How do you continue to lose money even when you attain record margins? Well, just ask Manchester United.
The Red Devils on Wednesday reported an annual net loss for the sixth consecutive year, even as revenues hit a record £666.5 million ($910 million) for the 2024/25 financial year.
The figures are a sheer reflection of the club’s turbulent campaign, in which they finished 15th in the Premier League — their lowest top-flight finish in 51 years — and missed out on Champions League football by succumbing to Tottenham Hotspur in the Europa League final.
Financial Picture: Marginal Growth, Smaller Losses
Revenue rose marginally by 0.7% compared to the previous year, reaching £666.5m. The club also reduced its operating loss from £69.3m to £18.4m, while
overall losses fell sharply from £113.2m to £33m.
The improvement followed wide-ranging cost-cutting measures introduced by co-owner Sir Jim Ratcliffe, including unpopular staff redundancies and structural streamlining.
🚨 Manchester United’s financials for 24/25.
Broadcasting revenue – £172.9m (down £48.9m)
Matchday revenue – £160.3m (up £23.2m)
Operating expenses – £733.6m (down £34.9m)
Employee benefit expenses – £313.2m (down £51.5m)
Commercial revenue – £333.3m (up £30.4m) #mufc… pic.twitter.com/wGCYqU22Kk
— The United Stand (@UnitedStandMUFC) September 17, 2025
Chief executive Omar Berrada insisted the changes were beginning to show results:
“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,” Berrada said in a statement.
“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.”
Commercial Strength Remains
Despite poor on-field results, United’s commercial power continued to shine.
The start of a five-year shirt sponsorship deal with Snapdragon drove record commercial revenues of £333.3m.
The club also posted record matchday revenues of £160.3m, highlighting Old Trafford’s enduring draw despite fan frustration.
Looking ahead, United expect revenues in the range of £640m–£660m for the 2025/26 financial year, even without European competition—a first since the 2014/15 season.
Mounting Pressure on Amorim
On the footballing front, pressure is mounting on manager Ruben Amorim. United have made a poor start to the new campaign, collecting just four points from their opening four league games – their worst start since 1992/93 — and crashing out of the League Cup to fourth-tier Grimsby Town.
Saturday’s home clash with Chelsea at Old Trafford is now being billed as a pivotal test for Amorim’s future in charge.
