Manchester United earned record financial revenue of £666.5m last year despite the poor on-pitch performance of their men’s team.

United finished 15th in the Premier League last season, their worst placing since the 1973-74 relegation campaign.

However, the start of their five-year front-of-shirt sponsorship deal with Snapdragon enabled them to post record commercial revenue of £333.3m, while matchday revenue was also a record at £160.3m in the year to 30 June 2025.

“To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United,” said chief executive Omar Berrada.

“As we settle into the 2025-26 season, we are working hard to improve the club in all areas.”

Berrada did not reference United’s poor start to the current campaign but says United are building “for the long term”.

An overall loss of £33m represents a 70.8% reduction on the previous year, when the figure was £113.2m.

United say they “remain committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and Uefa’s’s Financial Fair Play Regulations”.

In January Deloitte ranked United as having the fourth highest revenue in world football, based on the club’s earnings of £651m from the previous year.

Real Madrid (£883m) were in first place, followed by Manchester City (£708m) and Paris St-Germain (£681m).

The overall number of employees has dropped from 1,100 to 700 in the past two years following controversial redundancies at United.

Cutting so many long-serving members of staff at a time of chronic under-performance on the pitch has been heavily criticised by many.

United believe it will help provide the financial capacity to invest in the playing squad while remaining compliant with the Premier League and Uefa financial rules.

Wages were cut by £51.5m to £313.2m, although most of this related to United failing to qualify for the Champions League, which triggered a 25% salary cut among the playing staff.

The figures also contain an ‘exceptional items’ expense of £36.6m, which includes compensation payments to former manager Erik ten Hag, interim boss Ruud van Nistelrooy and technical director Dan Ashworth.

Despite their relative lack of success, United are still predicting turnover of between £640m and £660m to June 2026.

The Snapdragon deal has helped them leapfrog back above Liverpool in terms of commercial revenue.

“As we start to feel the benefits of our cost reduction programme, there is significant potential for improved financial performance, which will, in turn, support our overriding priority: success on the pitch,” said Berrada.

The figures show a £48.9m reduction in broadcasting revenue – the consequence of playing in the Europa League last season as opposed to the Champions League. This season United are not in Europe at all.

As ever, United’s debt levels remain a talking point.

The long-term debt, which has effectively sat on the club since the Glazers bought it in 2005, remains at $650m, with the exchange rate on 30 June meaning it was £471.9m.

In addition, borrowings from the club’s rolling credit facility had risen to £165.1m from £35.6m by 30 June.

On top of that, there is the amount owed in outstanding transfer fees.

United are not alone in paying fees in installments over a period of time and the precise amounts they have to pay and when are unclear.

However, they will form a significant part of the two ‘trade and other payable’ entries in the accounts released today that total £564.6m, up from £424.9m 12 months earlier.

Since 30 June, United have bought Bryan Mbeumo from Brentford, Benjamin Sesko from RB Leipzig and Senne Lammens from Royal Antwerp for fees club sources said totalled £156.8m.

Club officials have defended the outlay, saying it provides evidence of United’s determination to arrest their slump and compete for major trophies again.