The stadium's share.
Falling for eighteen years.
Matchday revenue grew 73% in nominal terms from FY2007 to FY2025. Total club revenue grew 198%. The red area is Old Trafford's slice of a fast-expanding pie. It has been shrinking since the Glazer acquisition.
In FY2007, matchday revenue was Manchester United's largest single revenue stream. By FY2025, it was the smallest. The club's total revenue nearly tripled over eighteen years -- from £224m to £667m -- driven almost entirely by commercial deals and broadcasting distributions that have no physical ceiling. Old Trafford has one. From FY2011 to FY2019, matchday revenue never exceeded £112m, held flat by a stadium that had not been meaningfully expanded since 2006. Broadcasting and commercial income compounded around it. The structural consequence is visible in the red area: a share that peaked before the Glazers had completed their first year of ownership, and has not recovered since. In FY2026, with no European football and only 20 home fixtures, the share is forecast to fall further still.
Methodology note. Matchday revenue figures are drawn from Manchester United Form 20-F filings and Swiss Ramble analysis of Companies House filings. Total revenue figures are from the same sources. Matchday share is calculated as matchday revenue divided by total operating revenue, expressed as a percentage. FY2021 is annotated separately as a COVID anomaly (33 home matches behind closed doors, matchday revenue £7.1m). The FY2021 data point is shown with a different marker to flag the anomaly. All figures in nominal £m; no inflation adjustment applied.