Manchester United announced record revenue of £666.5 million for the year ending 30 June 2025, a 0.7% rise from the previous year. However, the Red Devils still recorded a £33 million loss, despite finishing 15th in the Premier League and missing out on Champions League football for 2024/25, their lowest league finish in 51 years.

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Losses Narrow After Restructuring

Operating losses fell sharply from £69.3 million to £18.4 million, while overall losses decreased from £113.2 million to £33 million. Co-owner Sir Jim Ratcliffe attributed the turnaround to sweeping cost-cutting measures, warning earlier in the year that United would have gone “bust at Christmas” without drastic reforms.

Broadcasting and Wage Bill Fall

Broadcasting income dropped by £48.9m to £172.9m due to Europa League participation instead of the Champions League. Employee benefit expenses also fell by £51.5 million (14.1%) to £313.2 million, largely due to player exits and restructuring.

Commercial and Matchday Records

United set new highs in both commercial and matchday income.

Commercial revenue: £333.3 million boosted by the Snapdragon front-of-shirt deal.

Matchday revenue: £160.3 million, the highest in club history.

Exceptional costs of £36.6 million were recorded, including severance packages for Erik ten Hag and his coaching staff.

Debt and Financial Outlook

United’s principal debt remains at $650million, though exchange rate shifts reduced the sterling figure from £511million to £471.9 million. The club projects revenue of £640 million to £660 million for the next financial year, despite no European football for the first time since 2014/15.

Chief executive Omar Berrada said the record turnover “demonstrates the resilience” of the club, adding that cost reduction and commercial strength “provide significant potential for improved financial performance” to fuel on-field success.