Given the prize money on offer, I’d disagree that the business and football models were as mutually exclusive as you suggest.
Furthermore, no commercial organisation can pontificate about its business model when the place it carries on its trade from is so outdated, dilapidated and uncomfortable for its paying customers - with no meaningful sign of a plan to resolve it, save for a few specious press releases about extending the main stand.
I think it’s fair to say that the Glazers have purposefully exploited the commercial income of the club, but there’s much more to running a successful football business than that. It’s one of a number of core factors, of which success on the pitch, forward planning, return on investment, succession planning and having good security measures in place must also feature. In each of those regards united have been conspicuously lacking in the last decade.
So no, I disagree. Their business model is poor because it palpably fails to exploit the commercial advantages that the club innately enjoys.