Manchester United Debt Nears £1.3bn Despite Return To Operating Profit
Sports Updated: 27 February 2026 12:16 EAT
Manchester United owners The Glazers
Manchester United’s total debt is approaching £1.3 billion following the release of its latest financial results, underlining the scale of long-term liabilities carried by the Premier League side.
The club reported an operating profit of £32.6 million for the six months ending 31 December 2025, marking a significant turnaround from the £3.9 million loss recorded during the same period a year earlier.
Despite the improved operating position, overall liabilities climbed to approximately £1.29 billion. The figure includes gross borrowings, revolving credit facilities and substantial outstanding transfer fee instalments owed to other clubs.
United drew down an additional £25 million from its revolving credit facility during the reporting period, pushing that specific borrowing line close to £296 million.
A large portion of the structural debt stems from the 2005 leveraged takeover by the Glazer family, a transaction that saddled the club with long-term financial obligations that continue to shape its balance sheet two decades later.
Net finance costs fell sharply to £13.9 million compared to £37.6 million the previous year, reflecting refinancing measures and tighter cost controls implemented over the past 12 months.
Total revenue for the half-year stood at £190.3 million, down from £198.7 million year-on-year. The decline was attributed to reduced matchday income and the absence of European competition fixtures.
Commercial revenues also softened, though broadcasting income remained relatively stable, cushioning the overall revenue drop.
Under minority owner Jim Ratcliffe, the club has embarked on a sweeping restructuring programme aimed at restoring financial sustainability. Measures have included workforce reductions and a significant trimming of operating expenditure.
Wage costs declined by nine per cent to £75.1 million, aided by player departures and loan arrangements that reduced the immediate salary burden.
Chief executive Omar Berrada has indicated that the club’s transformation strategy is designed to strengthen profitability while maintaining competitiveness on the pitch.
Financial analysts note that while short-term operating metrics show improvement, the scale of total liabilities remains a central concern, particularly as interest obligations and deferred payments continue to weigh on cash flow.
With full-year revenue projections ranging between £640 million and £660 million, United’s leadership is banking on commercial recovery and on-field success to gradually stabilise its financial position amid one of the heaviest debt loads in European football
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FELIX MAKONA
FACT FINDER AND DATA DRIVEN JOURNALIST. DATA MINING AT IT'S BEST. GET FACTS RANGING FROM MATTERS DISABILITY AND INCLUSION, POLITICS, ECONOMY, SPORTS AND GENERAL NEWS AROUND THE WORLD