Manchester United reported an operating profit of £32.6 million for the six months to December 31, 2025, compared with a £3.9 million operating loss in the same period a year earlier. Chief executive Omar Berrada said the improvement reflected the “positive financial impact” of the club’s off-pitch transformation, particularly cost and headcount reductions.
The improvement, however, was not purely operational. United’s £32.6 million operating profit included £48.2 million from player sales; excluding that, the underlying result was a £15.7 million loss. Total revenue also fell by £11.1 million to £330.7 million, while operating expenses decreased by £35.7 million to £346.3 million.
United’s debt rose to almost £1.3 billion by the end of 2025. The club drew an additional £25 million on its rolling credit facility, taking that facility to £295.7 million, while also carrying legacy debt and more than £500 million in liabilities, mostly outstanding transfer-fee payments.
The article’s claim that cash fell by £50 million is incorrect. United generated £4.3 million from operations in the six-month period, compared with £32.6 million used in operations during the previous equivalent period. The reported figures do not support a £50 million cash decline.
The claim of a “shortened 40-game Premier League season” is also incorrect. The Premier League remained a 38-game competition. United’s reduced revenue was linked to the absence of European football and reduced commercial, broadcasting and matchday income, not a shorter league campaign.
United’s on-field start has been poor. They have won one of their first six Premier League matches, taking six points and sitting 13th—their worst start to a season in 40 years. They also lost 1-0 at home to Brighton in the EFL Cup.
The article’s claim that United are “in fourth place” is wrong. They are 13th in the Premier League after six matches, not fourth.
The transfer criticism is broadly supported, but the fees need correction. Andrey Santos joined from Chelsea for £50 million, while Youri Tielemans arrived from Aston Villa for £35 million. The reported combined cost is £85 million, not €97 million; Santos’s deal was reported as £48 million plus add-ons, while Tielemans’s release clause was £35 million.
United insiders reportedly regard Santos and Tielemans as “a long way down the list” of their preferred targets. Their leading midfield targets included Elliot Anderson, Mateus Fernandes, Aurélien Tchouaméni and Atalanta’s Ederson, whose proposed move collapsed before United activated Tielemans’s release clause.
Tielemans has been United’s most involved summer midfield signing, starting all eight competitive matches. Santos, by contrast, has started only two games and was an unused substitute in the 1-1 draw with Tottenham, while Carlos Baleba made his debut after recovering from an ankle injury.
The accurate picture is therefore mixed: cost reductions and player sales have improved United’s reported operating result, but underlying losses, rising debt and a poor start mean the financial turnaround has not yet translated into sporting stability.
