Manchester United have smashed financial records even as the team endured their lowest ever Premier League finish of 15th.
The Old Trafford giants posted revenues of £665.5m for the year to June yet still recorded a net loss of £33m. The results underline the brutal restructuring overseen by minority owner Sir Jim Ratcliffe and his Ineos group, which has seen more than 300 staff shown the door in a sweeping cull designed to slash costs.
United insist the clear-out is already paying off. Matchday takings hit new heights, while commercial revenue surged thanks to the lucrative shirt deal with Snapdragon. The club also boasted an industry-leading EBITDA of £182.5m, the highest figure in Europe since the pandemic.
The report does not include this summer’s £200m transfer splurge on Matheus Cunha, Bryan Mbeumo, Benjamin Sesko and keeper Senne Lammens. Wages fell by £51.5m to £313.2m after missing out on the Champions League and shedding high earners. With no European football this season, costs are expected to dip again.
United’s debt, still rooted in the Glazer family takeover two decades ago, remains at a hefty $650m, although currency shifts reduced the sterling value from £511m to £471.9m. Exceptional items of £36.6m covered severance packages for axed boss Erik ten Hag and his staff along with wider restructuring.
Chief executive Omar Berrada hailed the numbers as proof of the club’s resilience. He pointed to the completion of the £50m Carrington revamp and ongoing plans for a new stadium as signs of long-term ambition.
United’s operating expenses dropped to £733.6m, a fall of £34.9m year on year. However, other costs rose £21m due to a switch in the club’s e-commerce operation.
Last year’s net loss stood at £113.2m, meaning the latest results mark a significant improvement despite the disastrous campaign on the pitch.
Ratcliffe’s ruthless drive has divided opinion but the financial impact is clear. United may be at their lowest ebb in football terms but in the boardroom the money has never flowed faster.
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