Manchester United have revealed their highest-ever annual revenue of £666.5million for the year ending 30 June 2025, even as the team endured their most dismal Premier League performance in over five decades.
The Red Devils finished 15th in the league last season, marking their poorest position since their relegation campaign in 1973-74.
The financial results come amid significant upheaval at Old Trafford, where minority owner Sir Jim Ratcliffe's Ineos group has implemented sweeping changes.
Chief executive Omar Berrada acknowledged the challenging period, stating: "To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United."
Sir Jim Ratcliffe has struggled to get an improvement from Manchester United despite being ruthless off the field
|PA
The club's financial performance showed marked improvement, with losses decreasing to £33m from the previous year's £113.2m, representing a 70.8 per cent reduction.
Commercial revenue reached an all-time high of £333.3m, driven primarily by the new five-year front-of-shirt partnership with technology company Snapdragon.
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Technology company Snapdragon signed a five-year sponsorship deal with the club
| REUTERSMatchday income also hit record levels at £160.3m for the financial year.
However, broadcasting revenue fell by £48.9m to £172.9m, reflecting the team's participation in the Europa League rather than the Champions League and their disappointing 15th-place finish compared to eighth position the previous season.
The restructuring programme led by INEOS has resulted in more than 300 job losses across the organisation as part of efforts to reduce operational costs.
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Total operating expenses fell to £733m, down £34.9m from the previous year, whilst wage costs decreased by £51.5m to £313.2 m.
Berrada emphasised the club's forward-looking approach: "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 executive also highlighted ongoing infrastructure developments, including the £50m renovation of the men's first-team facilities at Carrington.
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Take a look inside a refreshed Carrington, where Ruben's reinvigorated Reds strive for success 📈🔴 pic.twitter.com/4yPfsMsfQI
— Manchester United (@ManUtd) August 8, 2025
The club's adjusted EBITDA rose to £182.8m from £147.7m, which United seniors claim represents the strongest performance of any European club since the pandemic.
Looking ahead, the organisation has projected revenues between £640m and £660m for the 2026 financial year, with adjusted EBITDA expected to range from £180m to £200m.
The historic debt from the Glazer family's leveraged buyout two decades ago stands at $650m, though sterling appreciation has reduced this to £471.9m from £511m last year.
United maintain they remain compliant with both Premier League Profit and Sustainability Rules and UEFA's Financial Fair Play Regulations.