Man Utd Returns to Profit as Debt Nears £1.3bn
Manchester United has reported a return to operating profit in its latest financial results, even as the club’s overall debt burden climbed to almost £1.3bn.
The Premier League side posted an operating profit of £32.6m for the six months ending 31 December 2025, a marked turnaround from a £3.9m loss recorded over the same period a year earlier. Total revenue for the half-year stood at £190.3m.
Despite the improvement, United’s financial disclosures show rising borrowings. The club drew down an additional £25m from its revolving credit facility, taking that balance to £295.7m. When combined with long-standing debt linked to the Glazer family takeover and more than £500m in other liabilities – largely outstanding transfer fee payments – total sums owed reached £1.29bn at the end of the year.
Net finance costs fell significantly to £13.9m, compared with £37.6m the previous year, offering some relief amid tighter cost controls.
Chief executive Omar Berrada said the figures reflected progress from changes behind the scenes. He described the results as evidence that the club’s “off-pitch transformation” was beginning to deliver financial benefits, while maintaining a focus on sporting performance across both the men’s and women’s teams.
Commercial revenue declined by 8% to £78.5m, but this was partly offset by a 9% reduction in wages to £75.1m. The club has implemented extensive cost-cutting since Sir Jim Ratcliffe acquired a 29% stake two years ago, including two rounds of redundancies that eliminated around 450 roles and the removal of several staff benefits.
Matchday revenue fell by less than 4%, despite United playing fewer home games and missing out on European competition during the period. The club has increasingly relied on higher ticket prices and premium matchday experiences to sustain income.
United has yet to outline how it plans to fund a proposed new stadium, estimated to cost more than £2bn. The financial results underline why a return to the Champions League remains a priority, with qualification expected to bring a significant revenue boost – albeit alongside higher wage commitments triggered by European participation.
Details of any severance costs linked to recent managerial changes were not included, as they fall outside the reporting period.
