Manchester United have recorded a significant financial turnaround in their latest quarterly results, even as the club absorbed a £16.7 million severance bill following the dismissal of head coach Ruben Amorim and his backroom team.
The Portuguese manager’s January exit gave way to Michael Carrick’s appointment, and the Englishman’s impact on the pitch proved swift and decisive — steering United to a third-place Premier League finish and a return to Champions League football next season.
Those on-field gains have coincided with a marked improvement in the club’s financial health. For the nine months ending March 31, 2026, United posted an operating profit of £37.7 million — a dramatic reversal from the £3.2 million operating loss recorded in the same period the previous year.
EBITDA for the period climbed to £187.5 million, up from £145.3 million year-on-year, reflecting the cost discipline Sir Jim Ratcliffe has enforced since assuming his role as co-owner — a drive that has included significant staff redundancies across the organisation.
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Despite the encouraging headline numbers, structural financial concerns have not disappeared. United continue to carry $650 million in legacy Glazer-era debt, while short-term borrowing has risen to £262.5 million — approximately £50 million higher than the same quarter last year. Cash and cash equivalents have also dipped, falling to £60.9 million from £73.2 million at the corresponding point in 2025, with £30 million deployed during the quarter to service a revolving credit facility.
Matchday revenue offered a mixed picture. The quarter generated £42.2 million in gate receipts, a 5.2 percent decline on the prior year equivalent — a drop attributed largely to early cup exits from both the FA Cup and Carabao Cup, which left United playing three fewer home fixtures in the period.
Chief Executive Omar Berrada was upbeat in his assessment of the club’s direction, highlighting both commercial progress and the turnaround under Carrick’s stewardship.
“We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives. Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as head coach.”
With Champions League revenue set to flow back into Old Trafford next season, United’s financial recovery — still a work in progress — appears to be gaining momentum under Ratcliffe’s stewardship.