Man Utd remain over £1bn in debt after £63.5m land purchase for new stadium
Manchester United said in their financial results on 23 September 2026 that their overall debt remains above £1 billion despite Sir Jim Ratcliffe's cost-cutting measures and that the club spent £63.5m acquiring land for a new stadium.
The club reported record revenues of £677.6m and an operating profit of £22.6m despite not playing in European competition for the first time in a decade, a turnaround from a £113.2m loss in 2023-24; the announcement comes amid fan protests and a poor start to the season that has left United 12th in the Premier League and already eliminated from the EFL Cup.
United said their total indebtedness has fallen from £1.3bn at the end of December but remains above £1bn, comprised of historic debt of £577.6m, £111.4m outstanding on a revolving credit facility, and outstanding transfer fees that the club says represent approximately 75% of the £473m listed as "trade and other payables."
As part of a summer refinancing, an additional $125 (£94.14m) was added to the club's historic debt and the accounts show £63.5m of that sum was used to buy land intended for the new stadium; the club has not provided details on how the remainder of that refinancing amount was allocated. The club said the stadium will be built 350 yards away from the current site and will be the centrepiece of a wider Old Trafford regeneration, with the project itself likely to cost in excess of £2bn.
Net finance costs for the year rose to £69.6m, an increase of 228.3%, which the club largely attributed to a foreign exchange loss; football finance expert Kieran Maguire said that particular debt component has now exceeded £1bn since the leveraged Glazer family buyout in 2005. United also reported that they saved £8.5m of a projected £16.5m pay-off for Ruben Amorim after he accepted a job at AC Milan, while other costs increased over the period.
On the playing side, United spent £148m on three summer signings — Carlos Baleba, Andrey Santos and Youri Tielemans — an outlay the club acknowledged was part of a broader financial balancing act; the figure was less than a third of the £458m Manchester City invested in their squad and lower even than newly promoted Ipswich. Supporters have expressed anger at what they view as insufficient reinvestment, citing the absence of an additional left-back to challenge Luke Shaw, who has missed three matches with injury, and the lack of striking cover for Benjamin Sesko, whose shin complaint resurfaced after he missed pre-season.
Sir Jim Ratcliffe's cost-reduction programme included two rounds of redundancies that resulted in 450 job losses and contributed to a reduction in salary costs of £11.3m to £302m. The club said: "This is primarily due to changes in the make-up of the men's first team squad, combined with savings associated with headcount reduction programs implemented over the previous two fiscal years." United have also faced criticism for limited investment in their Women's Super League squad, which the accounts note is second bottom of the table with one point from three games.
Omar Berrada, the club's chief executive, commented: "We are pleased to have secured record revenues. This demonstrates the underlying strength of our business, and shows the direct impact of the work we have been doing over the past two years." He added: "While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable. With that financial sustainability in mind, we have strengthened both our men's and women's teams during the summer window and our men's team has seen the return of Champions League football to Old Trafford."
