Chern like Butter 🧈

Avram Glazer has told an audience of financiers that sports teams at Manchester United’s level are not dependent on success on the pitch for commercial power. United’s co-owner was making a rare speaking appearance at Deutsche Bank’s inaugural Sports Investment Conference in London. Sources with knowledge of the event — talking anonymously to protect relationships — said he argued his club’s value is incubated from the effects of sporting variance in the same way that the New York Yankees and Dallas Cowboys still stand out as major global brands. Glazer was asked by an audience member about the correlation between results on the pitch and a club’s commercial pull. His response bears similarity to the feedback Ed Woodward, United’s former executive vice-chairman, gave during an investor call in May 2018. Woodward was asked by a shareholder if the improved performance in the Premier League, when Mourinho raised the side from sixth to runners-up, had been a factor in another set of record financial accounts, with United making £590million in annual revenue. Woodward replied: “Playing performance doesn’t really have a meaningful impact on what we can do on the commercial side of the business.” More from @lauriewhitwell 🔗 nyti.ms/4yUIGjj