Man United posts record revenues but is still making losses

MANCHESTER, England (AP) — Manchester United posted record revenues in its latest annual accounts despite missing out on Champions League soccer and enduring its worst-ever Premier League campaign.

But despite revenues of 666.5 million pounds ($910 million) the 20-time English champion still reported losses of 33 million pounds ($45 million).

“To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United," chief executive Omar Berrada said.

The accounts for the year ending June 30, 2025 came after minority owner Jim Ratcliffe embarked on cost-cutting measures, which have seen two rounds of job cuts with an estimated reduction of more than 400 members of staff, as well as ticket price hikes.

United told fans in January it could not sustain its losses and Ratcliffe later said the club was in danger of running out of money by the end of the year.

Losses fell from 113.2 million pounds to 33 million.

United's commercial strength comes despite its ongoing troubles on the field, which have seen it struggle to keep pace with Premier League rivals like Liverpool, Manchester City and Arsenal.

It did not play in the lucrative Champions League last season and finished 15th in England’s 20-team top division — its lowest since the inception of the Premier League in 1992.

It also recorded its lowest points total and highest number of losses, which led to it failing to qualify for any European soccer competition this season.

United has not won the league title since Alex Ferguson retired in 2013.

This season has not started well either, with Ruben Amorim's team only winning one of four games and having been eliminated from the English League Cup by fourth-tier Grimsby Town.

“As we settle into the 2025-26 season, we are working hard to improve the club in all areas,” Berrada said. “As we start to feel the benefits of our cost-reduction program, there is significant potential for improved financial performance, which will, in turn, support our overriding priority: success on the pitch.”

United said costs of 36.6 million ($50 million) included the departure of former manager Erik ten Hag, who was fired last October.

United’s principal debt remains at $650 million.

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James Robson is at https://twitter.com/jamesalanrobson

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AP soccer: https://apnews.com/hub/soccer