The Liverpool fans who watched a feckless Man United lose last night’s Europa League final with glee will soon have another cause for cheer, this time with financial bragging rights over their arch-rivals.
Liverpool paddled to a record-equalling 20th league title this season while Manchester United coughed and spluttered their way through the campaign in the deep end of the Premier League pool.
In the last decade, the two old enemies could hardly have been run any more differently.
Under the absentee ownership of the Glazer family, Old Trafford has been a shrine to excess and frivolity. FSG, by contrast, have run Liverpool like a love letter to efficiency.
The Boston-headquartered owners have barely invested a penny since 2010, save for the £200m or so they have spent on expanding Anfield, which will pay for itself in just a few seasons.
They have simultaneously managed to break even and win silverware. Ludicrous as it sounds, that is nothing short of a modern-day football finance miracle in the era of state and private equity-financed clubs prepared to shoulder massive losses to deliver glory on the pitch.
Since they last turned a profit in 2018-19, 16th-place vanquished Europa League finalists Man United have accumulated losses of £359m. Their gross debt meanwhile stands at north of £700m, of which over £500m is due for repayment in just over two years’ time.
Credit: Adam Williams/TBR Football/GRV Media
Who knows where the Red Devils, who are straining against the shackles of Profit and Sustainability Rules (PSR) at a time when a rebuild is badly needed, will be by that time.
For their part, Liverpool fans can expect significant investment in the transfer market this summer.
Arne Slot, Richard Hughes and Michael Edwards know that they will face stiffer competition for the Premier League title in 2025-26 and, with a brilliant but aging squad, a succession plan is under way.
Fortunately, Fenway Sports Group have set Liverpool up for the job perfectly.
- READ MORE: Arne Slot has given the green light for Liverpool to sign ‘special’ attacking talent this summer
Liverpool to outstrip Man United’s revenue for 2024-25, obliterate financial record next season
In 2021-22, Liverpool’s revenue surpassed Manchester United’s for the first time in the modern era.
As the Reds finished runners-up in the Premier League and Champions League and won the FA Cup and League Cup, they generated £594m. Over the same period, United’s revenue was £583m.
Credit: Adam Williams/TBR Football/GRV Media
In 2024-25, Man United forecast that they will generate around £650m in revenue.
Liverpool don’t project their earnings in the same way, but their far superior league position will see them awarded around £180m in Premier League prize money compared to about £135m for United.
Arne Slot’s side also earned approximately £95m from the revamped Champions League format, while United’s Europa League earnings will be far more modest at around £35m.
United will likely continue to maintain an advantage over their rivals in terms of commercial and matchday income, but Liverpool’s success on the pitch will translate to a lead over the Red Devils overall.
Next season, the disparity between the two clubs will be even more stark as FSG’s commercial strategy at Anfield continues to develop while United’s has hit stasis point.
Contrary to Ed Woodward’s infamous remarks now over a decade ago, it turns out you do need to win trophies to be financially successful.
- READ MORE: Mohamed Salah shares 10-word verdict on Tottenham beating Manchester United to win Europa League
FSG win sports investment award
FSG is one of the most valuable sports empires in the world, with Liverpool arguably the crown jewel in a portfolio worth around £12-13bn, depending who you ask.
John Henry, Tom Werner and Mike Gordon have welcomed institutional investors like Dynasty Equity, Arctos and RedBird Capital into the capital base in recent years too, providing access to greater resources.
One of the deals that those firms helped FSG pull off was the £2.3bn investment in the PGA Tour in January last year.
This week, that deal has won the Sports Business Journal’s Deal of the Year award.
It is a turbulent era for golf, with Newcastle United owners the Saudi Public Investment Fund disrupting the game with LIV Golf, their breakaway rival to the PGA Tour.
FSG have met with LIV Golf several times for talks about reunifying the sport, with US president Donald Trump saying he wants the two factions merged.
Since they led the investment in the PGA Tour, FSG have said they aren’t looking to grow their portfolio, though the acquisition of another football club could be an exception.
FSG want to launch a multi-club network with Liverpool at the helm and are currently in talks to take over financially embattled side Malaga, who are also subjects of interest from Paris Saint-Germain owners Qatar Sports Investments.
