Man Utd debt still tops £1bn as club confirms £63.5m spent on new stadium land

Manchester United’s total debt remains above £1 billion despite record revenues and sweeping cost‑cutting under Sir Jim Ratcliffe, with the club confirming it has spent £63.5 million acquiring land for a proposed new stadium next to Old Trafford.

Record revenue, but losses and finance costs bite

For the 2025–26 financial year, United reported record revenue of £677.6 million and an operating profit of £22.6 million—their first positive operating result in years—even though the men’s team did not play in Europe for the first time in a decade. However, net finance costs surged 228% to £69.6 million, driven largely by foreign‑exchange losses, contributing to a pre‑tax loss of about £43 million and pushing cumulative seven‑year losses to roughly £444 million.

Debt breakdown and stadium spend

United’s overall debt has fallen from around £1.3 billion at the end of December but still exceeds £1 billion. It comprises:

• Historic debt of £577.6 million
• £111.4 million outstanding on a revolving credit facility
• Outstanding transfer fees, with club sources saying about 75% of the £473 million listed under “trade and other payables” relates to unpaid instalments.

In summer refinancing, an extra $125 million (£94.14 million) was added to historic debt; £63.5 million of that has been used to buy a 25‑acre site near Old Trafford for a planned 100,000‑seat stadium expected to cost more than £2 billion. The club has not explained how the remainder was used.

Transfer spending and fan anger

On the pitch, supporters are frustrated by what they see as under‑investment. United spent £148 million on three midfielders—Carlos Baleba, Andrey Santos and Youri Tielemans—far less than Manchester City’s £458 million outlay and even below some promoted rivals, while adding no new left‑back and no extra striker to support Benjamin Sesko.

CEO Omar Berrada said the summer strategy prioritised “financial sustainability,” pointing to record revenues and the return of Champions League football as evidence the club is on the right trajectory.

Women’s team struggles

Criticism has also extended to the women’s side, who sit second‑bottom of the WSL with one point from three games, raising further questions about squad investment.

Cost‑cutting measures

To reduce losses, United have cut headcount by 450 roles over two years and lowered the wage bill by £11.3 million to £302 million, attributed to first‑team squad changes and redundancy programmes.