TIVP040: Manchester United (MANU): Valuing a Football Empire w/ Daniel Mahncke & Shawn O’Malley
The Intrinsic Value Podcast - The Investor’s Podcast Network
Why Manchester United Operates at a Loss
Daniel details major cost lines—wages and player amortization—historic losses, and Jim Ratcliffe's minority takeover.
Daniel Mahncke and Shawn O’Malley dive into Manchester United, the legendary football club that’s grown from a 19th-century railway team into one of the most recognized sports brands on the planet. With revenue pillars in commercial sponsorships, broadcasting rights, and matchday income, plus a fanbase that spans every continent, United is often described as one of the biggest franchises in global sports. To frame the economics of the club, Daniel and Shawn also unpack the key differences between Europe’s open football leagues and the closed, franchise-based model of U.S. sports.
IN THIS EPISODE, YOU’LL LEARN:
00:00 - Intro 06:04 - How Manchester United was founded 07:50 - What role investors play in European football leagues 11:55 - The differences between U.S. leagues and European leagues 37:19 - What role on-pitch performance plays for finances 43:39 - How Manchester United’s business model works 46:56 - What catalysts could close the valuation gap 51:02 - Whether Manchester United is attractively valued at its current levels 53:45 - Why sport franchises become increasingly valuable 01:01:51 - Whether Shawn & Daniel add MANU to The Intrinsic Value Portfolio
*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.
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- Deloitte Football Money League.
- Annual Review of Football Finance.
- Interview with Todd Boehly.
- Madison Square Garden Sports Podcast.
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