Manchester United have recorded record revenues – but still lost £18.4m
Despite recording a lowest Premier League finish of 15th, the Old Trafford outfit turned over £666.5m, which is the highest figure in the club’s history.
Six months ago, minority owner Sir Jim Ratcliffe claimed the club had risked running out of money before the end of 2025.
However, the restructuring that his Ineos group has put in place, which has resulted in more than 300 redundancies, has driven down costs.
United believe the figures represent the cost-cutting measures implemented by Ineos, which have triggered criticism in some quarters.
The club also netted record matchday and commercial revenues, the latter thanks largely to the deal with front-of-shirt sponsor Snapdragon.
Man United have posted record revenues, a new financial report from the club has revealed
The Red Devils endured their worst ever Premier League season, finishing 15th
They also point to the club’s EBITDA – earnings before interest, tax, depreciation and amortisation, as being the highest of any club in Europe since the Covid pandemic, at £182.5m. EBITDA is viewed within the industry as a key indicator of the performance of a business.
The figures are to the end of June and do not include the major impact of the club’s summer transfer business, in which around £200m was spent on recruiting Matheus Cunha, Bryan Mbeumo, Benjamin Sesko and Senne Lammens.
Player wages were down with the club’s failure to play in the Champions League having an impact, along with the departure of some of their higher earners. That is likely to be the case again this season, with United failing to qualify for Europe altogether.
Last year, United reported a net loss of £113.2m.
Chief Executive Omar Berrada said: ‘As we settle into the 2025/26 season, we are working hard to improve the club in all areas. On the field, we are pleased with the additions we have made to our men’s and women’s first team squads over the summer, as we build for the long-term.
‘Off the field, we are emerging from a period of structural and leadership change with a refreshed, streamlined organisation equipped to deliver on our sporting and commercial objectives.
‘We are also investing to upgrade our infrastructure, including completion of the £50m redevelopment of our men’s first team building at Carrington, on time and on budget, following prior investment in our women’s team facilities, to create a world-class environment for our players and staff.
‘Meanwhile, planning continues to meet our ambition of developing a new stadium at Old Trafford as part of a transformational regeneration of the surrounding community.
While turning over £665.5million, the club reported losses amounting to £18.4m
‘To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United.
‘Our commercial business remains strong as we continue to deliver appealing products and experiences for our fans, and best-in-class value to our partners.
‘As we start to feel the benefits of our cost-reduction programme, there is significant potential for improved financial performance, which will, in turn, support our overriding priority: success on the pitch.’
The club’s historic debt, a legacy of the Glazer family’s leveraged takeover 20 years ago, remains unchanged at $650m, although it has fallen from £511m last year to £471.9m thanks to the pound’s performance against the dollar.
United spent £36.6m on ‘exceptional items’ which relates to the restructuring of the club and pay-offs to former manager Erik ten Hag and his backroom team.
The club’s operating expenses were £733.6m, which was down £34.9m on last year. Wages were down £51.5m to £313.2m, while other operating expenses were £170.4m, up £21m, thanks to what the club described as ‘the transition to our new e-commerce model in the current year’.
