Manchester United finances 2024/25: Premier League club achieves record revenues but still makes £33m loss

Manchester United achieved record revenues for 2024/25 of £666.5m - but the club still made an overall loss of £33m.

The club's annual accounts showed that they earned greater revenue than ever before despite not having Champions League football last season, in which they finished 15th in the Premier League - their lowest top-flight finish in 51 years.

United still saw revenue marginally increase by 0.7 per cent 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.

United bosses have hailed their five-year shirt sponsorship with Snapdragon as the most valuable of its kind in world sport, and that played a significant role in boosting revenues with four years remaining on that deal.

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United posted record commercial revenues of £333.3m while achieving record matchday revenues of £160.3m.

Overall losses dropped from £113.2m to £33m after co-owner Sir Jim Ratcliffe oversaw a raft of cost-cutting measures.

The accounts show total operating expenses were £733.6m, a decrease of £34.9m, or 4.5%, and employee expenses by 14.1 per cent, or £51.5m, to £313.2m.

This was achieved by several high-earning players, who were not part of the first-team plans, going out on loan or being sold, and wider club restructuring. More than 250 members of staff at Old Trafford were made redundant in the first round of cuts.

The club said they spent £36.6m in terms of exceptional items, which included pay-offs to employees as part of their "transformation plan" along with former boss Erik ten Hag and his staff.

The results released on Wednesday showed broadcasting revenue for the 12 months ending June 30, 2025 decreased by £48.9m to £172.9m after the men's team played in the Europa League rather than the Champions League.

More cost-cutting and difficult decisions are expected as INEOS completes its restructuring of the football club.

Ratcliffe 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 forwards.

"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 organisation 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.

"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 programme, 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.

'Man Utd bosses pleased but long-term on-pitch success the priority'

Sky Sports News' Rob Dorsett:

"The Manchester United bosses will be pleased with these figures, which they will feel show real progress towards cutting costs and growing revenues. But theirs is a long-term plan to rejuvenate and regenerate the club, and while record revenues show that the club still has a huge commercial pull as one of the biggest in world football, fans shouldn't think that will mean bumper spending in the January window, or next summer.

"There is still much more work to do to sort out the finances, which will mean more tough decisions and compromises going forward, as United strive to once again be a force at the top end of the Premier League table.

"Deloitte said in January that United was the fourth biggest club in the world, only behind Real Madrid, Manchester City and PSG in terms of revenue. These latest figures will show that they have maintained that strong position, despite their worst performance on the pitch since 1974, when the club was relegated. A lack of Champions League football and a 15th-placed finish in the league cost them tens of millions of pounds.

"But the chief executive's statement has made the strategy clear: make United more and more commercially successful, and in future, there will be more and more funds to invest in the football squad, which they hope and believe will then lead to better results on the pitch, and a return to the days when they won trophies.

"We should not forget the underlying financial problems that United have, however, been brought about by the Glazer family takeover in the early 2000s.

"That 'leveraged buy-out' effectively lumped £790m of debt onto the club, which the Glazers used to buy a controlling stake at Old Trafford.

"These latest figures show that debt has reduced somewhat (by around £39m to £471.9m), but that reduction is because of a change in the exchange rate between the British pound and the US dollar, rather than any of the debt being specifically paid off.

"In addition, the "revolving credit facility" that the club has (in effect, like a personal credit card) now has £165.1m of additional debt on it - up from £35.6m last year.

"While the record revenues and reduced losses are no doubt a sign that United are making impressive commercial strides off the pitch, the Glazer debt and the continued under-performance of the team on the pitch are two nagging negatives."

(c) Sky Sports 2025: Manchester United finances 2024/25: Premier League club achieves record revenues but still makes £33m loss