Manchester United plc

What does Manchester United plc own?
Manchester United plc owns Manchester United Football Club (men's first team), Manchester United Women (women's first team competing in the Women's Super League), and the Manchester United Academy (youth development system). The club plays at Old Trafford stadium (capacity 74,140) and trains at Carrington Training Centre in Greater Manchester. The club does not own other businesses or brands outside of football operations.

Is Manchester United publicly traded?
Yes, Manchester United plc is listed on the New York Stock Exchange under the ticker MANU. The company has a dual-class share structure. Class A shares are publicly traded and carry one vote per share. Class B shares are held by the Glazer family and carry ten votes per share, giving the family majority voting control. The IPO was completed in August 2012 at $14 per share.

Who owns Manchester United?
The Glazer family controls Manchester United through Class B shares with ten times the voting power of Class A shares. The family acquired the club in 2005 through a leveraged buyout valued at approximately £790 million. In December 2024, INEOS Limited, co-owned by Sir Jim Ratcliffe, Andrew Currie, and John Reece, acquired a 27.7% stake for approximately $1.65 billion. INEOS controls football operations while the Glazer family controls commercial operations and overall governance.

How much did INEOS pay for their stake?
The INEOS investment was completed in two stages. First, Trawlers Limited (an entity owned by Ratcliffe) acquired approximately 27.7% of the club for approximately $1.55 billion in February 2024, including a tender offer for Class A shares at $33.00 per share and the purchase of 25% of Class B shares from the Glazer family. In December 2024, Trawlers transferred its shares to INEOS Limited, which subscribed for additional shares for $100 million, bringing the total investment to approximately $1.65 billion.

What is Manchester United's revenue?
Manchester United reported FY2025 revenue of £666.5 million (fiscal year ended June 30, 2025), a record for the club. Commercial revenue was £333.3 million, broadcasting revenue was £172.9 million, and matchday revenue was £160.3 million. Adjusted EBITDA was £182.8 million. For the first nine months of FY2026 (ended March 31, 2026), revenue was £520.1 million with adjusted EBITDA of £187.5 million. The club has raised FY2026 revenue guidance to £655 to £665 million.

Where does Manchester United play?
Manchester United plays home matches at Old Trafford stadium in Greater Manchester, England. Old Trafford, known as "The Theatre of Dreams," has a capacity of 74,140 spectators. The club plans to build a new 100,000-seat stadium to replace Old Trafford, though the project remains in the planning stages with no confirmed timeline. The club trains at Carrington Training Centre in Greater Manchester.

How many trophies has Manchester United won?
Manchester United has won 20 English league titles (a record), 13 FA Cups, 6 League Cups, and 3 UEFA Champions League titles (1968, 1999, 2008). The club's most successful period was under manager Sir Alex Ferguson (1986 to 2013), during which it won 13 Premier League titles and 2 Champions League titles. The club has not won the Premier League since Ferguson's retirement in 2013.

Manchester United was founded in 1878 as Newton Heath LYR Football Club by workers at the Lancashire and Yorkshire Railway depot in Newton Heath, Manchester. The club was renamed Manchester United in 1902 after a group of local businessmen, including John Henry Davies, invested in the financially struggling club. The club moved to Old Trafford stadium in 1910, which was built at a cost of £90,000.

The club experienced its first major period of success under manager Matt Busby in the 1950s and 1960s. The "Busby Babes," a team of young players developed through the club's academy, won the First Division title in 1956 and 1957. The 1958 Munich air disaster killed eight Manchester United players and injured Busby severely. Busby rebuilt the team and led Manchester United to the European Cup in 1968, becoming the first English club to win the competition.

The club's most successful period came under manager Sir Alex Ferguson, who managed the club from 1986 to 2013. Under Ferguson, Manchester United won 13 Premier League titles, 5 FA Cups, and 2 UEFA Champions League titles (1999 and 2008). The 1998-99 season, in which the club won the Premier League, FA Cup, and Champions League (the "Treble"), is regarded as one of the greatest achievements in English football history. Ferguson retired in 2013, and the club has not won the Premier League since.

The Glazer family acquired Manchester United in 2005 through a leveraged buyout valued at approximately £790 million. The acquisition was controversial because it loaded approximately £525 million of debt onto the club. Fan groups organized protests against the ownership, forming the "Love United, Hate Glazer" campaign. The debt burden has cost the club hundreds of millions in interest payments over the years.

The club completed its IPO on the New York Stock Exchange in August 2012, raising approximately $233 million at $14 per share. The IPO used a dual-class share structure that preserved Glazer family control. Class A shares were sold to public investors, while Class B shares (with ten times the voting power) were retained by the Glazer family.

In December 2023, the Glazer family entered into a transaction agreement with Trawlers Limited, an entity owned by Sir Jim Ratcliffe, to sell a minority stake in the club. The agreement included a tender offer for Class A shares at $33.00 per share and the purchase of 25% of Class B shares from the Glazer family. The transaction was completed in February 2024, with Trawlers acquiring approximately 27.7% of the club for approximately $1.55 billion.

In December 2024, Trawlers transferred all of its shares and rights to INEOS Limited, a company incorporated in the Isle of Man and co-owned by Ratcliffe, Andrew Currie, and John Reece. INEOS subscribed for additional shares for $100 million, bringing its total investment to approximately $1.65 billion. Under the governance agreement, INEOS assumed control of football operations, including the football department, academy, player recruitment, and women's team, while the Glazer family retained control of commercial matters and overall corporate governance.

Following the INEOS investment, the club implemented a "transformation plan" designed to enhance operational efficiency. This plan included headcount reduction measures and various cost-saving initiatives. The benefits of this plan began to materialize in FY2026, with reduced non-playing staff costs and other operating expenses contributing to the improved operating profit.

In May 2026, the club announced that Michael Carrick would continue as the men's first team head coach. The men's first team finished the 2025-26 Premier League season in 3rd place, a significant improvement from 15th in the 2024-25 season. The club also announced plans to build a new 100,000-seat stadium to replace Old Trafford, though the project remains in the planning stages.

Manchester United publishes sustainability information in its annual report. The club has committed to reducing its environmental impact through energy efficiency measures at Old Trafford and Carrington Training Centre. The club has installed solar panels and implemented waste reduction programs.

The club is not a Certified B Corporation. Specific science-based targets or CDP Climate Disclosures have not been publicly detailed. The club's sustainability reporting is less developed than some of its Premier League peers.

The Glazer family ownership has been the most persistent controversy in the club's modern history. The 2005 leveraged buyout loaded approximately £525 million of debt onto a previously debt-free club. Fan protests have continued for two decades, including the formation of FC United of Manchester, a breakaway club founded by fans opposed to the Glazer ownership. In 2021, protests against the Glazer family following the failed European Super League project led to fans breaking into Old Trafford and causing the postponement of a Premier League match against Liverpool.

The INEOS investment has also generated controversy. Following the acquisition, INEOS implemented a transformation plan that included significant staff layoffs, raising concerns about the treatment of long-serving employees. The club has also faced criticism for raising ticket prices and for the decision to relocate some staff to accommodate INEOS personnel.

The club has been subject to Premier League Profit and Sustainability Rules (PSR) and UEFA Financial Fair Play (FFP) regulations. In its FY2026 Q3 report, the club stated it "remains committed to, and in compliance with, both the Premier League's Profit and Sustainability Rules and UEFA's Financial Fair Play Regulations." However, the club's significant operating losses and debt service costs have created ongoing financial pressure that requires careful management of player wages and transfer spending.

The men's first team's 15th place finish in the 2024-25 Premier League season was the club's worst finish since relegation in 1973-74. The season included reaching the Europa League final, which the club lost to Tottenham Hotspur, meaning the club failed to qualify for any European competition in 2025-26. This sporting failure had direct financial consequences, as the absence of European competition reduced broadcasting and matchday revenue.