Manchester United posts record revenues of £666.5m despite on-field collapse and restructuring

Manchester United reported record revenues of £666.5 million for the year to 30 June 2025 but still recorded a loss amid a major restructuring programme and the club's poorest Premier League finish in decades.

The club said commercial income, boosted by the start of a five‑year front‑of‑shirt sponsorship with Snapdragon, and record matchday receipts helped deliver the highest turnover in its history. Despite that, Manchester United recorded a deficit for the period; the accounts include exceptional and restructuring costs and disclose different net loss measures reported across filings and summaries.

United reported commercial revenue of £333.3m and matchday income of £160.3m. The club also recorded EBITDA of £182.5m — earnings before interest, tax, depreciation and amortisation — which it said was the highest of any European club since the Covid pandemic. Operating expenses were £733.6m, down £34.9m on the previous year, and wages fell by £51.5m to £313.2m, reflecting the club's failure to qualify for the Champions League and the departure of several high earners.

The club said it spent £36.6m on exceptional items related to the restructuring, including pay‑offs to the former manager and his backroom staff, and treated other costs as part of a broader transition to a new e‑commerce model. Historic debt tied to the Glazer family's leveraged takeover remains at $650m, though the sterling value fell to £471.9m from £511m a year earlier because of exchange‑rate movements.

Manchester United has undergone a cost‑reduction programme since the involvement of Ineos minority owner Sir Jim Ratcliffe. The Ineos‑led restructuring has reduced headcount by more than 300 staff and, the club says, driven down costs that should improve future financial performance. The measures have drawn criticism from some quarters as the club balances commercial growth with operational cutbacks.

Chief executive Omar Berrada said the club was "building for the long term" on and off the pitch, pointing to summer investment in both the men's and women's squads and completion of a £50m redevelopment of the men's first‑team building at Carrington. He added that planning continues on ambitions to develop a new stadium at Old Trafford as part of a wider community regeneration project.

The reported figures cover the 12 months to the end of June and do not reflect the major spending Manchester United undertook in the subsequent summer transfer window; the club spent around £200m on signings including Matheus Cunha, Bryan Mbeumo, Benjamin Sesko and goalkeeper Senne Lammens. Last year the club reported a net loss of £113.2m; the most recent accounts show a substantially reduced deficit, with different presentations of the outturn producing figures cited in public reporting.

United said it remained in compliance with Premier League Profit and Sustainability Rules and UEFA's Financial Fair Play regulations. The club cited resilience in its commercial business and said growing revenue streams and the benefits of cost reductions would support the overriding priority of on‑field success.

Independent industry comparisons show Manchester United remains among the highest earners in world football. Deloitte ranked the club fourth globally in its most recent Football Money League, behind Real Madrid, Manchester City and Paris Saint‑Germain, based on the prior year's figures.

Despite the financial progress, the football side has struggled: United finished 15th in the Premier League in 2024‑25, their worst placing since the 1973‑74 season, and began the 2025‑26 season outside European competition. The club's leadership has framed the financial restructuring and commercial growth as necessary to underpin longer‑term sporting ambitions as it seeks to return the men's team to the top levels of competition.

The club will next report its half‑year position amid an expanded squad following the summer transfer activity and as it implements cost‑saving measures intended to deliver improved margins. Management says those changes, together with continued commercial investment, will be central to meeting both sporting and financial objectives going forward.