Manchester United's Europa League final loss to Tottenham Hotspur has resulted in a seven per cent drop in shares, equating to around £160million according to the Financial Times.
It goes from bad to worse for United, as the consequences of the 1-0 loss to Spurs in Bilbao seem to extend far beyond the immediate disappointment, and are affecting the club's revenue streams, share value, and future planning.
Tottenham stand to gain substantially from their victory, with Champions League qualification opening the door to significant financial rewards.
United manager Ruben Amorim acknowledged the impact, stating: "We have two plans, even for the market, and we have to understand it's tough for a club like ours not to be in the Champions League."
Manchester United boss Ruben Amorim said it was 'tough' for the club to not be in the Champions League
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The immediate financial impact for United is stark. A Champions League campaign can bring in excess of £100m of extra revenue for TV rights, sponsorships and gate tickets.
Additionally, the financial markets reacted swiftly to United's defeat, with the club's shares falling by seven per cent according to the Financial Times.
This drop equates to approximately £160m in total value, representing a major blow to the Glazer family and Sir Jim Ratcliffe.
The share price decline compounds United's already precarious financial position, raising further concerns about the club's economic future.
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Manchester United owners Avram Glazer (centre), and Sir Jim Ratcliffe (right) with chief executive Omar Berrada (left)
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This market reaction reflects investor anxiety about United's diminished revenue prospects and competitive standing, with Champions League football now off the table for the 2025-26 season.
The news comes just days after the Sunday Times Rich List announced Ratcliffe's wealth had dropped by a staggering £6.4billion - around a quarter of his total wealth.
In stark contrast, Tottenham's victory has positioned them for a significant financial windfall.
The Europa League triumph immediately secured them £10m in prize money, with potential for an additional £4m should they win the Super Cup - both of which Manchester United miss out on.
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The real prize, however, is Champions League qualification, which could generate over £100m, if they perform well.
This financial boost will strengthen their position in the transfer market and support long-term planning.
Manchester United's financial woes extend beyond Wednesday evening's defeat, however. The club has posted net losses exceeding £370m in the five years up to June 2024.
Ratcliffe has already implemented severe cost-cutting measures since becoming part-owner, with 250 staff already sacked and another 200 currently at risk of redundancy and club ambassadors such as Sir Alex Ferguson saw their positions ruthlessly cut.
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Tottenham Hotspur will record at least £100m in extra revenue as a result of last night's victory
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The situation has created tension within the club, with reports that Ratcliffe was booed by United staff at a screening of the Europa League final as he continues with job cuts.
Given this additional financial setback from missing out on European football for 2025-26, there are growing concerns about further staff reductions.
The long-term implications of this financial disparity could reshape both clubs' futures.
Player wages will be affected, with reports suggesting United's squad previously faced a 25 per cent wage reduction after failing to qualify for the Champions League.
Casemiro alone has reportedly missed out on a £125,000-a-week pay rise, equivalent to £6.5m annually.
While the exact figures depend on numerous variables including player bonuses and sponsorship details, what remains certain is that United have missed out on substantial revenue while Tottenham, even in a worst-case scenario, stand to gain tens of millions.
