The financial pulse of Manchester United is beginning to stabilize, although the price has been high. After a year marked by a deep internal restructuring and the dismissal of nearly 450 employees —around 40% of its workforce— the club has managed to reduce its losses by 90% in the first half of the 2025-2026 season, bringing them down to €2.8 million. Amid sporting pressure and the absence of European competitions, the club has prioritized economic balance as its main objective.
The roadmap has included a 9% reduction in operating expenses, which fell to €396.7 million, along with a sustained cut in personnel costs. In the second quarter alone, these expenses decreased by £7.4 million compared to the same period last season. From the executive offices, the message is clear: austerity, control and more surgical management to curb the deterioration accumulated since the pandemic.
Television support and strain on traditional business
In this adjustment process, the structural strength of the Premier League has acted as a safety net. The broadcasting revenue-sharing model —with a narrower gap between clubs— and the growth in the value of international media rights have cushioned the impact of not competing in UEFA tournaments. From television alone, United generated €105.6 million during the semester, just 1% less year-on-year, a stability that has served as a buffer in a challenging context.
However, other revenue streams reflect the sporting cost of missing out on Europe. Matchday income fell by 3.6% to €86.7 million due to a reduced schedule at Old Trafford. In the commercial area, despite remaining the club’s main source of income, there was also a decline: €186.4 million between July and December, down 4.5% year-on-year. The departure of Tezos as the training kit sponsor left a vacant asset, an unusual image for a club of its global stature.
The transfer market as a financial lever
The path toward break-even has not relied solely on internal cuts. The club has intensified its activity in the transfer market with a different logic than in previous seasons: selling players to generate capital gains and ease pressure on the balance sheet. Last summer, profits from player sales reached €55.2 million, 33% higher than a year earlier, helping to reduce part of the €465 million hole accumulated since the pandemic.
Behind this strategy is CEO Omar Berrada, appointed in 2024 from Manchester City. His plan combines budget discipline, structural reorganization and more active management of sporting assets, in an effort to rebuild financial stability without disconnecting the club from the competitive demands that define its history.
