Financial Performance and Debt Overview
Manchester United chief executive Omar Berrada has highlighted that the club's "off-pitch transformation" is yielding positive financial results, despite the club's debt nearing £1.3 billion. For the six months ending 31 December 2025, United reported an operating profit of £32.6 million, a significant improvement compared to a £3.9 million loss during the same period the previous year.
However, the club increased its borrowing by drawing down an additional £25 million on its rolling credit facility, which now totals £295.7 million. When combined with the legacy debt from the Glazer family takeover and over £500 million in additional liabilities—primarily outstanding transfer fee payments—the club's total debt stood at approximately £1.29 billion at the end of 2025.
Net finance costs amounted to £13.9 million, a substantial decrease from £37.6 million recorded in the previous year.
Debt Comparison and Stadium Financing
In August 2025, football finance analyst Swiss Ramble ranked Everton and Tottenham above Manchester United in terms of debt levels. However, it is important to note that both clubs have incurred debt largely to finance new stadium projects. Manchester United has yet to disclose its financing plans for its new stadium, which is expected to cost over £2 billion. This financial context underscores the club's strong motivation to qualify for the Champions League following a two-year absence.
Revenue and Cost Management
Total revenues for the reported period reached £190.3 million. Commercial revenue declined by 8% to £78.5 million compared to the previous 12 months, while wages decreased by 9% to £75.1 million.
Since acquiring a 29% stake two years ago, Sir Jim Ratcliffe has implemented significant cost-cutting measures at the club. These have included two rounds of redundancies, resulting in the reduction of 450 jobs, as well as the elimination of various staff benefits such as a paid-for staff canteen.
According to club sources, these measures have enabled increased investment in data analytics and related areas.
Coaching Changes and Club Strategy
The financial statement did not disclose any details regarding the compensation related to the dismissal of head coach Ruben Amorim, as this event occurred after the reporting period.
"We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability," said Omar Berrada.
"We continue to take a football-first approach and today's results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our men's and women's teams."
