Manchester United are widely regarded as the biggest English club, boasting the largest global fanbase. Despite their current poor form, football fans often look back fondly on the club’s glory days under Sir Alex Ferguson, when they were considered one of the greatest teams in English football history.

More recently, Manchester United have been in the spotlight not just for their performances but also for changes in management and ownership. For years, fans have protested against the Glazer family’s ownership, accusing them of a lack of investment and failing to prioritise the club’s best interests. The Glazers took control of United in 2005, having built their wealth through the real estate business.

United’s new stadium plans, announced on Tuesday the 11th of March would see Manchester United replace their current 115-year-old stadium with what would become England’s largest stadium. Nevertheless, questions have been raised over the financing of the stadium, and whether the new direction of the club is something fans are pleased about. 

The New Part-Ownership Era

Last year Sir Jim Ratcliffe brought a 27.7% stake in the club for £1.25 billion to help level up what was once the dominating force of English football. His leadership and new direction of the club has not come without controversy. 

The British billionaire, a businessman and not a football specialist, has prioritised profitability and efficiency, though the impact on the club remains unclear. 

More than a third of the workforce has been laid off in recent months, while staff perks, including free lunches, Christmas parties, and other discretionary business expenses, have also been cut.

On the 9th of March fans protested against both the Glazier and Ratcliffe ownership on the basis of ticket price increases and staff redundancies. Many feel their long-term support is being exploited for increased profits. 

In a recent interview, Ratcliffe attempted to justify the difficult decisions. “I know it’s unpopular, and this period of change is uncomfortable for people, and some of the decisions we have to make are unpleasant. But they are necessary to put Manchester United back on to a stable footing.” 

He spoke about his objectives, “I think it will become the most profitable club in the world. In three years, Manchester United will be.” 

Controversy also rose after Ratcliffe went viral on social media for failing to recognise Katin Zelem the captain of the women’s team, during a tour of their training ground. During his interview, he also touched on the profit gap between the male and women’s teams, with many reading behind the lines viewing this as an attempt to justify his mistreatment of the women’s team. This comes after he failed to determine if he would attend the FA Cup final if the women’s team were to reach it. 

“Of our £650m of income, £640m of that comes from the men’s team and £10m comes from the women’s team.” “With my business background, you tend to focus on the bigger issues before you focus on the smaller issues.”

The emphasis on profitability by Ratcliffe is not a surprise focused on his business background. But a football club is not like any other business, players’ wages increase dramatically year on year, with enormous transfer costs to build a successful team. Management of a football club is a very different ball game. 

The stakeholders in a football club also differ from your typical business. Fans follow a club based on their beliefs, their values and their history. Profitability is important to maintain sustainability for a club, but an overwhelming focus can risk sacrificing important values fans support. 

The New Stadium 

The newly proposed stadium is a major investment for Manchester United, the city and the North. In a country with regional disparities and low economic growth many welcome the move as increased investment and job opportunities for the city. 

The plans suggest an estimated £7.3 billion could be pumped into the economy, with a potential for 92,000 new jobs and 17,000 new homes as part of a wider regeneration project. 

Old Trafford already brings in a significant amount of national and international tourism, but the 100,000-seater stadium, bigger than Wembley, would increase this even further. 

The UK economy is in desperate need of growth. Recent figures show the economy contracted 0.1% in January, with only 0.8% growth in 2024. Growth was a key promise of the Labour government, which has yet to be achieved.  

However, the financing for the stadium remains unclear. Indeed, for a business that claims they would have been ‘bust at Christmas’ a £2 billion stadium is something that may be hard to finance. 

Suggestions have been made about public finance, yet the Mayor of Manchester, Andy Burnham, denied these claims. The UK government has yet to comment or declare any investment in the project. 

A potential funding avenue would be debt, with around £1 billion to £1.5 billion of debt needed to fund the investment. This style of finance successfully worked for the building of Barcelona’s Camp Nou, and potential investments could come from Goldman Sachs and JP Morgan. 

What’s next? 

As one of the most successful English teams, Manchester United have always been in the spotlight. Yet now this is not for their achievements, but for the uncertain positions and future of the club during this phase of change. 

The major re-development of the stadium is an attempt for the club to move forward, yet it has not reduced the protests and upset from fans. Criticism of the new ownership and its decisions will not be ending any time soon. The current decisions have placed the ownership as an outspoken force, with fans concerned their values and needs are not being prioritised.