Manchester United’s chief executive, Omar Berrada, says the club’s “off-pitch transformation” is showing results, with better finances even as debt nears £1.3bn.
For the six months to 31 December 2025, United made an operating profit of £32.6m, up from a £3.9m loss the previous year. They also borrowed an extra £25m, bringing total debt—including old Glazer family debt and unpaid transfer fees—to £1.29bn. Net finance costs fell to £13.9m from £37.6m.
Total revenues were £190.3m, with commercial income down 8% and wages down 9% to £75.1m. Cost-cutting under Sir Jim Ratcliffe, including 450 job cuts and reduced staff perks, has allowed more investment in data and analytics.
Berrada said: “We are seeing the positive impact of our off-pitch changes in costs and profits, while continuing to focus on football results for our men’s and women’s teams.”
