Manchester United’s overall debt remains above £1bn despite a major cost-cutting programme, with the club also revealing that £63.5m was spent acquiring land for its proposed new stadium.
United published their financial results for the year ending 30 June 2026 on Wednesday, reporting record revenue of £677.6m and an operating profit of £22.6m. The figures represent a significant improvement from the £113.2m loss recorded in 2023-24.
However, the club still recorded a £43m net loss, their seventh successive annual loss, while overall debt remains above £1bn.
United’s financial position has changed substantially under co-owner Sir Jim Ratcliffe and his cost-cutting programme. Employee costs fell by £11.3m to around £302m, with the club attributing the reduction partly to changes in the men’s first-team squad and savings from staff redundancies.
Finance costs, meanwhile, rose sharply. United reported net finance costs of £69.6m for the year, an increase of 228.3%, with foreign exchange losses accounting for much of the rise.
Manchester United debt remains above £1bn despite record revenue
The club also disclosed that it had spent £63.5m acquiring land required for its planned 100,000-capacity stadium. The land purchase formed part of a wider refinancing operation in which United’s dollar-denominated borrowing increased from $650m to $775m.
The proposed stadium, which would be built close to Old Trafford, is expected to cost more than £2bn. The £63.5m land expenditure therefore represents an early stage of a considerably larger project.
United’s historic debt now stands at £577.6m, while £111.4m remains outstanding on their revolving credit facility. The club also has substantial outstanding transfer payments included within its trade and other payables.
The financial results arrive amid criticism from sections of the United fanbase over the club’s transfer spending. United invested £148m on Carlos Baleba, Andrey Santos and Youri Tielemans during the summer, while supporters questioned the decision not to add another left-back or further attacking cover.
Chief executive Omar Berrada defended the club’s financial direction, pointing to the record revenue and the work undertaken to reduce costs.
“We are pleased to have secured record revenues. This demonstrates the underlying strength of our business, and shows the direct impact of the work we have been doing over the past two years.”
Berrada added that United would maintain a “disciplined approach” to ensure the club’s finances remain sustainable.
The results also come with United back in the Champions League after finishing third in the Premier League last season. The club expects revenue of between £740m and £760m in the current financial year, with European football providing an additional source of income.
For United, the figures underline the contrast between improved operating performance and a balance sheet that remains heavily burdened by debt, even as the club prepares for one of the biggest stadium projects in English football.
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