The Glazer family's asking price for Manchester United is more than double the club's value.
That is according to a report from Football Benchmark.
The Red Devils are in the process of trying to secure outside investment, with the Glazers even willing to sell the club outright to another owner who can erase its debt.
Per Football Benchmark, even with United being the second most valuable club on the planet, the club's worth is closer to £2.4 billion.
"Can a club like Manchester United FC be really sold at £5-7bn, or even higher, as speculated by some of the press? The gap between the rumored transaction price and the theoretical value of Manchester United FC appears enormous," Andrea Sartori, the Football Benchmark chief executive, said.
"If we look only at past financial indicators and future expectations for the club and the broader football industry, the answer to the above questions would probably be no.
"Considering asset values, Manchester United's current squad is valued at £770m by Football Benchmark. They possess an iconic, but relatively old stadium requiring major investment, as well as a training centre that is criticised even by players for being outdated. At the same time, their overall brand is still going strong, valued by Brand Finance at GBP £1.09bn.
"However, taking all these factors together, these assets' combined value is still significantly under the speculated transaction price. The stock exchange performance of the club does not lend credence to the high expected price either. Even after a significant jump in the share price following the announcement of a potential sale, the club's market capitalization is still well below the £3bn mark."