Manchester United made a profit during the first quarter of the 2024-25 season, despite paying out £8.6million ($10.8m) in exceptional costs as part of restructuring measures.
The club’s new INEOS-led hierarchy under minority owner Sir Jim Ratcliffe cut 250 jobs earlier this year in an attempt to slash costs at Old Trafford.
Despite paying off staff let go as part of a redundancy scheme, United posted a first-quarter profit of £1.3m — compared to a £32.8m loss during the same period last year.
United’s latest figures do not include the compensation fee paid to Erik ten Hag following his dismissal as manager last month, of around £15m, or the €11m (£9.2m, $11.6m) fee paid to Sporting CP to appoint Ruben Amorim as his replacement.
The figure follows a total of £47.8m paid out in exceptional costs during the 2023-24 campaign, related to the strategic review process which led to Ratcliffe’s purchase of a minority stake.
The Old Trafford club posted a net loss of £113m in their 2023-24 accounts but insisted that they remained compliant with financial regulations, including the Premier League’s profitability and sustainability rules (PSR).
United have posted five consecutive full-year losses since last achieving profitability during the 2018-19 season.
In the latest figures, United’s total revenues fell to £143.1m — an 8.9 per cent drop compared to the same period last season — but the club reiterated its expectation of revenues between £650m and £670m for the 2024-25 season.
Omar Berrada, United’s chief executive, said that the club’s cost-cutting and restructuring measures remain “on track”.
“The season is now well underway for both our men’s and women’s team, and we are keen to ensure both are as competitive as possible,” he said. “We are delighted to have appointed Ruben Amorim as head coach of our men’s team and remain committed to returning Manchester United to the top of domestic and European football.
“Our renovation of the Carrington Training Centre is progressing well, while the Old Trafford Regeneration Task Force continues its work.
“Once it has delivered its recommendations, we will then take some time to digest them and evaluate all our options in the upcoming year.”
(Carl Recine/Getty Images)
