter-finals every third year. This was not so different from the target set before the takeover, but that was at a time when the club was free of debt and more financially flexible. Glazer and his sons borrowed an initial £374m from the banks to acquire the club. If United do not get out of group D, they will not get the £1.1 million bonus given by Uefa to the last sixteen in the competition, nor will Old Trafford host any more lucrative clashes with European clubs this season. United would also earn less of the pool money allocated to participating clubs. It was also assumed that they would finish at least third in the Premiership each season. The nightmare scenario is if they fail to finish in the top four and miss qualification for the Champions League next season. This is not something United have faced since 1995 and it would cost the club in the region of £10 million. There is a risk of United’s decline becoming a vicious cycle. Stars could go elsewhere and so could millions of United’s foreign followers, taking their money with them. Fans in Shanghai are not necessarily aware that Manchester is an English city and their attachment to the club is fickle and success based. The consultancy FutureBrand has estimated that 30 per cent of non-European supporters follow a team because of certain players. United’s money-raising tour of the Far East this summer was played out to surprisingly small crowds. Last month it officially ceased to be the world’s richest club, after eight years on top, when Real Madrid reported its annual income had risen to £275.7m, driven largely by income from sponsors and merchandise. Questions are being asked about Coach Ferguson and his ability to build a third great United team, but the Glazers would be reluctant to sack him. Incidentally, they won’t be at today’s crucial match against Chelsea as another of their franchises is involved in an American football match.

More from the Record 2003–2009 →