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Manchester United are on the edge. This week, they face Tottenham Hotspur in the Europa League final in Bilbao. For United, the match is more than just about a trophy—it’s about survival.

The club is in crisis. Sitting 16th in the Premier League, United risk finishing their worst top-flight season in over 50 years. Former United coach Rene Meulensteen called it a “turning point” for the team.

“A win gives a bit of hope,” Meulensteen said. “It won’t erase the bad season, but it could bring a small reset. Lose, and things might get even worse.”

The Richest Match in United’s Modern Era

Football finance expert Kieran Maguire says this final is United’s “most important game ever” from a money view.

If United qualify for the Champions League, they could earn over £100 million. This includes money from TV rights, match tickets, and bonuses from sponsors. A strong Champions League run could add £30–40 million more.

Tottenham would benefit too, but United’s financial problems are more serious. Spurs posted a £26 million loss last year. United? A massive £113 million. Over the past three years, United have lost £300 million.

And yet, the club made £651 million last year, one of the highest in world football. But the club still suffers from debt from the 2005 takeover by the Glazer family. That debt has passed £1 billion. High interest payments make things worse, especially with rising rates.

United even warned that they may breach Premier League financial rules, which limit how much money clubs can lose.

Survival May Depend on a Win in Bilbao

In March, part-owner Sir Jim Ratcliffe said the club could collapse financially if changes aren’t made soon. He blamed the high wages paid to underperforming players.

The club is linked to new signings like Liam Delap, Antoine Semenyo, and Matheus Cunha. But buying new players depends on cutting current costs and raising funds—especially through success in Bilbao.

If United win, they offer future players something valuable: European football. That helps attract talent. Without it, United’s options shrink.

Already, the club has started making cuts. They laid off hundreds of staff and raised ticket prices, sparking fan anger.

“United still have one of the biggest wage bills in the league,” said Maguire. “They’ve spent over £1 billion on the current squad and still owe about £300 million.”

Only Champions League money can keep the club afloat and allow for new signings.

A Win Could Start a New Chapter

Former captain Rio Ferdinand believes the final could start a “new era” at Old Trafford.

“This is a big moment. If they win, it changes the story. But they need support and smart investment,” Ferdinand said.

Finishing low in the Premier League will also cost United about £30 million in prize money. A trophy win can cover the £14.5 million spent in manager changes earlier this season.

The club also hopes to rebuild Old Trafford, a plan that may cost over £2 billion. But the project needs serious money. Ratcliffe has already pulled back spending on other sports projects, like ending the Ineos deal with Spurs.

So, United needs European success—now more than ever.

Champions League Comes with a Cost

Winning in Bilbao won’t come cheap. It could lead to a 25% rise in player salaries due to contract bonuses. But Maguire says the extra income from Europe makes it worth it.

Manager Ruben Amorim agrees. “It’s not the trophy—it’s the Champions League that matters most,” he said.

When asked if losing might help by lowering pressure, Amorim was clear: “No. Losing the final would be terrible. Next season, fans and media will have zero patience.”

Tottenham Also Seek Redemption

Spurs are also chasing a much-needed trophy. They haven’t won anything since 2008. Their season has also seen fan protests against owners Enic and chairman Daniel Levy.

“Champions League football would help Spurs, but they can survive without it,” said Maguire. “They manage their money better and earn from more than just football.”

United don’t have that comfort. They face a £10 million penalty from Adidas if they miss the Champions League again.

A former United executive warned that failure could cause sponsor deals to drop. Their training kit sponsor Tezos already left.

“Missing Europe challenges the entire business model,” the former official said. “If they win, things keep running. If not, they may have to sell young stars like Garnacho or Mainoo.”

Bilbao: A Defining Moment

Fans heading to Bilbao remember the 1991 Cup Winners’ Cup—where Sir Alex Ferguson’s legacy began. Others think of 2017’s Europa League win under Mourinho, which salvaged that season.

But this time, the crisis is worse. And the need to win is much greater.

Losing could also harm Ineos’ “Mission 21” plan to win the Premier League by 2028. Insiders say it’s not “win or bust,” but a trophy would help a lot.

Spurs manager Ange Postecoglou and Amorim both say the Europa League is not the full answer. But if Spurs lose, Postecoglou’s job may be in danger anyway.