Manchester United have reported an annual net loss for the sixth consecutive year, despite generating record revenues of £666.5 million ($910 million) in the 2024/25 financial year.
The club endured one of its worst seasons in decades, finishing 15th in the Premier League — their lowest top-flight position in 51 years — and missing out on Champions League football. Although Ruben Amorim’s side reached the Europa League final, they fell short against Tottenham in Bilbao.
Revenues rose marginally by 0.7 percent to £666.5m for the year ending June 30, 2025, while operating losses reduced sharply from £69.3m to £18.4m. Net losses also fell significantly from £113.2m to £33m, aided by co-owner Sir Jim Ratcliffe’s sweeping cost-cutting measures, which included widespread staff redundancies.
Chief executive Omar Berrada said the club was beginning to see the impact of those measures. “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,” Berrada said in a statement. “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. To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United.”
Commercial revenues climbed to a record £333.3m, boosted by the start of a five-year shirt sponsorship deal with Snapdragon, while matchday revenues also hit an all-time high of £160.3m.
Looking ahead, United forecast revenue between £640m and £660m for the current financial year, even without European competition for the first time since 2014/15. Deloitte’s latest Football Money League ranked United fourth globally, behind Real Madrid, Manchester City and Paris Saint-Germain, underlining the club’s commercial strength despite years of underachievement on the pitch.
The team’s struggles have continued into the new campaign, collecting just four points from their opening four league matches — their worst start since 1992/93 — and crashing out of the League Cup to fourth-tier Grimsby. Manager Ruben Amorim faces mounting pressure ahead of Saturday’s home clash with Chelsea at Old Trafford.
