Manchester United have announced record revenues of £666.5 million for the 2024-25 financial year, but the club still registered a net loss of £33 million amid widespread structural changes and on-field struggles.
Revenue Growth & Financial Highlights
- Record Revenue: Despite missing out on Champions League qualification, United managed to increase overall revenue by about 0.7% to £666.5m for the year ending 30 June 2025.
- Commercial & Matchday Income:
- Commercial revenue rose strongly, powered by new sponsorship deals (including the front-of-shirt deal with Snapdragon).
- Matchday receipts also improved, rising to £160.3 million, helped in part by higher ticket-prices and memberships.
Losses Narrow, But Still a Loss
- Net Loss: The club’s loss for the year was £33 million. While still in the red, this is a marked improvement from the £113.2 million deficit in the previous fiscal year.
- Operating Loss Reduced: United’s operating loss fell from £69.3 million to £18.4 million, suggesting that cost control and structural changes are making an impact.
What’s Behind the Cost Cuts & Turmoil
- Leadership Changes & Restructuring: Under minority owner Sir Jim Ratcliffe, United have undergone a sweeping transformation. Ratcliffe claimed the club “had gone off the rails” as a business before his involvement.
- Staff Cuts & Expenses: Employee benefit expenses dropped by about £51.5 million, aided by reductions in non-playing staff, payoffs to senior employees including Erik ten Hag and sporting director Dan Ashworth, and other exceptional items totalling about £36.6 million.
- Broadcast & Competition Revenue Losses: A key factor was the absence from Champions League. United were in the Europa League instead, which resulted in lower broadcasting income.
Forecast & Risks
- Revenue Forecast Dip: For the upcoming fiscal year (2025-26), United anticipate revenue in the range of £640 million to £660 million, signaling a slight decline from the previous year’s record.
- On-Field & Commercial Pressure: Finances remain fragile, especially since without Champions League football, both visibility and income streams from broadcasting and sponsorship are under pressure. There’s also fan discontent and low league performance (Manchester United finished 15th in the Premier League in 2024-25) adding to the risk.
What This Means & Looking Ahead
Manchester United’s accounts reflect a club in transition. The high revenue shows commercial strength and global brand resilience, even in a challenging season. But the losses underscore that prestige alone isn’t enough — strict cost control, improved results, and returning to top European competitions remain essential.
CEO Omar Berrada has acknowledged the difficulties but says the changes — on and off the field — are building a more streamlined, sustainable foundation.
If United can keep trimming costs, stabilize their performance, and restore their European standing, they may be turning a corner. But the financial and sporting pressure is high, and missteps could be costly.
