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.
“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.
