Berrada hails ‘off-pitch transformation’ despite Man United debt hitting £1.3bn

Omar Berrada, chief executive, says Manchester United are beginning to see tangible financial benefits from its “off-pitch transformation”, despite the club’s total debt edging towards £1.3 billion.

United posted an operating profit of £32.6 million ($44 million) for the first six months of the fiscal year, a significant turnaround from the £3.9 million loss recorded during the same period last year.

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For the most recent quarter alone, operating profit rose to £19.6 million, compared to £3.1 million in the corresponding period in 2025.

Net finance costs stood at £13.9 million, markedly lower than the £37.6 million reported the previous year.

Revenues Dip Amid European Absence

Total revenues for the second quarter were £190.3 million, down from £198.7 million in the equivalent period last year. Commercial revenue fell 8% to £78.5 million, while match-day income dropped from £52 million to £49.5 million.

The decline has largely been attributed to United’s failure to qualify for the Champions League or Europa League last season, depriving the club of lucrative European broadcast and match-day income.
However, wages were also reduced by 9% to £75.1 million, reflecting ongoing cost-control measures.

Ratcliffe-Led Restructuring

Since acquiring a 29% stake two years ago, minority owner Jim Ratcliffe has overseen a broad restructuring programme, including two rounds of redundancies that have cut approximately 450 jobs.

In their financial statement released on Wednesday, United said they had seen “the positive impact of operating cost and headcount reduction programmes implemented in the prior year.”

Stadium Financing Questions Remain

In August 2025, football finance analyst Swiss Ramble ranked Everton and Tottenham above United in his debt league table, although both clubs borrowed heavily to fund new stadium projects.

United are yet to outline how they intend to finance a proposed new stadium expected to cost in excess of £2 billion, a factor that underlines the club’s urgency to return to the Champions League after a two-year absence.

With United currently fourth in the Premier League under interim manager Michael Carrick and the women’s team reaching the Champions League quarter-finals, the club believes it is well-positioned for sustained financial growth.

United projected full-year revenues between £640 million and £660 million.

“We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability,” Berrada said.

“Today’s results demonstrate the underlying strength of our business as we continue to push for the best football results possible for our men’s and women’s teams.”