Manchester United’s operating profit rose to £13m in the first quarter of the financial year, compared with a £7m loss a year earlier. However, the club’s total debt has reached a record high of £1.29bn, according to the latest financial results.
Revenue fell slightly to £140.3m from £143.1m, while the revolving credit facility increased by £35.7m to £268m. Non-current borrowings remain at £650m. The club’s cash and cash equivalents dropped to £80.5m from £149.6m.
Chief executive Omar Berrada attributed the improved operating profit to “the difficult decisions made in the past year” by majority owner Sir Jim Ratcliffe. Since taking a 28% stake in February 2024, Ratcliffe has implemented cost-cutting measures including 450 redundancies, reducing staff to around 800, ending Sir Alex Ferguson’s ambassadorial role (saving £2m a year) and cutting free lunches for employees.
Berrada said: “These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club. The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation.”
Sponsorship revenue fell 9.3% to £47m after the training kit deal with Tezos ended. The club is in discussions with potential new partners.
