Manchester United released their 2024–25 financial results this week, detailing another net loss alongside a club record revenue for the 12 months ending June 30, 2025.
The Red Devils pulled in more money than ever before, taking £666.5 million ($908.3 million) across commercial, broadcast and matchday income streams. But enormous operating costs meant that the balance sheet still ended up showing a £33 million net loss for the season as a whole.
Co-owner Sir Jim Ratcliffe presented a grave warning about the club’s finances earlier this year, having also embarked on significant cost-cutting measures—some more controversial than others—since assuming control of day-to-day operations at the start of 2024.
But what do the numbers actually mean?
