Manchester United have revealed record revenues of £666.5m for last season but still reported a loss of £33m for the financial year. The club were without Champions League football in 2024-25 and finished 15th in the Premier League but their revenue marginally increased by 0.7%.
Accounts for the year ending 30 June 2025 show United’s operating loss fell from £69.3m to £18.4m compared with the previous 12 months. Overall losses dropped from £113.2m to £33m after the co-owner Sir Jim Ratcliffe oversaw wide-ranging, and often unpopular, changes at a club he claimed in March had “gone one off the rails” as a business. The British billionaire warned United would have gone “bust at Christmas” if they had not taken “really tough decisions”.
The chief executive, Omar Berrada, said: “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 … 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 were £182.8m, a figure they expect to be between £180m and £200m this year.
The results released on Wednesday showed broadcasting revenue 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, meant employee benefit expenses decreased by £51.5m to £313.2m.
United posted record commercial revenues of £333.3m thanks in no small part to their front-of-shirt deal with Snapdragon, and achieved record matchday revenues of £160.3m. The club said they spent £36.6m in terms of exceptional items, which included payoffs to employees as part of their “transformation plan” and to the former manager 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 in sterling terms from £511m to £471.9m.
