United in numbers: heart, wealth and a working class verdict
Manchester United reported record revenue of £666.5m for last season.
They still posted a loss of £33m for the financial year.
Despite that, the club did not play in the Champions League in 2024-25.
They finished 15th in the Premier League.
Nevertheless revenue rose by 0.7 percent.
Accounts show an operating loss of £18.4m for the year to 30 June 2025.
That is down from £69.3m a year earlier.
Ultimately overall losses fell from £113.2m to £33m.
Boldly Sir Jim Ratcliffe oversaw wide ranging changes at the club.
Publicly he warned in March that the business had gone one off the rails.
Indeed he said tough decisions saved United from bust at Christmas.
Personally I believe in working class unity, but this year tested it.
Always we measure clubs by graft and intent, not just balance sheets.
Even City money debates haunt every boardroom and every fan chant.
For Geordie fans the Sunderland shadow looms, and this rivalry frames our talk of wealth and heart.
Yet United face the same test as City, in a different geometry of power.
TLDR
Revenue hit a new high while losses persisted.
Ratcliffe’s reforms stabilised finances despite a backlash.
The battle between wealth and heart will keep shaping United and the rivalry with City.
Erik ten Hag
Manchester United