Manchester United’s decline on and off the field has been laid bare for a number of years but was placed in even sharper focus with their defeat by Tottenham in the Europa League final.

It was a zero-sum game on Wednesday: Winner goes into the Champions League – plus the UEFA Super Cup game in August – and loser is out of Europe next season and gets nothing.

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Tottenham won a painfully drab match 1-0.

As football finance expert Kieran Maguire noted on Thursday, the defeat came despite United having higher revenue than Tottenham and spending 64% more on wages for a more expensively acquired squad of players. Tottenham also beat United twice in the Premier League this season, and in the domestic League Cup.

“If I was teaching this at management school (I) would conclude that there is something seriously wrong with the culture of the organisation… which is set by senior management,” Maguire wrote on X.

What are the financial costs to Man Utd?

Beyond the loss of sporting opportunities and reputational prestige, the club owned by the Glazer family from the United States and British billionaire industrialist Jim Ratcliffe has short-term and long-term financial hits ahead.

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No Champions League play next season is an instant loss of at least 80 million euros ($90m), and approaching 150 million euros ($169m) for a run deep into the knockout stage.

United also misses out on the 4 million euros ($4.5m) Tottenham will get from UEFA for playing the Super Cup against the Champions League titleholder – either Inter Milan or Paris Saint-Germain – on August 13 at Udinese’s stadium in Italy. The winner gets a bonus of 1 million euros ($1.1m).

Can Man Utd recoup its losses in the FIFA Club World Cup?

After failing to qualify for the 2025 Club World Cup – which has a $1bn prize fund from FIFA and should pay more than $100m to a successful European team – United is now far behind in qualifying for the 2029 edition.

European teams qualify for the FIFA event only by being in the Champions League, either winning the title or building consistent results over four seasons.

United already will miss the entire first half of the 2024-28 qualifying period, and it is hard to project the team that last won the Premier League 12 years ago both qualifying for and then winning a Champions League title within three years.

What financial options do Man Utd have?

One clear solution to growing financial issues and the ability to comply with Premier League rules is selling the club’s best players, like captain Bruno Fernandes and out-of-favour forward Marcus Rashford, or its homegrown prospects. Some already earn high wages that are problematic for potential buyers.

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A talent drain risks speeding a spiral of decline on and off the field if coach Ruben Amorim is left trying to rebuild with a weaker pool of players.

How do Man Utd match up to other clubs?

While United is still one of Europe’s highest-earning clubs, UEFA’s annual research shows its advantage is in decline, even though revenue was a club record 661.8 million pounds ($887m) last year.

A UEFA chart showed that over five years from 2019-24 – pre-COVID-19 through to the post-pandemic recovery in the football industry – United’s revenue grew at a slower rate than all of its biggest English rivals except Chelsea.

Will Man Utd’s revenue be affected?

Revenue now risks dropping, and another income cut is coming from falling to 16th in the Premier League standings with one round left on Sunday.

Premier League prize money based on final position in the standings means dropping from eighth a year ago to 16th is a difference of 22 million pounds ($29.5m) less.

It all adds up to another loss-making season after a 113.2 million pounds ($152m) deficit last season. The three previous years totaled losses of 236 million pounds ($316m).

Will Man Utd’s losses cost them further?

The Premier League’s profit and sustainability rules (PSR) allow clubs to lose 105 million pounds ($140.7m) over a three-year period or face sanctions, though United can cite some exemptions.

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Ratcliffe, who has operational control despite being a minority shareholder, is already the public face of unpopular cuts to jobs and staff benefits, and rising ticket prices for fans.

“This is not sustainable,” the club told fans in January, “and if we do not act now we are in danger of failing to comply with PSR/FFP (financial fair play) requirements in future years and significantly impacting our ability to compete on the pitch.”