Manchester United post record £677m revenue but net loss widens to £43m

Manchester United have posted record annual revenues of £677.6m for the 2024/25 season, the club confirmed in their latest financial results, but a widening net loss and rising long-term debt underline the financial pressures still bearing down on Old Trafford.

The £677.6m revenue figure represents a 1.7 per cent increase on the previous year — a notable achievement given the club had no training kit sponsor in place and did not compete in European football during the campaign. Broadcasting income was the primary driver of growth, rising by £33.9m on the back of United’s third-place Premier League finish. However, commercial revenue fell by £16m following the expiry of the Texaco training kit deal, and matchday income dropped by £6.8m as the club hosted ten fewer games at Old Trafford.

Despite the record top line, United’s net loss widened from £33m to £43m over the same period. The club did record an operating profit of £22.6m — a significant turnaround from the operating loss posted the year before, attributed to structural efficiencies and cost-cutting measures — but that improvement was not enough to prevent the overall deficit from growing.

Long-term debt remains a pressing concern. The club’s non-current borrowings now stand at £577.6m, up sharply from £471.9m a year ago. The increase reflects both rising interest rates and the active refinancing of certain bonds in June. United also maintain a revolving credit facility — functioning similarly to a corporate credit card — which stood at £110m at the end of June.

The figures paint a picture of a club generating more money than ever before while simultaneously carrying a heavier financial burden, a tension that will continue to shape decision-making on and off the pitch as the new ownership era under INEOS and Sir Jim Ratcliffe progresses.