Manchester United Financial Results 2024/25
- Matchday Finance
- Sep 22
- 12 min read
Updated: Oct 11
As a publicly listed company, Manchester United has the distinction of being the first club to release their Season 24/25 results.
By almost any measure, the 2024/25 campaign was a disastrous one for Manchester United. The season began under Erik ten Hag, but with the team in 14th place, his tenure ended in October. After a brief interim spell under Ruud van Nistelrooy, Ruben Amorim was appointed, sparking fresh optimism. Yet the revival never materialised — United slumped to a 15th-place finish, their lowest league position in half a century. Hopes of salvaging the season through the Europa League also collapsed with defeat in the final to fellow struggler Tottenham.
The disappointment of the season cannot be overstated for a club of this size. More than £750 million has been spent on transfers in the last three years, and with wage costs still among the highest in the league, it will probably rank as the greatest under achievement of a club in recent times.
Off the pitch, however, the club remains a financial giant. Matchday revenues, commercial power, and its global brand keep United among the sport’s economic elite. Under Sir Jim Ratcliffe’s stewardship, tighter financial discipline has been introduced, including controversial steps such as staff redundancies and the removal of Sir Alex Ferguson’s ambassadorial role. The measures, alongside the absence of Champions League football, have brought costs down — a silver lining in an otherwise bleak season.
United continued their heavy investment in the squad this season, committing a further £250 million to new signings. Sir Jim Ratcliffe has also outlined his preferred vision for a 90,000-seat stadium on land already owned by the club. A final decision on whether to pursue a full rebuild or proceed with a major redevelopment of Old Trafford is expected within the next 12 to 18 months.
Overview of Manchester United's Financial Results Season 2024/25
United’s financial results were heavily influenced by their on-field performance. After featuring in the Champions League the previous year, UEFA revenue fell by £20 million, while finishing 15th in the Premier League reduced central distributions by a further £20 million. However, a strong Europa League run delivered more home matches, boosting both matchday and commercial revenue. As a result, total revenue rose by £5 million to £667 million – the highest in the club’s history.
Operating costs declined due to ongoing efficiency measures and the absence of Champions League expenses. The accounts also included one-off charges for management payoffs alongside one-off foreign exchange gains. Overall, the club reported a pre-tax loss of £39.6 million, a marked improvement on the previous season’s £131 million deficit.
Financial Highlights for the 2024/25 Season:
Turnover:
United’s turnover rose by £5 million to £667 million, which is estimated to be the fourth highest in the Premier League.
Matchday revenue climbed £23 million to £160 million, driven by five extra home fixtures.
Premier League broadcast distributions fell £20 million to £136 million, while UEFA distributions also declined by £20 million, reflecting participation in the Europa League instead of the Champions League.
Sponsorship income increased 6% to £188 million, while other commercial revenue rose 14% to £145 million.
Staff Costs:
Salaries and wages fell by £50 million to £313 million—the lowest level in five years—due to lower overall headcount and the absence of Champions League bonuses. This figure is estimated to be the fifth highest in the league.
Amortisation of transfer fees edged up to £196 million, reflecting recent player signings.
Before accounting for player sales, staff costs accounted for 76% of turnover, among the more favourable ratios in the league.
Profits from player trading reached £49 million, largely from the departures of Scott McTominay and Mason Greenwood.
Profitability:
EBITDA (earnings before interest, taxes, depreciation, and amortisation), rose to £182 million, likely among the highest in the division, supported by reduced operating expenses.
Exceptional costs fell by £11 million, player sales added £10 million more than the prior year, and the club also benefited from £23 million in foreign exchange gains.
Overall, United posted a pre-tax loss of £40 million, a significant improvement on the £131 million loss recorded the previous season.
Player Trading:
The club invested £343 million in new signings—estimated as the second-highest outlay in the Premier League—including Ugarte, Yoro, de Ligt, Zirkzee, and the post-season addition of Cunha from Wolves.
Net transfer spend amounted to £273 million, the highest in the league, with £69 million recouped through player sales.
Football Debt:
Outstanding loans rose by a net £83 million to £638 million, ranking third highest behind Tottenham and Everton. Annual interest expenses remain around £35 million.
Transfer-related debt increased £100 million to £344 million, likely the highest figure in the Premier League.
Cash Flow:
Operating cash flow remained strong at £73 million.
A total of £279 million was spent on player acquisitions and £44 million on infrastructure projects, while £49 million was generated from player sales.
To cover the funding gap the club raised £80 million via a share issue and secured an additional £130 million in borrowings.
For the first time in 11 seasons United will have no European competition this season, therefore turnover is expected to fall (the club has given a guidance of £640 to £660 million). The absence of UEFA distributions, fewer high-profile fixtures, and potential impacts on sponsorship and commercial revenue will weigh on the top line. For a club of United’s scale and history, a return to Europe’s top competitions is both expected and necessary.
High-profile signings may provide a boost, though as recent years have shown, they are no guarantee of success. An early exit to Grimsby in the Carabao Cup was hardly the start the club had hoped for—but there is still a long season ahead.
Next Read
For a full breakdown of the Premier League’s 2023/24 financial results, check out our blog: Premier League Financial Results Season 2023/24
Manchester United's Turnover 2024/25
Despite missing out on the Champions League and finishing 15th in the league, United still delivered record turnover of £667 million, estimated to be the fourth highest in the Premier League. However, for the first time in recent years, they may slip outside the top three, with Liverpool, Manchester City, and Arsenal all boosted by the increased distributions from UEFA Champions League participation.
Although broadcast revenues were hit by the absence of Champions League football and a 15th-place league finish, United still grew matchday and commercial income, largely thanks to the additional fixtures from their Europa League run.
Matchday Revenue
Matchday revenue is driven by several factors, including 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 is domestic cup matches, where revenue is shared between the clubs and the FA.
Old Trafford, United’s home for over a century, remains the largest club stadium in English football with a capacity of 74,197. In 2024/25, the club averaged 73,747 fans per game—effectively a sell-out every match, in line with most Premier League clubs.
Thanks to their Europa League run, United hosted five additional European fixtures, which lifted matchday revenue by £23 million—given the club typically earns around £5 million per home game, resulting in total matchday revenue of £160 million. This was a record for both United and, by our estimates, the Premier League. Notably, there was no significant increase in revenue per supporter, with growth driven purely by extra fixtures.
As in previous years, United are projected to lead the league in matchday income, though the gap is narrowing. Arsenal and Tottenham, both benefitting from Champions League participation, are expected to surpass United in the current season.
Old Trafford is increasingly regarded as outdated when measured against other Premier League venues. Persistent issues such as leaks, ageing infrastructure, and limited hospitality areas affect both the matchday experience and the club’s commercial opportunities. United have made clear their intention to either redevelop Old Trafford or construct a new stadium.
Sir Jim Ratcliffe has publicly stated his preference for a new 90,000-seat stadium on land adjacent to Old Trafford already owned by the club. A decision on whether to pursue a full rebuild or major redevelopment is expected within the next 12–18 months.
A new-build is projected to cost in the region of £2–3 billion, while a large-scale redevelopment of the current ground would be less expensive but still require a significant investment.
Broadcast Revenue
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.
Premier League Distribution
The chart below shows the estimated premier league distribution by club for the 2024/25 season. A significant portion, 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 on how the Premier League central payment distribution system works check out our blog Premier League Broadcast Distribution for Season 2023/24.
The 2024/25 season marked the final year of the current three-year broadcast cycle, so the estimates below are based on the distribution model used in 2023/24. The Premier League will not publish the official figures until early next year.
For 2024/25, we estimate that United received £95.1 million from the equal share, £17 million linked to their 15th-place finish, and £24 million from their 28 live televised matches.
UEFA
UEFA’s expanded competition format in 2024/25 resulted in significantly higher distributions across all three European tournaments.
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.
Although the Europa League receives far less than the Champions League, United still earned more than £30 million from their runners-up finish. This comprised a £3.6 million participation fee, £18.3 million in performance-related payments, and £9 million from the value pillar.
This season, with no European participation, United will drop out of the list entirely, slipping further behind their rivals in revenue terms.
Commercial Revenue
Commercial revenue—which covers sponsorships, retail, merchandising, tours, events, and other business activities—rose to £333 million in 2024/25, a 10% year-on-year increase. This is estimated to be the third highest in the Premier League.
United remain one of football’s most recognisable global brands. However, a run of poor results and limited investment in facilities have kept growth modest in recent years, with commercial revenue just 23% higher than in 2018/19. In contrast, rivals have accelerated sharply over the same period—Manchester City up 60%, Liverpool 80%, while both Arsenal and Tottenham have doubled their figures.
Of United’s £333 million total, sponsorship contributed more than half at £188 million, up from £178 million the year before. In 2023/24, the club extended its long-standing partnership with adidas for another decade, through to 2035, worth £90 million annually (subject to a £10 million reduction if United fail to qualify for the Champions League). The 2024/25 campaign also marked the debut of their new front-of-shirt sponsor, chipmaker Snapdragon, part of US firm Qualcomm, in a deal reportedly worth £59 million per year, replacing TeamViewer.
Season 2024/25 Staff Costs
Manchester United’s wage bill fell to £313 million in 2024/25, down from £365 million the previous year. The reduction was partly driven by the absence of Champions League participation, which lowered player bonuses, but also by a leaner workforce. Total headcount declined by more than 200 to 932, with cuts across Media, Commercial, and Administrative departments—likely linked to Sir Jim Ratcliffe’s cost-efficiency programme.
Player amortisation—the spreading of transfer fees over the length of player contracts—rose slightly to £196 million, reflecting recent investment in the squad.
In total, the club’s staff costs amounted to £509 million, estimated to be the fifth highest in the Premier League. The chart below sets out comparable estimates for other clubs, ranked by league position, and again underscores the scale of United’s underperformance last season.
Profit on Player Sales
Historically, United have recorded relatively modest gains from player trading. In 2024/25, profits from sales reached £49 million—their highest in recent years, though still would only rank 12th in the league using 2023/24 numbers.
In 2024/25, most of United’s profit from player trading came from the sales of Scott McTominay to Napoli and Mason Greenwood to Marseille, both of whom have since increased their market values (according to Transfermarkt). The departures were partly driven by the need to cut losses under Profit and Sustainability Regulations. As both players were academy graduates, their transfer fees were booked as pure profit.
Season 2024/25 Profit and Loss
Despite Manchester United’s enormous financial strength, the club has remained loss-making in recent seasons. Over the past six years, cumulative losses have exceeded £400 million, in contrast to the consistent profitability seen in earlier years. Poor on-pitch performance relative to the scale of investment in the squad has been a key factor, alongside the long-standing debt burden from the Glazer leveraged buyout, which continues to cost the club around £35 million annually in interest.
In 2023/24, United reported turnover of £667 million—an increase of £5 million on the prior year. Staff costs fell by £50 million to £313 million, reflecting a reduction of more than 200 employees and the absence of Champions League bonuses. Day-to-day operating expenses, however, rose by £21 million to £170 million, likely driven by the additional fixtures from their Europa League run.
This delivered EBITDA of £182 million, up £35 million year-on-year and among the highest in the Premier League, highlighting the club’s strong underlying cash generation.
Amortisation of player registrations increased by £6 million to £196 million, following continued investment in the squad. As a result, the club posted an operating loss (before player sales and exceptional items) of £30 million.
Exceptional costs of £37 million were recognised, down on the previous year, mainly due to severance payments to Erik ten Hag and his staff, as well as further restructuring expenses. These were more than offset by £48 million of profit from player sales.
Finance charges remained around £60 million (a combination of loan interest and charges on outstanding transfer fees) but these were partly mitigated by a £22 million one-off foreign exchange gain. Overall, United’s pre-tax loss narrowed significantly to £40 million, compared with a £131 million deficit the previous season.
The outlook for this season appears more challenging. With no European competition, revenues are expected to decline across all streams—fewer matches, no UEFA distributions, and reduced commercial opportunities. A stronger league finish could offset some of this, as could lower expenses. Continuing the recent trend of selling academy graduates, the sale of Alejandro Garnacho to Chelsea is likely to generate around £40 million in profit. Nevertheless, overall losses are expected to be higher this year.
Season 2024/25 Player Trading
The 2024/25 season saw record transfer spending from United, with £343 million invested in new signings. This figure includes the post-season acquisition of Matheus Cunha from Wolves, completed just before the club’s June 30 year-end. Other major arrivals included Manuel Ugarte from PSG, Leny Yoro from Lille, Matthijs de Ligt from Bayern Munich, Joshua Zirkzee from Bologna, and Patrick Dorgu from Lecce.
Outgoing transfers helped to offset part of this outlay, most notably the sales of academy graduates Scott McTominay to Napoli and Mason Greenwood to Marseille.
United’s gross transfer spend of £342 million was the second highest in the Premier League, behind only Chelsea. On a net basis—acquisitions less disposals—the club’s outlay reached £273 million, the highest in the division.
United supporters can have little complaint about the funds committed to strengthening the squad. Over the three seasons to 2024/25, the club’s net spend on player trading (acquisitions less sales) has reached £674 million—second only to Chelsea (who spent a remarkable £1.15 billion) and well ahead of third-placed Arsenal on £530 million.
Once again, this underlines the scale of last season’s underperformance relative to investment.
Spending has continued into the current campaign, with Benjamin Šeško and Bryan Mbeumo both joining for around £65 million each (with Matheus Cunha’s transfer already accounted for in the 2024/25 financial year).
Season 2024/25 Football Debt
United’s high debt burden has been a persistent issue since the Glazers’ leveraged buyout. By the end of the 2024/25 season, total debt had risen to £637 million, partially offset by £86 million in cash reserves. Servicing this debt costs the club around £36 million annually in interest.
When compared with other Premier League clubs’ 2023/24 figures, United rank as the third most indebted, behind Tottenham and Everton—both of whom took on substantial borrowing to finance new stadium developments.
United also have substantial transfer fee debt to other clubs, totaling £447 million at the end of the 2024/25 season. This highlights the common practice of spreading transfer payments over multiple years. Offsetting this, the club is owed £102 million in incoming transfer fees, resulting in a net transfer debt of £344 million—estimated to be the highest in the league.
Season 2024/25 Cash Flow
United continue to generate strong operating cash flows—defined as cash generated before investment in players, infrastructure, and financing activities. In 2024/25, operating cash flow was £73 million, down from £82 million the previous year.
The club spent £279 million on player acquisitions, offset by £49 million in receipts from player sales, and invested a further £45 million into facilities.
This left a funding shortfall of £197 million, which was covered through an £80 million share issue and an additional £130 million of borrowing.
Cash flows fluctuate from year to year. The chart below shows United’s cash flows over the past five seasons. While operating cash flows remain robust, they have been declining and in recent years have not been sufficient to cover investment in players. As a result, more than £300 million has been raised through new financing.
This trend is not unique to United. In 2023/24, 13 Premier League clubs required fresh funding, totalling £1.3 billion across the league—similar to the prior season—illustrating the scale of capital needed to sustain the Premier League at current levels.
Financial Outlook
As noted, United will have no European competition this season, and turnover is therefore expected to decline due to fewer high-profile fixtures and potential pressure on sponsorship and commercial revenues. For a club of United’s scale, a swift return to Europe’s top competition is essential to avoid slipping further behind domestic and continental rivals.
Looking ahead, the medium- and long-term outlook will also be shaped by the stadium decision, expected within the next 12–18 months. A new-build is projected to cost between £2–3 billion but would also unlock substantial new revenue opportunities, making it one of the most significant financial decisions in the club’s modern history.