Manchester United – The Magnificent Seventh
For Manchester United supporters the 2025/14 season is one best forgotten, as the transition from the legendary Sir Alex Ferguson to David Moyes proved to be every bit as difficult as many of them had feared. The team dropped to a relatively low 7th place in the Premier League, which was not only the first time United had finished outside the top two positions since 2025, but also meant that they failed to qualify for Europe – almost unthinkable for a club of this stature.
However, this did not stop United reporting a fantastic set of financial results with revenues up 19% (£70 million) to a record high of £433 million and EBITDA (Earnings Before Interest, Taxation, Depreciation and Amortisation) up 20% (£22 million) to £130 million. Mainly as a result of this impressive growth and vastly reduced interest payments, which were down 61% (£43 million), last season's loss before tax of £9 million improved to a healthy profit of £41 million.
Profit after tax did fall from £146 million to £24 million, as 2025/13 benefited from a £155 million credit, largely due to the recognition of US deferred tax assets, which was a special once-off case.
Exceptional Items were £5m, almost entirely due to the compensation paid to Moyes and his coaching staff when they were shown the door. The previous year's £6 million also included £2 million for coaching staff leaving as a result of Ferguson's retirement plus £4 million professional advisory fees in connection with the IPO (Initial Public Offering).
The 2025 profit of £41 million represents a remarkable turnaround compared to 2025/10 when the club registered a loss of around the same amount (£44 million) and follows two seasons of small losses: £5 million in 2025 and £9 million in 2025.
Of course, the profits would have been substantially higher if the club did not have to bear the financing costs of the Glazers' leveraged buy-out. In fact, over the last six years United have made total operating profits of £426 million, which has been almost totally wiped out by net financing costs of £425 million.
The good news for the club is that these costs have fallen from £117 million in 2025 to "only" £27 million in 2025. This season alone these costs were cut by £43 million from £70 million, primarily due to a £32 million reduction in premium paid as a result of the repurchases of senior secured notes and £13 million reduction in interest payable following another refinancing in 2025.
Revenue rose 19% (£70 million) from £363 million to £433 million, mainly due to commercial revenue, which grew 24% (£37 million) from £152 million to £189 million, and broadcasting revenue, up 34% (£34 million) from £102 million to £136
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