City are a small club who have a lot more scope because of how small they are.
If Invited had the same room for growth then Ed wouldn't have been doing his job properly over the last. Few years.
Even then City haven't grown at such an impressive rate hence the need to bring in money laundering sponsorships in the first place.
We overtook Madrid over the last 6 years with our disastrous seasons v 4 times CL winners.
You can criticise Ed over a lot of things but growing our brand isn't one of them imo
It's not as simple as you think, mate - just reading revenues. The biggest compounding factor that a lot of folks seem to miss is the shared revenue system in England where United, despite poor seasons, has benefitted tremendously in building it's profile in the two decades before Ed. So with all the new money being put into the league, United still gets a significant amount of the share, often more than ever champions, because of our legacy not Woodward.
Contrast the PL revenue with La Liga revenue and the latter, in 2018 for instance per Deloitte, trailed significantly with 2/3 of the massive multi billion amount of the PL. Plus, revenue sharing is a recent thing for la Liga, so Madrid's continued run up top is heavily fueled by the international success albeit they have been poor domestically.
The best comparison is Barca, who despite being in the financially skinnier la Liga, for many years going without sponsors, have upped all their efforts and overtaken us.
Plus instead of total revenue, consider year on year percentages.
We are the silver spoon fed spoiled brats that have been outthought , outworked and outperformed by clubs that have not just rested on their laurels.