Man Utd debt up to £1.3bn despite profit of £33m

Kieran Maguire, football finance expert

Given United have no European football this season and no cup ties at Old Trafford, the less than 4% fall in matchday revenue over the six-month period is arguably impressive, especially when you consider they played only 10 home games compared to 15 in the same period last year.

The credit goes to a deliberate strategy of hiking season ticket and matchday prices, and shifting towards premium ‘matchday experiences’ rather than simply selling tickets to watch football.

It is a policy that has frustrated parts of the fanbase, but the demand for these packages gives the club’s hierarchy the commercial justification to press on.

Wage costs are also falling. A wave of significant redundancies over the past year cut the payroll, while high earners like Marcus Rashford and Rasmus Hojlund have been moved off the books – temporarily at least – via loans.

Strip away the positives and the core problem remains. United spent more cash than they generated in the three months to 31 December and, with heavy transfer market activity on top, added £25m to their existing debt pile while their cash balance fell by £50m.

There is also a cost lurking in the background. The sacking of Erik ten Hag and his backroom staff in 2023-24 landed United with a £14.5m bill. The dismissal of Amorim will bring its own severance costs, but those will not show up until the third-quarter results later this year.

A strong finish to the Premier League season could change the narrative significantly.

Champions League qualification would deliver a substantial cash injection, although it comes with a catch.

Many United players have contractual wage increases triggered by participation in European football, meaning higher revenues would quickly be offset by a sharply rising wage bill.

For United, as ever, there is no simple fix.