Manchester United generated record revenues of £666.5m in the financial year to June 2025, but the club still reported a loss of £33m. The revenues rose 0.7%, up £4.7m from £661.8m in 2024, despite the side not competing in the Champions League.
The £33m loss comes after £36.6m was paid out in exceptional items as part of the club’s “transformation plan”. This included the sacking of Erik ten Hag and the manager’s staff plus payments due to any of the 150-200 employees who lost their job in the latest round of redundancies. Losses were down from the previous year’s £113.2m.
Omar Berrada, United’s chief executive, said: “To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United.
“As we start to feel the benefits of our cost-reduction programme, there is significant potential for improved financial performance, which will, in turn, support our overriding priority: success on the pitch.
“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 organisation equipped to deliver on our sporting and commercial objectives.”
While United are not in continental football for the first time since 2014-15, the club projects revenues of between £640m and £660m.
The results showed broadcasting revenue decreased by £48.9m to £172.9m, the men’s team playing in the Europa League a major factor in the drop, with record commercial revenues of £333.3m and record matchday revenues of £160.3m yielded.
United’s principal debt is $650m with an exchange rate fluctuation dropping this from £511m to £471.9m.
