Manchester United revealed record revenues of £666.5 million ($909m) for last season but still reported a loss of £33m for the financial year.
United were without Champions League football in 2024-25 — which cost them just short of £50m — and stumbled to their lowest top-flight finish in 51 years.
But United still saw revenue marginally increase by 0.7% to £666.5m, with the accounts for the year ending June 30, 2025, showing their operating loss fell from £69.3m to £18.4m compared to the previous 12 months.
Overall losses dropped from £113.2m to £33m after co-owner Sir Jim Ratcliffe oversaw some 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 even warned United would have gone “bust at Christmas” if they had not taken “really tough decisions” — something chief executive Omar Berrada believes will help moving forward.
Man United struggled to their worst ever finish in the Premier League last season and missed out qualifying for European football. Shaun Brooks – CameraSport via Getty Images
“As we settle into the 2025-26 season, we are working hard to improve the club in all areas,” he 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 organization 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.
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“Our commercial business remains strong as we continue to deliver appealing products and experiences for our fans, and best-in-class value to our partners.
“As we start to feel the benefits of our cost-reduction program, 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.
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