Manchester United released their 2024–25 financial results this week, detailing another net loss alongside a club record revenue for the 12 months ending June 30, 2025.
The Red Devils pulled in more money than ever before, taking £666.5 million ($908.3 million) across commercial, broadcast and matchday income streams. But enormous operating costs meant that the balance sheet still ended up showing a £33 million net loss for the season as a whole.
Co-owner Sir Jim Ratcliffe presented a grave warning about the club’s finances earlier this year, having also embarked on significant cost-cutting measures—some more controversial than others—since assuming control of day-to-day operations at the start of 2024.
But what do the numbers actually mean?
Man Utd’s Enduring Commercial Power
From a sporting perspective alone, United’s 2024–25 was the worst season in 51 years—since relegation from the top flight at the end of the 1973–74 campaign. Yet in terms of revenue and the money the club was able to make, it was new high bar.
Commercial power and the strength of the Manchester United brand, even with an alarming decline on the pitch, was a significant factor in that. Commercial revenue grew 10% from 2023–24, underpinned by last season being the first year of a lucrative new partnership with Qualcomm, via its Snapdragon brand, and a boost in retail, merchandising and licensing following the launch of a new ecommerce model. A first ever postseason tour, which saw the squad travel to Malaysia and Hong Kong for a pair of friendlies, also brought extra money into the club.
It speaks volumes that United, who recently announced a new partnership with Coca-Cola that will be reflected in the 2025–26 accounts, still have that level of commercial pull, even when the football isn’t doing the same talking it once was. If things improve on the pitch, as is the hope, there is enormous potential as to how much the club’s commercial department could capitalise and grow.
Champions League Money Matters
Even though matchday revenue also experienced growth—because of an increased number of home games and the sustained appetite for hospitality packages, broadcast revenue was previously the most lucrative of the three main income streams and fell by as much as 22%.
That was put down to not competing in the Champions League during the season in question. United were still in the Europa League and earned broadcast money from that, but the difference in financial rewards between UEFA’s primary and secondary club competitions is vast.
Even though strong commercial performance is leading the club to predict a similar overall revenue for 2025–26, United will not have any income from European football this season for the first time in 11 years, which significantly limits what could be earned in different circumstances.
Falling Costs
Costs and expenditure are what saw United still post a loss, even with record revenue. But the situation is at least significantly better than it has been. A £33 million net loss is just a fraction of the £113.2 million loss from 12 months earlier, while there was a loss in excess of £115 million for 2021–22, and outgoings are slowly coming more under control.
Operating costs year on year fell by 4.5% from 2023–24 to 2024–25 and, within that, the wage bill fell by 14% over the same period, primarily due to failure to qualify for the Champions League and the automatic cuts associated with it. Further savings will now also be made by taking expensive salaries off the books, with Antony permanently sold, Marcus Rashford being paid fully by Barcelona while on loan and Aston Villa covering the majority of Jadon Sancho’s pay packet. United are now thought to be spending less on wages than Manchester City, Liverpool, Chelsea and Arsenal.
At times, Sir Jim Ratcliffe’s cost-cutting has come across as brutal, with day to day spending more tightly controlled and around 500 employees made redundant since 2024, but he may see justification in the numbers coming out as a result of that and other measures.
The Cost of Sacking Erik ten Hag
Dismissing a manager is not cheap. Listed among £36.6 million in ‘exceptional items’ was the removal of Erik ten Hag—and the Dutchman’s staff—from his role early last season. It also cost money to break successor Ruben Amorim out of his contract with Sporting CP and making such a change is always something that ideally shouldn’t happen because of the vast expense involved.
PSR Compliance, Transfer Implications
United say they are “in compliance with both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations”, which is vitally important and could impact the club’s spending power in upcoming transfer windows.
The huge loss from 2021–22 now no longer comes into PSR calculations due to the nature of the three-year cycle, which is helpful to say the least.
Up front was strengthened significantly during the recent summer transfer window through the acquisitions of Matheus Cunha, Bryan Mbeumo and Benjamin Šeško.
But there remains a feeling that midfield needs attention sooner rather than later. Whether the club renews interest in Brighton & Hove Albion’s Carlos Baleba in 2026 remains to be seen, but it is certainly more feasible given the healthier and improving financial picture.
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This article was originally published on www.si.com as Man Utd Financial Accounts: Key Takeaways From 2024–25 Report.
