Manchester United’s latest accounts offer a familiar Old Trafford contradiction: record revenue on one line, a debt mountain on the next. The club brought in £677 million during 2024-25 and returned to an operating profit, yet its total accumulated debt remains above £1 billion at a time when the football side is struggling for traction.
Record income, but debt still weighs heavily
The figures, released on Wednesday, put United’s revenue at £677 million, equivalent to around €787 million, the highest total in the club’s history. Operating profit came in at £22.6 million, a sharp improvement on the £113.2 million loss recorded in 2023-24.
That recovery has not removed the broader financial pressure. United’s accumulated debt stands at more than £1 billion, or roughly €1.16 billion. It has fallen from the level reported in December, when the club said the figure had moved beyond £1.3 billion, but it remains an imposing burden.
- 2024-25 revenue: £677 million.
- 2024-25 operating profit: £22.6 million.
- Loss in 2023-24: £113.2 million.
- Accumulated debt: more than £1 billion.
- Salary costs fell by about £11 million over the last financial year.
Omar Berrada, United’s chief executive, said the record turnover showed both the strength of the club’s business and the effect of work undertaken over the previous two years.
Cost-cutting under Ratcliffe
Since British billionaire Jim Ratcliffe joined the club around Christmas 2024, United have pursued a series of measures intended to reduce expenditure. Staff redundancies and reductions to employee benefits have formed part of that programme, while the latest accounts show a decline in the wage bill.
The austerity has been difficult to separate from the mood around the ground. Supporters have gathered outside Old Trafford to voice objections to the ownership, with some of the frustration centred on a summer window regarded by critics as too restrained.
United spent around £150 million on Carlos Baleba, Andrey Santos and Youri Tielemans, a total that has done little to quiet complaints after an uncomfortable opening to the campaign.
A difficult start on the pitch
The financial update arrives with United 12th in the Premier League table after five fixtures, having managed only one win. There was further embarrassment in the League Cup, where Brighton & Hove Albion knocked them out at Old Trafford despite United having held a 2-0 lead.
The gap between commercial power and football results has rarely been hard to spot at United, and the first weeks of the season have made it harder still to ignore.
Old Trafford turf becomes a collector’s item
United have also looked for smaller ways to add income, putting pieces of the old Old Trafford pitch up for sale after the surface was replaced during the summer.
Season-ticket holders can buy a section of the previous turf for £125, around €145. Each piece is set within transparent glass, supplied in a presentation box and accompanied by a photograph of the stadium.
- The turf package costs £125.
- It includes a grass section preserved in clear glass.
- A presentation box and Old Trafford photograph are included.
- United last offered pitch sections to supporters in the 2012-13 season.
The club described the item as a suitable gift for supporters and something to place alongside other United memorabilia. With record revenue now in the books but debt still north of £1 billion, even the old grass has been asked to do its bit.
