Manchester United released its 2025 financial report, reporting a decline in some areas compared to the previous year, as well as a net debt exceeding $1 billion, the highest since the Glazer family’s hostile takeover in 2005, during which the club absorbed the cost of loans borrowed to acquire the club.
Revenue
The club’s total revenues decreased from £143.1 million to £140.3m in 2025, and paired with slight drops in broadcasting revenue, down 4.5%, matchday revenue, down 1.1%, and commercial revenue, down 1.3%.
Despite the drops and the absence of European football for the start of the 2025-26 season, the club’s operating profile went from a loss of £7m in 2024 to a profit of £13m in 2025.
“These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club,” Berrada said. “The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long term. That has helped us to invest in our men’s and women’s teams, sitting in sixth and third places in the Premier League and Women’s Super League respectively.”
Wages
Manchester United’s financial report follows a year of layoffs and penny-pinching policies from Sir Jim Ratcliffe and the new INEOS leadership group, but the major cost-cutting appears to have taken place in the team itself. The club’s wage-to-revenue ratio fell to 52.5%, compared to 56% for the same period a year ago.
According to The Athletic, the club’s total spending on wages was £73.6m for 2025, down from £80.2m last year, making it United’s lowest first-quarter wage bill since 2020.
United has several high earners in the squad from before INEOS took over, notably Casemiro in the current team and Marcus Rashford and Jadon Sancho out on loan. The club’s wages also decreased across the board with the absence of European football.
Overall, the club’s report is similar to recent years despite slight drops. The loss in certain areas is easily reasoned with the absence of European competition in terms of television money and extra matchday revenue.
