Manchester United losses increase despite Ratcliffe cost-cutting and record revenue

Manchester United experienced a seventh consecutive year of financial losses despite cost-cutting efforts spearheaded by Sir Jim Ratcliffe. Net losses surged from £33m to £43m for the fiscal year ending June 2026, while club revenue surged to a record £678m. This season saw manager Ruben Amorim's dismissal and a successful qualification for the Champions League following a poor start.

Since 2019, the club's cumulative losses have surpassed £430m, yet annual deficits have decreased from the £100m+ years of 2021-22 and 2023-24.

Chief executive Omar Berrada expressed satisfaction with record revenues and adjusted EBITDA, attributing this success to efforts undertaken over the past two years, even without European football. He emphasized Manchester United's enduring popularity and commercial strength. However, the company acknowledged the need to maintain a disciplined approach to ensure financial sustainability.

In its annual accounts, United reported £8.2m in exceptional expenses, primarily linked to Amorim's abrupt departure in January after 14 months. The acquisition of adjacent land to Old Trafford for a new stadium cost £63.5m. Commercial revenue dropped by 5% to £317m due to a delayed replacement of the training kit sponsor. Matchday revenue declined by 4% as United scheduled 10 fewer home games due to the absence from European competitions.

Broadcast revenue increased, despite the lack of European involvement, as United's improved Premier League performance (from 15th to third) led to greater central distributions.

Operating expenses decreased by 4% to £702m, largely owing to wage reductions and the residual effects of Ratcliffe's job cuts of over 400 employees in the previous two years. The results coincide with United's challenging start to the new season, where they secured only one win in five Premier League games and were eliminated from the Carabao Cup.