Manchester United’s annual net loss rose by almost one-third to £43 million despite the club recording record revenue for the financial year, according to figures released on Wednesday.
The Red Devils generated £677.6 million in revenue for the year ending June 30, representing a 1.7 per cent increase on the previous period.
However, the club recorded its seventh consecutive annual loss after tax, with cost-cutting measures introduced under co-owner Jim Ratcliffe offset by payments linked to the departure of former manager Ruben Amorim and higher loan repayments.
The financial results cover a turbulent 2025/26 campaign in which former United midfielder Michael Carrick replaced Amorim and guided the club to a third-place Premier League finish, securing Champions League qualification.
United’s improved league position also contributed significantly to the rise in broadcasting revenue. The club’s television income increased by almost 20 per cent after finishing third, compared with 15th the previous season.
Despite the increase in broadcasting income, commercial and matchday revenues both declined by close to five per cent as United went through the campaign without European fixtures.
The club’s accounts also revealed £8.2 million in exceptional costs, most of which were associated with Amorim’s departure in January after 14 months in charge.
United also spent £63.5 million acquiring land adjacent to Old Trafford as part of plans for a proposed new 100,000-capacity stadium.
Ratcliffe, who completed a deal to acquire a minority stake in Manchester United in February 2024, has overseen extensive cost-cutting measures since taking an active role in the club’s operations.
Those measures have included significant job reductions as United attempt to reduce operating expenses and improve the club’s financial position.
Chief executive Omar Berrada said the latest figures demonstrated the underlying strength of the Manchester United brand and the impact of changes made over the past two years.
“This shows the direct impact of the work we have been doing over the past two years,” Berrada said in a statement.
“It also proves Manchester United’s enduring popularity and commercial strength.”
He added that the club would continue to prioritise financial discipline despite the positive revenue figures.
“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,” Berrada said.
Manchester United expect revenue to rise further in the current financial year, with projections placed between £740 million and £760 million.
However, the club’s strong financial outlook contrasts with a difficult start to the new campaign on the pitch.
Carrick’s side have collected only five points from their opening five Premier League matches, matching the club’s worst-ever start to a league season, while their early-season struggles were compounded by elimination from the English League Cup last week.
The return of Champions League football is expected to provide an important boost to United’s finances during the current campaign, but the club will also be looking for improved results as it seeks to build on last season’s third-place finish.
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