Manchester United under Ed Woodward Part I: Still a commercial behemoth capable of servicing high debts, but rivals have gained ground and the roof is leaking

Under Woodward, United have remained English’s football biggest earners, but the ratio between them and Liverpool has narrowed from 1.9:1 to almost even.

Of the 20 operating profits recorded by the EPL’s ‘Big Six’ between 2012 and 2021, United account for eight of them, and boast by far the biggest cumulative profit in that time.

Despite continual on-field underperformance, dividend payments to shareholders have ballooned in recent years, totalling £123 million since 2016.

Interest payments have fallen since 2013, but debt repayments have ceased and the club’s financial debt remains high, while capital expenditure has lagged behind domestic rivals.