Old Trafford’s latest accounts show a move from loss to profit, but the lack of European football has taken a toll and Sir Jim Ratcliffe, like the Glazers, is in debt.
Omar Berrada says Manchester United’s organization is making “significant progress” in “transforming the club”. The chief executive said he based this claim on first-quarter results that showed “solid financial results.”
To the untrained eye, they don’t seem overly “robust” and financial types on social media aren’t strictly driven by numbers. So did the New York Stock Exchange.
Operating profit was £13.3m, compared to an operating loss of £6.9m in the first quarter of the previous year, but this was mainly due to player sales, most notably Chelsea’s £40m transfer for Alejandro Garnacho. Chelsea has helped some clubs make ends meet. Just ask Brighton & Hove Albion.
read more: Manchester United news: Ruben Amorim sends £60m statement as summer talks beginread more: Jose Mourinho criticizes Antonio Conte, Scott McTominay criticized by Italian media
However, Manchester United should not be a club that relies heavily on player sales. While this number may be solid, the lack of European football will definitely impact this year’s numbers.
Total revenue for the quarter was £140.3m, down slightly on the previous year but still demonstrating the club’s financial strength. Still, annual revenue is expected to be around £650m. They are still big numbers. But what worries supporters is that the club’s net debt now stands at an all-time high of £749.2m.
And even more painfully, the company still owes the original £481m from the Glazer family’s leveraged takeover. It hasn’t been alleviated.
A financial and football powerhouse like United can take on such debt, but the fact that the Glazer family have since paid out tens of millions of pounds in dividends and share sales is an insult to supporters. Renowned football finance expert Kieran Maguire says that since the Glazers took over in 2005, cumulative pre-tax losses have totaled £531m and cumulative net interest expense has exceeded £1bn.
But don’t worry, the Glazer family was fine. Perhaps they will start paying dividends again. We are now making a profit.
And it will cheer long-serving office staff who have been weeded out by Sir Jim Ratcliffe, and those left behind who have had their free lunches taken away. But despite the debt and bad taste left by Sir Jim’s ruthless cost-cutting, the figures show that United remain European football’s financial and commercial powerhouse.
They just need to re-establish themselves as a powerhouse on the field. They just need to get back to the top table and fight for the Premier League and Champions League.
Berrada said a “sustainable low-cost foundation” and “more streamlined and effective organization” had contributed to the club’s “investment in the men’s and women’s teams, which placed them sixth and third in the Premier League and Women’s Super League respectively.” As if it were some kind of boast.
But while this latest financial announcement is unlikely to attract much attention on or off the pitch, it does show once again that United could once again become an enduring force if Ruben Amorim can pull off a miracle. However, that’s a very big “what if”.
Join our new MAN UTD WhatsApp community and receive your daily Manchester United content from Mirror Football. Community members also receive special offers, promotions, and advertisements from us and our partners. If you don’t like our community, you can always check out. If you are interested, please read our privacy notice.
Sky Sports Premier League and EFL package discounts
£49
£35
sky
Get the deal here
Sky has reduced the price of its Essential TV and Sky Sports bundle ahead of the 2025/26 season, saving members £336 on their bill and offering more than 1,400 live matches from Premier League, EFL and more.
Sky will broadcast at least 215 live Premier League matches next season, with an increase of up to 100 more.
