Manchester United have reported an operating profit of £32.6 million for the six months ending 31 December 2025, a significant improvement on the £3.9 million loss recorded in the same period last year. However, the club’s overall debt has surged to a staggering £1.29 billion.

Chief Executive Omar Berrada attributed the improved financial performance to the benefits of the club’s “off-pitch transformation,” stating: “We are now seeing the positive financial impact of our off-pitch transformation materialise both in our costs and profitability.”

The substantial debt figure includes an additional £25 million drawn from their rolling credit facility, now standing at £295.7 million. This, combined with legacy debt from the Glazer family’s takeover and over £500 million in other liabilities (primarily outstanding transfer fee payments), brings the total to nearly £1.3 billion.

While net finance costs decreased significantly to £13.9 million from £37.6 million in the prior year, the club’s financial situation remains a key concern, particularly with plans for a new stadium estimated to cost over £2 billion. The financial results underscore the club’s pressing need to qualify for the Champions League after a two-year absence.

Total revenues for the period reached £190.3 million, though commercial revenue saw an 8% dip to £78.5 million. Conversely, wages fell by 9% to £75.1 million.

Since acquiring a 29% stake two years ago, Sir Jim Ratcliffe has implemented significant cost-cutting measures, including 450 job redundancies and the removal of staff perks such as a paid canteen. Club sources suggest these measures have enabled increased investment in the data side of the club.

The financial statement made no mention of the compensation paid for the sacking of head coach Ruben Amorim, as this occurred after the reporting period.

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