Manchester United losses increase despite Ratcliffe cost-cutting and record revenue
Manchester United have reported a financial loss for a seventh consecutive year despite Sir Jim Ratcliffe’s drastic cost-cutting.
Net losses increased from £33m to £43m for the year ending June 2026, even though club revenue increased slightly to a new record £678m.
The results relate to a season in which United sacked manager Ruben Amorim and recovered from a poor start to qualify for the Champions League.
The club’s losses since 2019 now total more than £430m, although the annual deficit has been reduced from the £100m-plus figures of 2021-22 and 2023-24.
“We are pleased to have secured record revenues and adjusted EBITDA which demonstrates the underlying strength of our business, particularly in a season without European football,” said chief executive Omar Berrada.
“This shows the direct impact of the work we have been doing over the past two years. It also proves Manchester United’s enduring popularity and commercial strength.
“While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable.”
Cost of Manchester United stadium land revealed
United’s full-year accounts record that they paid £8.2m in exceptional items, mostly related to the sacking of Amorim in January after just 14 months in charge.
They also reveal that the club paid £63.5m to acquire land adjacent to Old Trafford on which they plan to build a new 100,000-capacity stadium.
Commercial revenue fell by five per cent to £317m, mostly due to United failing to replace Tezos with a new training kit sponsor until the start of the current season.
Matchday revenue was also down four per cent due to the club having 10 fewer home games as a result of not playing in the Champions League or other European competitions.
Broadcast revenue was up, however, despite not being in Europe as United’s vastly improved Premier League performance – from 15th to third – led to bigger central distributions.
Total operating expenses fell four per cent to £702m, due largely to cutting the wage bill and the residual effects of Ratcliffe axing more than 400 jobs over the previous two years.
The results come as United navigate a difficult start to the new season, during which they have won just once in five Premier League games and crashed out of the Carabao Cup.