Man United’s revenue numbers explain INEOS’ actions over the past year | OneFootball

Manchester United have recorded the highest revenue in the club’s history – but still posted a £33 million loss for the year, according to a report.

Record revenue

The Daily Mail reports United “turned over £665.5m” despite the dismal campaign endured on the pitch by Ruben Amorim’s team last season.

United slumped to an embarrassing 15th-placed finish in the Premier League – the club’s worst season in the modern era – while losing the final of the Europa League against Tottenham. This ensured there would no European football for United this season – a key source of income for the club.

There is a general 25% slash in the senior squad’s wages without Champions League qualification, which has helped drive down overall spending this season.

There were early exits from the FA Cup and Carabao Cup as well, meaning any success at the Theatre of Dreams last year rests solely within the club’s financial and commercial departments.

INEOS – who gained full control of the football operation in February 2024 following Sir Jim Ratcliffe’s ratification as co-owner – have implemented a series of cost-cutting measures, both on and off the pitch.

In March, Ratcliffe claimed United could have gone “bust by Christmas” without these cuts as the club’s finances had been mismanaged prior to INEOS’ reign.

This doomsday prophecy, though hyperbolic, was used to justify the brutal redundancy drive – resulting in the loss of more than 300 jobs from non-playing staff at Old Trafford – which has taken place over the past year and half.

Officials believe this “restructuring” has been key in “driv[ing] down costs,” the report contends.

But the major source of improved financials has come from “record matchday and commercial revenues, the latter thanks largely to the deal with front-of-short sponsor Snapdragon.”

The BBC reports “the start of their five-year front-of-shirt sponsorship deal with Snapdragon enabled them to post record commercial revenue of £333.3m, while matchday revenue was also a record at £160.3m in the year to 30 June 2025.”

The Daily Mail further states United also “point to the “club’s EBITDA – earnings before interest, tax, depreciation and amortisation, as being the highest of any club in Europe since the Covid pandemic, at £182.5m. EBITDA is viewed within the industry as a key indicator of the performance of a business.

“The figures are to the end of June and do not include the major impact of the club’s summer transfer business, in which around £200m was spent on recruiting Matheus Cunha, Bryan Mbeumo, Benjamin Sesko and Senne Lammens.”

Last year, United report a net loss of £113.2m with this year’s £33m loss – a 70.8% reduction –  representing a radical improvement.

Berrada praises the club’s “resilience”

Chief executive Omar Berrada praised the club’s “resilience” in a public address as the financials were released.

“As we settle into the 2025/26 season, we are working hard to improve the club in all areas. On the field, we are pleased with the additions we have made to our men’s and women’s first team squads over the summer, as we build for the long-term.

“Off the field, we are emerging from a period of structural and leadership change with a refreshed, streamlined organisation equipped to deliver on our sporting and commercial objectives.

“We are also investing to upgrade our infrastructure, including completion of the £50m redevelopment of our men’s first team building at Carrington, on time and on budget, following prior investment in our women’s team facilities, to create a world-class environment for our players and staff.

“Meanwhile, planning continues to meet our ambition of developing a new stadium at Old Trafford as part of a transformational regeneration of the surrounding community.

“To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United.

“Our commercial business remains strong as we continue to deliver appealing products and experiences for our fans, and best-in-class value to our partners.

“As we start to feel the benefits of our cost-reduction programme, there is significant potential for improved financial performance, which will, in turn, support our overriding priority: success on the pitch.”

The Daily Mail reveals United’s debt remains unchanged by the record revenue, however – a major point of concern for the Red Devil fanbase.

“The club’s historic debt, a legacy of the Glazer family’s leveraged takeover 20 years ago, remains unchanged at $650m, although it has fallen from £511m last year to £471.9m thanks to the pound’s performance against the dollar.

“United spent £36.6m on ‘exceptional items’ which relates to the restructuring of the club and pay-offs to former manager Erik ten Hag and his backroom team.

“The club’s operating expenses were £733.6m, which was down £34.9m on last year. Wages were down £51.5m to £313.2m, while other operating expenses were £170.4m, up £21m, thanks to what the club described as ‘the transition to our new e-commerce model in the current year’.”

Featured image by Justin Setterfield via Getty Images

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