Mancester United
Financial Results 2023/24
Summary
On Pitch
Turnover
Staff
Profit
Assets
Trading
Debt
Cash
Info.
Summary
On Pitch
Turnover
Staff
Profit
Assets
Trading
Debt
Cash
Info.
Summary
The 2023–24 campaign marked Manchester United’s 137th season, their 32nd in the Premier League and their 49th straight year in England’s top flight. It was also their second season under manager Erik ten Hag.
Turnover
£661m
▲ £13m
Staff Costs
£551m
▲ £50m
Staff Costs % Turnover
83.4%
▲ 6.1%
Profit on Player Sales
£37m
▲ 17m
EBITDA
£147m
▼ £7m
Loss before Tax
(£131m)
▼ £98m
Net Assets
£141m
▲ £41m
Net Player Trading
£173m
▼ £45m
Squad Net Book Value
£5,523m
▲ £724m
Football Net Debt
£730m
▲ £42m
Cash from Operations
£86m
▼ £10m
Cash from Financing
£86m
▲ £87m
Trends
Summary Table
Summary
The 2023–24 campaign marked Manchester United’s 137th season, their 32nd in the Premier League and their 49th straight year in England’s top flight. It was also their second season under manager Erik ten Hag.
On Pitch Performance
Turnover
Revenue derived from the club’s main operations, excluding player transfer income. The key sources include matchday income (ticket sales), central broadcasting distributions (from the Premier League and UEFA), and commercial income (such as sponsorships, merchandising, and other business activities).
Turnover
Revenue derived from the club’s main operations, excluding player transfer income. The key sources include matchday income (ticket sales), central broadcasting distributions (from the Premier League and UEFA), and commercial income (such as sponsorships, merchandising, and other business activities).
Turnover
£662m
▲ £13m
Matchday
£137m
▲ £1m
Broadcast
£222m
▲ £13
Commercial
£303m
▲ £0
Turnover - Matchday
Matchday revenue is influenced by factors such as the number of home games, average attendance, ticket prices, and the club's ability to generate income from hospitality events and corporate boxes. The only exception to this is domestic cup matches, where revenue is shared between the clubs and the FA.
Matchday
£137m
▲ £1m
# Home Matches
25
▼ 9
Avg League Attendance
73,358
▼ 284
Revenue per Fan
£77.53
▲ 15.5%
Turnover - Broadcast
Broadcast revenue comes from central distributions from the Premier League, UEFA payments for participation in European tournaments and income generated through the club’s media platform.
Broadcast
£222m
▲ £13m
EPL Distribution
£156m
▼ £12m
UEFA Distribution
£52m
▲ £24m
Other Media
£14m
▲ £1m
Of the Premier League distributions, 67% is evenly distributed among all clubs, with the remainder based on league position (merit payments) and the number of televised live games (facility fees). For more information check out our blog Premier League Broadcast Distribution for Season 2023/24.
UEFA Revenues are allocated through three pillars: an equal participation share, prize money based on performance, and a value component derived from the size of the TV market (with the UK being the largest) and a club coefficient reflecting results over the past five seasons. Approximately 75% of revenues are distributed to Champions League's participants, 15% to the Europa League and 10% to the Europa Conference League.
Turnover - Commercial
Commercial revenue includes sponsorships, retail merchandising, tours, and other commercial activities.
Premier League clubs will be banned from displaying betting company logos and names on the front of shirts starting in the 2026/27 season.
Commercial
£303m
▲ £0m
Turnover - Table
Staff Costs
Staff costs include salaries and wages paid to all employees, the amortisation of transfer fees (spreading the cost of a player’s acquisition costs over the length of their contract), and any impairments (incurred when a player’s estimated current market value falls below their book value).
Staff Costs
Staff costs include salaries and wages paid to all employees, the amortisation of transfer fees (spreading the cost of a player’s acquisition costs over the length of their contract), and any impairments (incurred when a player’s estimated current market value falls below their book value).
Staff costs as a percentage of turnover is a key indicator of a club’s financial sustainability. This ratio reflects how likely a club is to rely on player sales to reduce losses and comply with profit and sustainability regulations. A high ratio increases the risk of significant losses if player sales do not generate sufficient profit. UEFA’s Financial Sustainability Regulations include an adjusted ‘squad cost ratio’, and the Premier League is also set to trial a similar measure in the 2026/27 season.
Profit from Player Sales
A profit is generated on a player transfer when the net proceeds (transfer fee received minus any related costs) exceed the player’s net book value — the original transfer fee gradually reduced through amortisation. For academy graduates, whose acquisition cost is zero, the full transfer fee is recognised as profit.
Staff Costs - Table
Profit and Loss
The key measures of profitability are:
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EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) is calculated as total revenue minus the club’s regular operating expenses.
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Operating Profit/Loss is derived from EBITDA after accounting for non-cash expenses, including depreciation of fixed assets and amortisation of player transfer fees.
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Profit/Loss before Tax The amount remaining from income once all costs attributed to the financial year are deducted (excluding corporations tax).
Profit and Loss
The key measures of profitability are:
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EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) is calculated as total revenue minus the club’s regular operating expenses and typically reflects the cash flows generated by the club.
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Operating Profit is derived from EBITDA after accounting for non-cash expenses, including depreciation of fixed assets and amortisation of player transfer fees.
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Profit Before Tax adjusts operating profit for profits from player sales, exceptional one-off items, and net interest expenses
Many clubs rely on non-operating income—such as player transfers or asset sales (for example, women’s teams)—to comply with profit and sustainability rules.
Net Assets
Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.
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Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.
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Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions.
Net Assets
Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.
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Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.
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Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions.
Some clubs have negative equity, which technically means they do not have sufficient assets to cover their debts. However, this is often the result of shareholder loans, which are commonly later converted into equity.
Player Trading
Net player trading is the difference between player acquisition costs and income from player sales. Acquisition costs include transfer fees, agent commissions, and intermediary expenses.
Player Trading
Net player trading is the difference between player acquisition costs and income from player sales. Acquisition costs include transfer fees, agent commissions, and intermediary expenses.
Squad Costs
Net Book Value is the total acquisition cost less accumulated amortisation (the write down of the player’s acquisition costs over the length of their contract) and reflects the remaining book value of the squad based.
Squad Cost is the total acquisition cost of the current squad.
Player Trading - Table
Football Debt
Football Net Debt is the total amount owed by the club to third parties. This includes traditional loans, such as bank borrowings (net of cash holdings), loans from owners, and loans from related entities (for example, a parent company). It also covers any outstanding transfer fees owed to other clubs net of transfer fees receivable.
Note that shareholder loans (related-party loans) are often later converted into equity.
Football Debt
Football Net Debt is the total amount owed by the club to third parties. This includes traditional loans, such as bank borrowings (net of cash holdings), loans from owners, and loans from related entities (for example, a parent company). It also covers any outstanding transfer fees owed to other clubs net of transfer fees receivable.
Note that shareholder loans (related-party loans) are often later converted into equity.
Loans
Transfer Debt
Football Debt - Table
Cash Flow
Cash Flows are reported in three categories:
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Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities.
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Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales.
-
Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing.
Cash Flow
Cash Flows are reported in three categories:
-
Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities. It excludes non-cash expenses like depreciation and amortisation and is measured before investment or financing activity.
-
Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales. It reflects actual cash movements—for example, a £10 million transfer paid over four years would result in £2.5 million per year.
-
Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing.
Cash Flow - Investments
Cash Flow - Financing
Cash Flow - Table
Information
Ownership
Manchester United’s ownership structure is unique among major clubs because it blends majority private ownership with public shareholders.
Majority Owners: The Glazer Family
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The Glazer family became majority owners in 2005, acquiring the club through a leveraged buyout.
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For nearly two decades, they controlled around ~69% of the shares and nearly all voting power through a dual-class share structure.
Sir Jim Ratcliffe / INEOS (Since 2024)
In February 2024, British billionaire Sir Jim Ratcliffe, through his company INEOS, purchased:
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27.7% of the club’s total shares, including both Class A (public) and Class B (Glazer) shares
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A controlling stake in football operations (even though he is not majority owner)
This deal includes:
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Operating control over men’s football, women’s football, and the academy
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Commitments to invest in Old Trafford redevelopment and training facilities
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An option to increase his stake in the future
Effectively, the Glazers remain the majority shareholders, but INEOS runs the sporting side.
Public Shareholders
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Manchester United is still publicly listed on the New York Stock Exchange (NYSE).
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Public investors own Class A shares, which have significantly less voting power than the Glazers’ Class B shares.
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These shareholders have financial interest but limited control.
Because Manchester United is listed in the United States, it is the only Premier League club that issues quarterly financial updates. They also tend to be the first club to release their annual accounts, usually publishing them in September, while most other clubs wait until around nine months after their June year-end—typically the following March.
Legal Entity
This report is based on the entity Manchester United PLC for the period 1st July 2023 to 30th June 2024.
Stadium - Old Trafford
Old Trafford, known as “The Theatre of Dreams,” is Manchester United’s historic home stadium. Located in Old Trafford, a few kilometres from Manchester city centre, it first opened in 1910 and today holds around 74,000 spectators, making it the largest club stadium in England.
Insights
