United hit revenue record but finance costs deepen loss

Manchester United’s borrowings and reported outstanding transfer payments total more than £1bn, placing their stadium plans alongside substantial existing financial obligations. The club spent £63.5m on land for a proposed 100,000-seat stadium during the year to June 30, 2026.United reported £577.6m in long-term borrowings and £111.4m in current borrowings, including their revolving credit facility. Their accounts also list £473m in trade and other payables, approximately three-quarters of which represents outstanding transfer fees, according to club sources.Those transfer payments are separate from bank borrowings, but the figures together exceed £1bn. Although overall obligations have fallen from the level reported at the end of December, the latest results show the scale of the commitments United must manage while advancing the stadium project.The club increased the principal amount of its dollar-denominated long-term borrowing by US$125m during a refinancing. Its results confirm the land purchase but do not directly allocate the refinancing proceeds to that transaction or specify how the remainder was used.Financing costs continue to affect the bottom line, rising to £69.6m from £21.2m a year earlier. United attributed much of the increase to an unrealised foreign exchange loss on dollar borrowings, compared with a gain in the previous year.The club’s net loss widened from £33m to £43m even as cost reductions helped produce a £22.6m operating profit, reversing an £18.4m operating loss. The difference between those results shows how borrowing costs and other charges continue to outweigh improvements in day-to-day operations.Chief executive Omar Berrada said: “While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable.”Employee benefit expenses fell £11.3m to £302m, reflecting changes to the men’s squad and headcount reductions made over the previous two financial years. Total operating expenses declined £31.8m, although amortisation of player registrations rose £15.4m to £211.8m following continued investment in the squad.United also recorded £8.2m in exceptional costs, primarily associated with former head coach Ruben Amorim’s departure and the final stages of the club’s restructuring. Revenue reached a record £677.6m despite the men’s team playing no European football, helped by higher Premier League broadcasting income.Champions League football has returned for 2026–27, and United forecast revenue of £740m to £760m for the financial year. That expected increase will arrive as the club continues to meet transfer payment commitments and pursue a stadium project for which it has already acquired land.