Manchester United have taken a £22m hit from sacking former manager Ruben Amorim, but halved 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 interim manager Michael Carrick drove a 57% rise in broadcast income in the third quarter to nearly £65m, as more games were selected for television. This helped raise full-year revenue forecasts to between £655m and £665m, up from the previous £640m-£660m.
Ratcliffe, who bought a minority stake in 2024, has overseen ruthless cost-cutting, including hundreds of job losses, closure of the staff canteen, and replacing free lunches with fruit. Operating expenses fell by £19m to £525m in the first nine months. However, this was offset by the £22m cost of sacking Amorim in January, which included a £16.7m payoff to the Portuguese and his backroom staff, plus £5.2m in non-cash contract write-offs.
Football finance expert Stefan Borson said: “The cost of removing managers continues to haunt the club.” Despite the overall loss, the club reported a £37.7m operating profit, compared to a £3.2m loss in the same period last year. The pre-tax loss was less than half the £36m reported a year earlier, factoring in £20m in debt interest payments.
Borson described the results as “a solid set of numbers with few surprises,” noting that the revenue forecast is now a “base case” given the lack of European football or a training kit sponsor this season. However, next season, Betway has agreed to sponsor training kits in a deal thought to be worth £20m, and Champions League qualification under Carrick, now permanent manager, could bring in a further £80m.
