Manchester United have taken a £22m hit from the sacking of former manager Ruben Amorim, but halved their pre-tax losses to £18m in the first nine months of the year, thanks to improved on-pitch performance and cost-cutting by co-owner Jim Ratcliffe.
The club's successful pursuit of Champions League football under Michael Carrick drove a 57% rise in broadcast income during the third quarter to nearly £65m, as more games were selected for television. This helped United increase its full-year revenue forecast to between £655m and £665m, up from the previously predicted £640m-£660m.
Despite the revenue boost, the club has embarked on a ruthless cost-cutting drive since Ratcliffe bought a minority stake in 2024. This has led to hundreds of staff redundancies, closure of the staff canteen, and substitution of free lunches with fruit. Operating expenses fell by £19m to £525m in the first nine months, but this saving was more than offset by the cost of sacking Amorim in January. The Portuguese and his backroom staff received a payoff of up to £16.7m, with an associated £5.2m non-cash impact from writing off contract costs.
“The cost of removing managers continues to haunt the club,” said Stefan Borson, a football finance expert at law firm McCarthy Denning. Overall, rising revenue and falling costs delivered an operating profit of £37.7m, compared with a £3.2m loss in the same period of 2025. However, the club still made an overall pre-tax loss of £18m, factoring in costs such as £20m in debt interest payments.
Borson described the results as “a solid set of numbers with few surprises,” adding that the predicted revenue was now a “base case” for United, as the club lacks European football and a training kit sponsor this season. However, online gambling company Betway has agreed to sponsor United's training kits next season, a deal thought to be worth £20m, while Champions League qualification under Carrick could earn a further £80m.
