Manchester United v Coventry City: Financial comparison of FA Cup semi-finalists

The FA Cup is known for its David and Goliath contests although they are usually the preserve of the third and fourth rounds – not the semi-finals, like Sunday’s match between Coventry City and Manchester United.

Coventry may be just one division lower than their illustrious opponents and have their own FA Cup pedigree, having lifted the trophy in 1987, back when they were a fixture in the top flight – but they and United are worlds apart in terms of financial resources. 

The disparity reflects not only United’s huge commercial clout but also how the two clubs’ fortunes have diverged dramatically in the 21st century, when Coventry began a slow decline that would take them down to the fourth tier and put their existence in danger.

Now stabilised under rapeseed tycoon Doug King, they are chasing promotion back to the Premier League, having narrowly missed out to Luton in last year’s Championship Play-Off Final, and return to Wembley this weekend for another milestone in their resurgence.

Still, comparison of their revenue, estimated squad value and wage bill underlines the size of the task they face and quite what an achievement it would be for Sky Blues manager Mark Robins – a former United striker – should David floor Goliath.

Revenue

Manchester United’s revenue of £648.4m for 2022-23 was 32 times Coventry City’s £20.4m. (Financial figures are from the clubs’ 2022-23 accounts, the most up to date available.)

United’s revenue was up £65m year-on-year and placed them in the top five of Deloitte’s annual Football Money League rich list. Coventry’s was also up, albeit by a modest £2.3m.

Squad value

The combined value of United’s current squad is £628.2m, or more than 13 times Coventry’s £46.9m. (Figures are from Transfermarkt and correct as of April 2024.)

While United’s most valuable player is captain and Portugal international Bruno Fernandes, at £60m, Coventry’s is USA striker Haji Wright, at £6m.

Wage bill

United’s wage bill was £331.4m, around 14 times that of Coventry’s £23.6m – loosely mirroring the disparity in squad values.

The Premier League side actually reduced their salary costs by more than £50m year-on-year, helped in part by Cirstiano Ronaldo’s departure in late 2022.