Struggling English Premier League (EPL) soccer heavyweights Manchester United made an overall profit of £1.3 million ($1.63 million) during the first fiscal quarter of 2025, despite revenue being down year-on-year and an operating loss being recorded.
During the three months up to September 30 this year, the Manchester club recorded total revenue of £143.1 million, down 8.9% from Q1 2024, while an operating loss of £6.9 million was incurred. The equivalent period in 2023-24, meanwhile, saw a profit of £1.9 million banked, with the club at that point competing in the lucrative pan-European UEFA Champions League.
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That stands as a contrast to 2024-25, in which United are only taking part in the (less prestigious and financially beneficial) UEFA Europa League, due to a poor league finish in 2023-24.
These results – the first of the inaugural full season in which United are being controlled by new owner, Sir Jim Ratcliffe – show losses in all of the three noted revenue sectors: commercial, broadcasting, and match day.
Commercial revenue fell by 5.6%, broadcasting income by 20.4%, and matchday earnings by 3.3%.
Operating expenses came to £185.6 million, a 0.5% increase year-on-year, with employee benefit expenses dropping by 11.2% – mainly due to changes in the composition of the club’s men’s playing squad.
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By GlobalDataAdjusted EBITDA (earnings before interest, taxation, depreciation, and amortization), however, came to £23.7 million, up slightly year-on-year from £23.3 million in 2023.
This came with United’s finance costs falling substantially year-on-year, from £34.9 million to £19.7 million, and its finance income rising from £349,000 to £28.3 million. In total, this meant net finance income of £8.5 million, enabling the club to post the £1.3 million overall profit noted above.
The club did record an exceptional cost of £8.6 million, including costs covering “the redundancy scheme implemented in the first quarter of financial year 2025.”
Since January, Ratcliffe and the club's new hierarchy have been implementing various cost-saving measures, which have resulted in around 250 redundancies being made over Q1.
In terms of the different revenue sectors, broadcasting’s hit can be explained primarily by United’s Europa League participation this year, as opposed to playing in the 2023-24 Champions League.
Commercial income, meanwhile, declined due to the club playing fewer games on its pre-season tour than it did before 2023-24, as well as “changes in sponsorship agreements.”
As a percentage of total income, commercial provided almost 60%, with broadcasting at 21.9% and matchday revenue accounting for 18.5%.
For the full 2025 fiscal year, Man United – currently sitting 12th in the 20-team EPL table after 12 games – are continuing to forecast full-year revenue of between £650 million and £670 million, and adjusted EBITDA of between £145 million and £160 million.
During the three months, commercial activity at the club included a new deal with Heineken (through its Tiger Beer brand) through 2027-28, as well as renewals with DHL, Hong Kong Jockey Club, and Konami.
Regarding the EPL’s profit and sustainability rules, through which clubs are allowed to lose no more than £105 million (albeit, there are a significant number of costs that do not count towards PSR) over three seasons, United have previously said they are confident of being compliant with those regulations this season.
