Why Manchester United can afford to play badly

This More or Less podcast episode investigates the high market value of Manchester United football club despite its recent poor on-field performance. Host Tim Harford interviews football finance expert Kieran Maguire, who explains that Manchester United's value stems from its global brand recognition, extensive merchandise deals, and massive fanbase cultivated over decades, particularly during the successful era under Sir Alex Ferguson and even before, under Sir Matt Busby. Maguire highlights the club's strategic commercial approach, leveraging its popularity to secure lucrative sponsorships worldwide, and emphasizes the enduring loyalty of its global fan base as a key factor in its high valuation, contrasting it with clubs owned by oil-rich nations whose value is more dependent on their owners' wealth rather than self-generated revenue.