TIVP040: MANCHESTER UNITED (MANU): VALUING A FOOTBALL EMPIRE

W/ SHAWN O’MALLEY & DANIEL MAHNCKE

TIVP040: MANCHESTER UNITED (MANU): VALUING A FOOTBALL EMPIRE W/ DANIEL MAHNCKE & SHAWN O’MALLEY

05 October 2025

Daniel Mahncke and Shawn O’Malley dive into Manchester United, the legendary football club that’s grown from a 19th-century railway team into one of the most recognized sports brands on the planet. With revenue pillars in commercial sponsorships, broadcasting rights, and matchday income, plus a fanbase that spans every continent, United is often described as one of the biggest franchises in global sports. To frame the economics of the club, Daniel and Shawn also unpack the key differences between Europe’s open football leagues and the closed, franchise-based model of U.S. sports.

The central question is how Manchester United can close the gap between Forbes’ $6.6 billion valuation estimate and MANU’s $2.7 billion market cap. Can the club rebuild its on-pitch success after finishing 15th in the Premier League, its lowest in decades? Will the Glazer family finally sell, or does new ownership simply reshape the status quo? And can the proposed 100,000-seat “New Trafford” project transform the financial outlook without sinking shareholders? There’s a lot to unpack in asking whether one of the most popular sports teams in the world can also be a world-class investment.

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IN THIS EPISODE, YOU’LL LEARN:

  • How Manchester United was founded
  • What role investors play in European football leagues
  • The differences between U.S. leagues and European leagues
  • What role on-pitch performance plays for finances
  • How Manchester United’s business model works
  • Why sport franchises become increasingly valuable
  • What catalysts could close the valuation gap
  • Whether Manchester United is attractively valued at its current levels
  • Whether Shawn & Daniel add MANU to The Intrinsic Value Portfolio
  • And much, much more!

TRANSCRIPT

Disclaimer: The transcript that follows has been generated using artificial intelligence. We strive to be as accurate as possible, but minor errors and slightly off timestamps may be present due to platform differences.

[00:00:00] Daniel Mahncke: Manchester United is among the biggest brands in the world. Forbes values the club at $6.6 billion, but you can buy at shares at a market cap of just $2.7 billion.

[00:00:11] Shawn O’Malley: Forbes valuations are pretty on point historically, and with Chelsea selling for over $5 billion, United should not struggle to sell at Forbes’s $6.6 billion valuation.

[00:00:22] Daniel Mahncke: The question though, is whether the Glazer family actually wants to sell, and if not, what else can boost the stock price? Perhaps it’s a new stadium, although it sounds pretty unlikely, but there could be a good reason for the stock going up significantly.

[00:00:40] Intro: You are listening to The Intrinsic Value Podcast by The Investor’s Podcast Network. Since 2014 with over 180 million downloads, we’ve learned directly from the world’s best investors. Now we are applying those lessons to analyze businesses and investment opportunities every week, helping you uncover intrinsic value. And now here are your hosts, Shawn O’Malley and Daniel Mahncke.

[00:01:12] Shawn O’Malley: All right, folks. Welcome back to The Intrinsic Value Podcast. Today we are heading into territory that is a little different from our usual lineup of compounders. I’ve discussed a similar type of company before, but I actually think the conversation will come more naturally for Daniel than for me, and you’ll see what I mean in a moment.

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