The Intrinsic Value Podcast - The Investor’s Podcast Network TIVP040: Manchester United (MANU): Valuing a Football Empire w/ Daniel Mahncke & Shawn O’Malley
Oct 5, 2025
Explore the fascinating evolution of Manchester United from a 19th-century railway team to a global sports giant. Hosts discuss the intricate role of investors in European football and contrast it with U.S. leagues. Discover how on-pitch performance influences club finances and why closed leagues provide more stability. Delve into Manchester United's diverse revenue streams and potential future catalysts for higher valuation, including stadium upgrades and ownership changes. Is this iconic club a speculative asset or a value investment? Tune in for insights!
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Large Valuation Gap Exists
- Manchester United's market cap (
$2.7B) lags Forbes' valuation ($6.6B), creating a large valuation gap. - Closing that gap likely needs a sale or a major structural catalyst, not just better on-pitch results.
Performance Drives Broadcasting Volatility
- European football income is concentrated in commercial, broadcasting, and matchday pillars, with commercial largest for United.
- On-pitch performance drives broadcasting revenue and creates significant volatility for clubs.
Man U Started As A Railway Workers Team
- Manchester United began as Newton Heath, a 19th-century railway workers' team saved by local investors.
- The club was renamed Manchester United after the financial rescue and local ownership intervention.