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Risks, opportunities, and valuations in the football industry: evidence from Manchester Unted FC
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This thesis explores the investment profile and valuation of Manchester United FC. It addresses two central research questions: (1) which structural and operational factors investors should consider when assessing a club’s long-term value potential, and (2) whether a hybrid valuation framework offers more realistic and investor-relevant results than traditional models. The analysis begins with an operational review of squad value trends, youth development, stadium infrastructure, and ownership structures, followed by a financial assessment of
revenues, costs, and profitability from 2016 to 2024. To estimate enterprise and equity value, a Football Field framework is applied combining five methods: Discounted Cash Flow (DCF), revenue and EBITDA multiples, asset-based valuation, market capitalization (where
applicable), and the Markham Multivariate Model. The findings reveal that a multi-method approach is better suited to capture both the financial fundamentals and the football-specific aspects that shape a club’s value. By combining traditional valuation tools with models tailored to the industry, the framework reflects not only financial performance but also factors such as sporting success, operational structure, and intangible brand strength. This approach offers a more comprehensive and adaptable tool for investors, navigating the complexity of the football sector.
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Sport industry Valuation Risk Opportunities