26th February 2026
February 26 – Manchester United’s latest financial results have put a smile on Chief Executive Omar Berrada’s face, who says the benefits of United’s ongoing “off-pitch transformation” are beginning to show, with the club posting an operating profit of £32.6m for the six months to 31 December 2025. A year earlier, that figure was a £3.9m loss.
Despite the rosy outlook, United’s total debt now stands at £1.29bn, as the Glazer Family’s leveraged takeover in 2005 saddled the club with debt that has never gone away.
During the reporting period, Manchester United drew down a further £25m on their revolving credit facility, pushing it to £295.7m. Net finance costs totalled £13.9m, lower than last year’s £37.6m, but still money flowing out of the club rather than onto the pitch.
Financial analysts Swiss Ramble placed United behind Everton and Tottenham in his August 2025 “debt league,” though both those clubs borrowed heavily to fund new stadiums.
Revenues for the period came in at £190.3m. Commercial income dipped 8% to £78.5m, while wages fell 9% to £75.1m due to sweeping cost-cutting measures introduced since Sir Jim Ratcliffe acquired a 29% stake two years ago. Two rounds of redundancies have also eliminated 450 jobs.
The accounts did not include the cost of dismissing head coach Ruben Amorim and his staff, which occurred after the reporting window.
“We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability,” said Berrada.
“We continue to take a football-first approach and today’s results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our men’s and women’s teams.”
Contact the writer of this story, Nick Webster, [moc.l1772094281labto1772094281ofdlr1772094281owedi1772094281sni@r1772094281etsbe1772094281w.kci1772094281n1772094281](javascript:;)