Manchester United declare profit but debt continues to rise | OneFootball

Manchester United have reported a return to operating profit, offering tentative validation of their aggressive restructuring, yet the scale of their debt continues to cast a long shadow over the club’s future.

For the six months to 31 December 2025, United posted an operating profit of £32.6 million, a sharp reversal from the £3.9 million loss recorded a year earlier, according to figures from BBC Sport. Chief executive Omar Berrada described the figures as evidence that the club’s “off-pitch transformation” is beginning to yield tangible financial benefits.

However, the broader balance sheet tells a more complicated story. Total debt and liabilities have climbed to £1.29 billion, driven by legacy borrowings from the Glazer family era, outstanding transfer payments exceeding £500 million, and a £295.7 million revolving credit facility.

Since acquiring a minority stake, Sir Jim Ratcliffe has implemented sweeping cost reductions, including 450 redundancies and cuts to operational expenses. Wages fell by 9 per cent, helping stabilise finances despite an 8 per cent drop in commercial revenue.

Yet the underlying urgency remains clear. With ambitions for a new £2 billion stadium and mounting financial obligations, a return to the UEFA Champions League is no longer merely a sporting objective, but a financial necessity

GFN | Finn Entwistle