Losing money for six consecutive years! TA: Manchester United invested a total of 510 million during Ratcliffe’s period, with a net expenditure of 360 million.

TA wrote that according to Manchester United's latest financial report for the 2024-25 season, although operating income reached a record high of 666.5 million pounds, the team still had a pre-tax loss of 39.7 million pounds. This is the sixth consecutive year of deficit.

Although the substantial cost-cutting plan implemented after Ratcliffe took office has initially yielded results, the club's financial health is now closely tied to on-field performance.

The core of Ratcliffe's reforms is to drastically cut costs. The financial report shows that a layoff plan that may involve up to 450 employees is underway. The total wage bill has dropped by 14% to 313.3 million pounds, and the wage-to-income ratio has also dropped to a healthy 47%. These measures have halved the club's operating losses, its best operating performance in five years.

However, behind the reduction is staggering expenditure. Since Ratcliffe took over, Manchester United's total expenditure in the transfer market has reached 510.8 million pounds, and its net expenditure has also reached 365.3 million pounds. This has resulted in the club's net transfer debt soaring to £344.5m, probably the highest in world football.

At the same time, total financial debt, including revolving credit and long-term loans, is estimated to have exceeded 750 million pounds. Over the past six years, interest payments on loans and dividends to the Glazer family alone have amounted to £230 million.

The financial report clearly reveals the root of the problem, which is poor on-field performance. Due to their absence from the Champions League, Manchester United's broadcast revenue fell to its lowest point since 2016. Although matchday and commercial revenue hit new highs, it was still unable to fully make up for the huge financial gap caused by poor performance.

The good news is that, thanks to high income and compliance expenditure deductions in youth training, women's football, etc., Manchester United currently has no risk of violating the Premier League's Profitability and Sustainability Rules (PSR).

According to predictions, Manchester United's overall revenue in the 2025-2026 season is expected to be 640 million to 660 million pounds.

British media concluded that Manchester United’s financial situation is mixed. Operational efficiency has improved, but huge transfer investment and high debt are two swords hanging over its head. Future financial recovery depends almost entirely on the team's return to the Champions League, because only the huge revenue from this event can support the club's huge expenses and debts. United's fortunes off the field will be driven by performance on the field.