Manchester United owners have been given a concerning financial warning

It is getting close to four years since Ed Woodward issued his immortal line about Manchester United's money-making clout being insulated from factors such as whether they are actually a successful football club.

It was on a conference call with investors in May 2018 that Woodward sounded his bullish rallying cry over United's ability to continue drawing in those record-breaking commercial revenues. Woodward was actually being asked if an improved Premier League performance had played a part in an impressive set of financial figures, but his answer is more pertinent these days given United's ongoing lack of success.

"Playing performance doesn't really have a meaningful impact on what we can do on the commercial side of the business," he said. That statement has generally held up in the nine years since Sir Alex Ferguson retired and United stopped winning things, but while their revenues remain solid, those of their rivals are continuing to grow.

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In the latest edition of the Deloitte Money League report, taking in revenues from the 2020/21 season, United have fallen to fifth position, their lowest standing in the 25 years that the report has been produced. Perhaps more galling is the sight of the club now sitting top of the pile, in Manchester City, who are quickly making strides when it comes to generating commercial revenue themselves.

The report is well-read enough to have encouraged AC Milan to question their own position in the latest edition, successfully pointing out their revenues weren't accurately reflected. Away from United's fall away from the top four - something they might have to get used to - there is a starker warning from