Man Utd's 2024-25 Financial Report Reveals Shocking Numbers: What Every Fan Needs to Know
Manchester United unveiled their 2024–25 financial statements this week, revealing yet another net deficit despite achieving record-breaking revenue for the 12-month period concluding June 30, 2025.
The Red Devils generated unprecedented income, securing £666.5 million ($908.3 million) through commercial partnerships, broadcasting deals, and matchday earnings. However, substantial operational expenses resulted in the balance sheet displaying a £33 million net deficit for the entire campaign.
Co-owner Sir Jim Ratcliffe issued a stark cautionary statement regarding the club's financial position earlier this year, while implementing extensive cost-reduction initiatives—some generating more controversy than others—since taking charge of daily operations at the beginning of 2024.
But what is the true significance of these figures?
Man Utd's Persistent Commercial Strength
From a purely sporting standpoint, United's 2024–25 campaign represented their poorest performance in 51 years—dating back to their relegation from the top division following the 1973–74 season. Nevertheless, regarding revenue generation and the club's earning capacity, it established a new benchmark.
Commercial strength and the Manchester United brand's resilience, despite concerning on-field deterioration, played a crucial role in this achievement. Commercial income increased by 10% compared to 2023–24, supported by the inaugural year of a profitable new alliance with Qualcomm through its Snapdragon brand, plus enhanced retail, merchandising, and licensing returns following the introduction of a new ecommerce platform. An inaugural postseason tour, featuring the squad's travels to Malaysia and Hong Kong for exhibition matches, also contributed additional funds.
It demonstrates United's remarkable commercial appeal, evidenced by their recent announcement of a new Coca-Cola partnership that will appear in the 2025–26 financial records, even while the football fails to match its former eloquence. Should on-field performance improve as anticipated, there exists tremendous opportunity for the club's commercial division to capitalize and expand.
Champions League Revenue Significance
Despite matchday income also showing growth—attributed to increased home fixtures and continued demand for hospitality offerings, broadcast revenue had previously been the most profitable of the three primary income sources but declined by 22%.
This reduction was attributed to missing Champions League participation during the period in question. United remained in the Europa League and received broadcast payments from that competition, but the financial disparity between UEFA's premier and secondary club tournaments is substantial.
Although robust commercial performance leads the club to forecast similar overall revenue for 2025–26, United will lack European football income this season for the first time in 11 years, significantly constraining potential earnings under different circumstances.
Declining Expenses
Expenses and expenditure caused United to register a loss despite record revenue. However, the situation has improved considerably compared to previous periods. A £33 million net deficit represents merely a fraction of the £113.2 million loss from the previous year, while there was a deficit exceeding £115 million for 2021–22, and spending is gradually becoming more manageable.
Operational costs decreased by 4.5% year-over-year from 2023–24 to 2024–25, with the salary budget falling by 14% during the same timeframe, primarily due to Champions League qualification failure and associated automatic reductions. Additional savings will result from removing costly wages from the payroll, with Antony permanently transferred, Marcus Rashford fully compensated by Barcelona during his loan, and Aston Villa covering most of Jadon Sancho's wages. United now reportedly spend less on salaries than Manchester City, Liverpool, Chelsea, and Arsenal.
Occasionally, Sir Jim Ratcliffe's cost-reduction approach has appeared harsh, with daily expenditure more strictly monitored and approximately 500 staff members made redundant since 2024, but he may find vindication in the resulting financial figures from these and other measures.
The Expense of Dismissing Erik ten Hag
Terminating a manager involves significant costs. Among £36.6 million in 'exceptional items' was Erik ten Hag's removal—along with his coaching staff—from his position early last season. Additional expenses were incurred to release successor Ruben Amorim from his Sporting CP contract, making such changes ideally avoidable due to the enormous financial implications.
PSR Adherence, Transfer Consequences
United confirm they are "in compliance with both the Premier League's Profit and Sustainability Rules and UEFA's Financial Fair Play Regulations", which proves essential and could influence the club's transfer market capabilities in forthcoming windows.
The substantial 2021–22 loss no longer affects PSR calculations due to the three-year cycle structure, which provides considerable relief.
The forward line received significant reinforcement during the recent summer transfer period through the signings of Matheus Cunha, Bryan Mbeumo, and Benjamin Šeško.
However, there persists a sense that midfield requires immediate attention. Whether the club will revive interest in Brighton & Hove Albion's Carlos Baleba in 2026 remains uncertain, but it appears more achievable given the improved and strengthening financial outlook.