Manchester United’s latest accounts place the club’s financial weight in sharp contrast with its troubled start on the pitch, with accumulated debt still above £1 billion despite record revenue during the 2024-25 season.
The Old Trafford club reported income of £677 million, its highest figure to date, and an operating profit of £22.6 million for the campaign. That marks a substantial turnaround from the £113.2 million loss recorded in 2023-24, although the total debt remains above £1 billion, equivalent to around €1.16 billion.
The debt position has improved slightly since December, when United said the figure had risen beyond £1.3 billion. Even so, the scale of the liability remains central to the atmosphere around the club, where supporters have gathered outside the stadium to voice anger at the ownership.
A difficult opening in Manchester
Those financial results arrive during another uneasy spell in the sporting calendar. United sit 12th in the Premier League after taking only one win from their opening five matches.
The club’s League Cup run has also ended early. Brighton & Hove Albion overturned a two-goal deficit at Old Trafford to win 3-2 in the round of 32, deepening the frustration around the stadium.
Some of the supporters’ criticism has focused on the summer transfer window. United spent approximately £150 million on Carlos Baleba, Andrey Santos and Youri Tielemans, a level of investment many fans have considered insufficient against the backdrop of the club’s wider financial demands.
Cost cutting under Ratcliffe
Since British billionaire Jim Ratcliffe arrived around Christmas 2024, United have pursued a series of measures intended to reduce expenditure. The programme has included job cuts and reductions to employee benefits.
The accounts show that the club’s wage bill fell by about £11 million over the latest financial year.
Omar Berrada, United’s chief executive, welcomed the revenue figure as evidence of the club’s commercial reach. “We are delighted to have achieved record revenue,” he said, adding that it demonstrated both the strength of the business and the effect of work undertaken over the past two years.
For United, the accounts offer evidence of progress in operating terms. Yet with debt still measured in billions, supporter unrest visible around Old Trafford and results faltering, the financial recovery remains only one part of a much larger challenge.
