Manchester United are heading into one of the most important matches in their recent history. On Wednesday, they face Tottenham Hotspur in the UEFA Europa League final in Bilbao. For United, this match is more than just about winning a trophy. It could decide the financial and sporting future of the club.
United are currently 16th in the Premier League, facing their worst league finish in over 50 years. Missing out on Champions League qualification for a second year could cause serious long-term damage. The club has already lost about £30 million in league position earnings this season.
Winning the final could unlock more than £100 million in income. This includes prize money, ticket sales, TV broadcasting rights, and sponsor bonuses. Financial experts say this is one of the most valuable games United have ever played. Even just four Champions League home games could earn tens of millions.
Tottenham also want to win, but the stakes for them are lower. Spurs are in better financial shape. United, however, have reported losses of £113 million last year alone, and over £300 million in the last three years. Even with a total revenue of £651 million, the club’s debt is now over £1 billion. This is mainly due to the 2005 leveraged buyout by the Glazer family.
United are also in danger of breaching the Premier League’s profit and sustainability rules. The cost of servicing their debt is increasing due to rising interest rates. On top of that, they owe £300 million in transfer payments and face a potential £10 million penalty from Adidas if they miss the Champions League again.
The club’s leadership is trying to cut costs and rebuild. That has led to layoffs and ticket price increases, which sparked protests from fans. Co-owner Sir Jim Ratcliffe has warned about the financial risks if the club fails to qualify for Europe. He has also ended other major sports partnerships, including with Tottenham, to focus on Manchester United.
There are hopes to bring in young players like Liam Delap, Antoine Semenyo, and Matheus Cunha. But to do so, United must sell high-wage players such as Marcus Rashford, Jadon Sancho, and Antony. Playing in the Champions League would make it easier to attract new talent.
A win could also help calm pressure on the new management team and support the long-term plan known as Mission 21, which aims to win the Premier League by 2028. But defeat in Bilbao would likely slow that plan down and could even force the club to sell top young talents like Alejandro Garnacho or Kobbie Mainoo.
Tottenham have also had a poor season and are eager to lift their first trophy since 2008. However, unlike United, their financial model is stable and supported by non-football income streams. For Spurs, Champions League football would be a bonus. For United, it is a lifeline.
This final could also impact plans for a £2 billion rebuild of Old Trafford. The club has not shared how they plan to finance it. Sponsors are watching closely. Tezos has already pulled out of a deal, and others may follow if the club misses European football again.
Wednesday’s match in Bilbao could be remembered for years. It may spark a new chapter for Manchester United or mark a deepening crisis. The result could define the club’s future on and off the pitch.