Manchester United has announced record revenues of £666.5 million for the past season, yet the club still recorded a £33 million loss for the financial year.
This period saw the Red Devils miss out on Champions League football for 2024/25 and finish a dismal 15th in the Premier League, marking their lowest top-flight position in 51 years.
Despite the on-pitch struggles, United’s revenue saw a marginal increase of 0.7 per cent to £666.5 million.
The accounts for the year ending June 30, 2025, also revealed a reduction in operating losses, which fell from £69.3 million to £18.4 million compared to the previous 12 months. Overall losses decreased significantly from £113.2 million to £33 million.
These financial shifts follow co-owner Sir Jim Ratcliffe’s implementation of wide-ranging, and often controversial, changes.
Ratcliffe had previously stated in March that the club had “gone off the rails” as a business.
The British billionaire further warned that United would have gone “bust at Christmas” without the implementation of “really tough decisions,” a sentiment chief executive Omar Berrada believes will prove beneficial for the club’s future trajectory.
He 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.
“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.”
United are expecting the next financial year to bring in revenue of £640m to £660m despite being without European football for the first time since 2014/15.
The club’s earnings before interest, tax, depreciation and amortisation was £182.8m – a figure they expect to be between £180m to £200m this year.
In terms of their outlook, United said “the club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations”.
The results released on Wednesday showed broadcasting revenue for the 12 months ending June 30, 2025 decreased by £48.9m to £172.9m after the men’s team played in the Europa League rather than the Champions League.
That change, along with player departures and the wider restructuring process, saw employee benefit expenses decrease by £51.5m – 14.1 per cent over the prior year – to £313.2m.
United posted record commercial revenues of £333.3m thanks in no small part to their front-of-shirt deal with Snapdragon, while the club achieved record matchday revenues of £160.3m.
The club said they spent £36.6m in terms of exceptional items, which included pay-offs to employees as part of their “transformation plan” along with former boss Erik ten Hag and his staff.
United’s principal debt remains at $650m but a fluctuation in the exchange rate has seen the figure drop from £511m to £471.9m.
