The Manchester United Supporters Trust (MUST) has commented on the “financial mismanagement” of the club after the publication of its Q2 2025 financial results.
Manchester United FC’s finances show that Q2 commercial revenue was £85.1m, an increase of £13.3m compared to Q2 2023. This was attributed to the front-of-shirt sponsorship agreement with Qualcomm and the launch of a new e-commerce model in partnership with SCAYLE.
Matchday revenue increased by $4.4m to £52m, with the club citing “a strong demand for matchday hospitality packages”. The rise in ticket prices to £66, which has been a contentious issue for club supporters, was not mentioned.
Elsewhere is a sight for sore eyes, as the Premier League club recorded a pre-tax loss for the three months of £37.6m, as well as £18.8m in debt interest payments over six months. This took total interest costs since the Glazers’ leveraged buyout to more than £1bn.
Broadcasting revenue was £61.6m, a year-on-year decrease of £44.8m due to the men’s team playing in the UEFA Europa League compared to the UEFA Champions League – a competition the team won’t feature in next year unless it wins the 2024/25 Europa League, as it currently sits in 15th position in the English top-flight.
Additionally, there was a cost of £14.5m with the departure of first-team manager Erik ten Hag, who was given a new contract four months before his exit.
Omar Berrada, CEO, commented: “We recognise the challenges in improving our men’s team’s league position and we are all working hard, collectively, to achieve that. At the same time, we are pleased to have progressed to the knock-out phase of the UEFA Europa League and the fifth round of the FA Cup. Meanwhile, our women’s team is currently placed second in the Women’s Super League, and has reached the Quarter Finals of the FA Cup.”
“Our redevelopment of the Carrington Training Complex remains on track. We continue to work towards a decision on the future of Old Trafford as part of a wider regeneration programme, which has now attracted UK Government support. This follows the work of the Old Trafford Regeneration Task Force in demonstrating the significant economic potential of a revitalised area around a future stadium project.”
The Supporters Trust’s scathing outlook
Ahead of these financial results, MUST’s recent opinion of the club was tarnished after minority owner Sir Jim Ratcliffe announced the removal of concessions and a rise in ticket prices to £66.
Furthermore, performances on the pitch have left little to be desired as Manchester United is on track for its worst-ever Premier League finish. While on the surface United’s woes can be visible at the football level, these results have emphasised that it starts from the top.
A MUST statement read: “United has amongst the highest revenues in world football and yet we see huge financial problems in these results, driven by £19m in debt interest payments (over six months), mismanagement including paying £14.5m compensation to a manager only given a new contract a few months earlier, a disastrous record in player trading over the last decade, and now dreadful performances on the field making matters worse with every league place we fall costing a further £4m in prize money.
“In this context, it is clear that ticket prices at United are plainly not the problem with the recent £66 changes raising less than £2m. This shows big increases in prices would be futile and counterproductive, making only a trivial difference to the financial challenge whilst hugely harming fan sentiment and worsening the mood in the ground which inevitably feeds through to even worse team performances.”
The supporter’s trust’s main responsibility is to represent the interests of United fans and to preserve the heritage of the club for future generations. However, it is safe to say that the future is uncertain for Manchester United.
From being one of the most successful clubs in the modern era, Manchester United has steadily fallen down the pecking order. Though still maintaining one of the highest revenue streams in the world, the Glazer family has faced accusations of failing to invest this money back into the club.
Following the minority acquisition by Ratcliffe in 2023, supporters believed that the club’s commercial and sporting fortunes would change. However, Ratcliffe quickly became unpopular amongst fans as he targeted staff wages and benefits to cut costs and increase profits without addressing the rising debt.
“Fans should not pay the price for a problem that starts with our crippling debt interest payments and is exacerbated by a decade or more of mismanagement. It’s time to freeze ticket prices and allow everyone – players, management, owners and fans – to get behind United and restore this club to where it belongs,” the trust stated.
INEOS’ mounting issues
Earlier this week, Manchester United hired Marc Armstrong as Chief Business Officer, whose task is to cut spending and increase revenues.
However, his appointment follows the departure of Sporting Director Dan Ashworth, who left the club after just five months and a lengthy and expensive process to bring him in from Newcastle United.
In addition to failure in recruitment, there are also external pressures. Earlier this month, New Zealand Rugby accused INEOS of failing to pay the first instalment of its 2025 sponsorship fee under a six-year agreement.
Meanwhile, Ratcliffe has also made headlines in the sailing world. Having supported Ben Ainslie’s team through the last two America’s Cups, investing around £200m, he initially stated in an interview with The Telegraph that this backing would continue – though seems to have reversed his decision.
