Manchester United have reported a sharp improvement in operating performance for the first half of the financial year, even as the club’s total debt climbed to £1.29bn.
Chief executive Omar Berrada said the club’s off-field restructuring is beginning to yield measurable gains, pointing to improved profitability and tighter cost control for the six months ending 31 December 2025.
United recorded an operating profit of £32.6m for the period, a notable recovery from the £3.9m loss posted in the corresponding period the previous year. Net finance costs also fell to £13.9m, down from £37.6m, easing some pressure on the club’s balance sheet.
The improved figures come against a backdrop of rising liabilities. During the reporting period, the club drew an additional £25m from its revolving credit facility, pushing total borrowings under that arrangement to £295.7m. When combined with legacy debt from the Glazer takeover and more than £500m owed in outstanding transfer fees, total debt stood at £1.29bn by year’s end.
Total revenue reached £190.3m. Commercial income, however, declined by 8 percent to £78.5m, reflecting ongoing sponsorship and partnership adjustments. Wage costs fell 9 percent to £75.1m, following a broad cost review introduced after British billionaire Jim Ratcliffe acquired a 29 percent stake in the club two years ago.
Under Ratcliffe’s oversight, United implemented two rounds of redundancies, cutting approximately 450 roles. The club also withdrew certain staff benefits, including its subsidised canteen, arguing that the savings have been redirected into data, analytics and football operations.
Berrada maintained that the restructuring programme remains focused on strengthening the club’s football ambitions. He said the financial results demonstrate the resilience of the business model and provide a stable base for improved performance across both the men’s and women’s teams.
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External observers remain cautious. In August 2025, football finance analyst Swiss Ramble ranked United among the most indebted clubs in England, behind Everton and Tottenham Hotspur, although much of those clubs’ borrowing relates directly to stadium construction.
United’s own proposed stadium redevelopment, projected to exceed £2bn, has yet to receive a detailed financing blueprint. A return to the UEFA Champions League after a two-year absence is widely viewed as critical to boosting broadcasting and commercial income.
The financial report did not reference the dismissal of head coach Ruben Amorim, as the decision fell outside the reporting period.
While the latest results suggest operational recovery, the scale of United’s debt burden continues to cast a long shadow over the club’s long-term financial outlook.
