Manchester United Post £32.6m Operating Profit but Debt Nears £1.3bn

Manchester United have reported an operating profit of £32.6m for the six months ending 31 December 2025, marking a significant improvement from the £3.9m loss recorded during the same period the previous year.

The results reflect what chief executive Omar Berrada described as the growing financial impact of the club’s “off-pitch transformation”, although total debt levels are now approaching £1.3bn.

During the reporting period, United generated total revenues of £190.3m. Commercial revenue fell by 8% year-on-year to £78.5m, while wages dropped by 9% to £75.1m, contributing to the improved operating position.

However, the club also drew down an additional £25m from its revolving credit facility, increasing the outstanding balance to £295.7m. When combined with the legacy debt from the Glazer family takeover and more than £500m in additional liabilities, largely made up of outstanding transfer fee payments, total debt stood at approximately £1.29bn at the end of 2025.

United paid £13.9m in net finance costs during the period, significantly lower than the £37.6m recorded the previous year.

The figures underline the scale of the financial challenge facing the club, particularly as plans for a new stadium, expected to cost in excess of £2bn, continue to be explored. No formal financing structure for the proposed development has yet been announced.

Since acquiring a 29% stake two years ago, Sir Jim Ratcliffe has overseen widespread cost-cutting measures, including two rounds of redundancies that have resulted in approximately 450 job losses. Several staff benefits, including a subsidised canteen, have also been removed.

Club sources maintain that savings have enabled increased investment in performance data and infrastructure.

Commenting on the results, Berrada said: “We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability.

“We continue to take a football-first approach and today's results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our men's and women's teams.”