In May 2018, Manchester United executive vice-chairman Ed Woodward gave what he described as a "very simple and candid" response to a question about whether success on the pitch made a difference to the club's earning power off it: "Playing performance doesn't really have a meaningful impact on what we can do on the commercial side of the business."
Time will tell whether Woodward's assertion about United's commercial power, in the absence of success, holds true. United announced a new five-year shirt sponsorship deal with TeamViewer last week worth £47 million a year, according to club sources, but the agreement is £17m-a-year down on their expiring deal with Chevrolet and, according to a Bloomberg report at the weekend, TeamViewer appear to have accounted for a €35m (£30.