Manchester United may be suffering considerable strife on the pitch, but off it the club continues to show its financial might after climbing one place in the annual Deloitte Football Money League.

United currently find themselves languishing in 13th in the Premier League, with Ruben Amorim, appointed as successor to the sacked Erik ten Hag in November, having lost seven of his 15 games in charge in all competitions so far.

For a club where co-owner Sir Jim Ratcliffe and his INEOS firm, who acquired a 27.7% stake at the end of 2023 and were handed football oversight by the controlling Glazer family, have ambitions to raise standards, the current United side is falling dismally short, with Amorim himself branding them as potentially one of the worst sides in the club’s history, a statement he has since attempted to row back on somewhat.

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Turning around the tanker on the field may take some time, especially as United have been hamstrung by the lack of freedom in the transfer market in recent times due to flying close to the wind when it came to the Premier League’s profit and sustainability regulations. However, Ratcliffe has already embarked on a mission of cost cutting in order to improve efficiency, as well as seeking to overhaul the recruitment side of the club, where profligacy has been found in spade loads in recent seasons through huge overspend on players not able to make the grade.

But when it comes to the strength of the club as a financial powerhouse, ignoring the PSR issues that they may have had some concern about before managing to fly under the threshold, the club continues to be a global force.

Deloitte’s Sports Business Group, which advises governments, investors, sport governing bodies and organisations, liaised with clubs ahead of the report’s publication to determine the headline figures, although United are one of the few on the list to have already published their results for 2023/24 given their status as a Plc.

United have jumped a place into fourth in the table, replacing Barcelona, whose financial struggles which were exposed by the COVID-19 pandemic, who have dropped to sixth. Bayern Munich now occupy fifth, with the top three made up of Real Madrid in first, Manchester City in second, and Paris Saint-Germain in third.

United’s total revenue for 2023/24 was £661.8m, a record for the club. The club’s matchday revenue was £137.1m, while commercial income stood at £302.9m, a figure that places them sixth out of the top 20 clubs on the Deloitte list. Broadcasting was at £221.8m thanks to a new domestic TV deal and funds from competing in the UEFA Champions League, although the club would exit the competition at the group stage, finishing bottom, and thus unable to maximise the revenues on offer.

With Champions League football looking highly unlikely next season for United, and a lack of it in the current financial year of 2024/25, the fourth place that United currently find themselves in this year when it comes the report will likely change for the worse with a significant reduction in broadcast, although commercial and matchday revenues should hold up strongly.

One of the big movers year on year was Arsenal, whose competitive success and return to Champions League action, as well as strong commercial and matchday performance, saw them leapfrog Liverpool, Tottenham Hotspur, and Chelsea to take seventh spot, having last year been 10th, demonstrating the importance of being at the top table of European football when it comes to driving revenue forward.

The top 20 revenue generating clubs in world football made a record €11.2bn (£9.5bn at current exchange rates) in the 2023/24 season, according to the 28th edition of the Football Money League. This marks a 6% increase in cumulative revenues from the previous season, with Money League clubs reporting record matchday, broadcast and commercial revenues.

Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “Money League clubs continue to break records with ongoing growth in commercial and matchday revenues. While on-pitch performance is critical for teams to reach the top echelons of the rankings, high performing clubs are also able to diversify the way they generate revenue through unlocking innovative partnerships and developing the land and stadium space that they own or operate.

“While commercial revenue dominates the income of the top ten Money League clubs, broadcast income remains crucial for teams in the second half of the rankings. As competitions expand and create more broadcast and matchday opportunities, these can further increase the earning potential for clubs. At a time where there is more demand than ever for a greater number of matchdays, this must be balanced with player welfare, as they ultimately bring the on-field success that can earn clubs many further rewards off-field.”

Ratcliffe wants to see a new home for United, with conversations ongoing around whether or not redevelopment of Old Trafford or a completely new build on the land adjacent would be the best way forward. The noises from United seem to be that a £2.3bn, 100,000-seater stadium would be the preferred option, a venue that could host not only United games but music concerts, major events, and sports events such as the NFL, just as Spurs’ stadium, built in 2019, has done.

Bridge believes that making better use of stadia will be key to clubs being able to push revenues higher as they look for more ways to make money outside of the traditional pillars of revenue.

Bridge said: “Club stadia are increasingly being valued as more than just matchday assets, with a number of clubs converting their grounds into multi-use entertainment venues that attract new visitors, sponsors, and retail opportunities.

“Football clubs are now realising the value of becoming far more than sporting brands, with media and entertainment becoming intertwined with the commercial potential that they have to offer.”