Manchester United has reported a net loss for a seventh straight year, with the deficit rising from £33m to £43m for the year ending June 2026.
The figures emerge despite chief executive Omar Berrada overseeing record revenues of £678m, underlining the scale of the club’s ongoing financial challenge.
Sir Jim Ratcliffe’s aggressive cost-cutting programme has failed to return the club to profitability, though the annual loss remains well below the £100m-plus figures recorded in 2021-22 and 2023-24.
Cumulative losses since 2019 have now surpassed £430m, a figure that reflects years of underperformance both on and off the pitch.
“We are pleased to have secured record revenues and adjusted EBITDA which demonstrates the underlying strength of our business, particularly in a season without European football,” said Berrada.
“This shows the direct impact of the work we have been doing over the past two years. It also proves Manchester United’s enduring popularity and commercial strength.”
“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,” Berrada added.
The accounts also reveal that United paid £63.5m to acquire land adjacent to Old Trafford, where the club plans to construct a new 100,000-capacity stadium.
The club paid £8.2m in exceptional items, largely stemming from the sacking of manager Ruben Amorim in January after just 14 months in charge.
Commercial revenue declined five per cent to £317m, primarily because the club failed to replace Tezos as training kit sponsor until the start of the current campaign.
Matchday revenue fell four per cent as United played 10 fewer home games following their absence from the Champions League and other European competitions last season.
Broadcast income rose, however, driven by larger central Premier League distributions after United climbed from 15th to third place during the 2025-26 season.
Total operating expenses dropped four per cent to £702m, reflecting a reduced wage bill and the ongoing effects of more than 400 job cuts made over the previous two years.
The financial results cover a turbulent period that saw United recover from a poor start under Amorim before eventually securing Champions League qualification for the coming season.
The club now faces pressure on multiple fronts, having won just once in five Premier League games this season while also exiting the Carabao Cup in the early rounds.