A quick look at some 10 year commercial revenue growth between United, Arsenal, City and Liverpool and how success and champions league qualification is so imperative to growth Uniteds commercial revenue has been very stagnant since around 2016 and up to 2023 actually decreased
Arsenal on the other hand due to no CL for 6 years straight and constantly flirting with 6th to 8th finishes eroded commercial confidence - I expect this number to go up in the coming years (they just signed a new Emirate deal)
Liverpool is a good example of how a team that didnt make the CL in the early 2010's and started seeing success and consistent CL places had a major ramp up in commercial revenue from 2016 onwards. Growing £149m in a 10 year period.
Citys commercial revenue has grown year on year with consistent CL results and top place finishes constantly compeiting for trophies over a 10 year period. This gives commercial partners high confidence and the new deals with OKX and Asahi are good indicators of how the commercial growth continues to rise.
This view still a work in progress but shows the comparison in 2022s financial accounts for commercial revenue
and over 10 years looking at only a few teams show the comparison gulf between clubs United earned a whole 1.2bn more than Spurs in commercial revenue over a 10 year period while City has closed the gap significantly on United.