The point Mac is there is more than one way to create value in a business and winning things has never been the only way as evidenced by the two teams you mentioned and most of the top sporting brands in the US.
Anyway since this is a transfer thread, lets look at the transfer business and recruitment as one way.
In the last 20 years when we think about players we sold at their peak who had some level of superstardom and were on an upward trajectory I think Henry, RVP, Fabregas and Sanchez off the top of my head. Henry (16m), Fab (25m), RVP (23m) and Sanchez (35m), basically a world beating total of under £100m for the superstars our club was largely built around for the last 20 years. Merchandising value hasn't been great on these 4 players as Henry left quite early in this timeline (2007) and the other 3 left in largely bitter situations.
For Man U, I'd really only need to mention Ronaldo leaving at £80m. They also managed to make about £112m from the sales of both Di Maria and Lukaku but in general their net spend on players has been poor. However I believe Man U's "success" in the player recruitment has been tying their brand with legends no one will forget anytime soon like Ronaldo, Rooney, RVP, Berbatov,Ibrahimovic and then Ronaldo again etc. This kind of policy, which is basically the Mancunian form of "galaticos", has served Real Madrid for ages, and is why even if they aren't winning, people still show affection for these stars they loved so much and thus for the brand. It's really basic sports marketing and taken from the US playbook.
So we come to our own "noisy" neighbours. In the last 20 years we had Berbatov leaving for £30m, Modric for £30m, Bale for £85m and old man Kane for £86m. Unlike us and Man U, they're probably one of the best teams when it comes to net spend and making money off player sales in genery. Kane and Son also did great jobs for their marketing and merchandising.
In short, their suits have fought the battles off field pretty well by doing the basics while keeping their fans, and more importantly outsiders, believing that success is just around the corner. While we've gone the other way by making our fans and outsiders believe we'll always be bridesmaid but never the bride (seeing as we won't leave our comfort zone or ever try hard enough)
Henry said something about Man U a while back, that despite how bad we all say they are doing they've been in 5 proper finals since the last time we made a final. I'll look for it and add it to this post.
https://youtube.com/shorts/85_0yskwY...Uzl_QKtJd981JS