Man City scandal shines light on Man Utd finances

A Premier League panel report has found Manchester City’s income was “hugely overstated by over £830 million,” with owners circumventing league financial regulations over a number of years by pumping money into the club not recorded as sponsorship income. The judgement landed less than five days after Manchester United extended its filing to the New York Stock Exchange, detailing end-of-year accounts to 30 June 2026. The timing is coincidental but stark. While City faces scrutiny for inflating revenue, United’s own books reveal a club still grappling with the legacy of its leveraged takeover. Interest payments for the year stood at £37 million, up from £34 million the previous year. According to Swiss Ramble, United’s net interest payments since the Glazer family’s 2005 takeover now total £852 million.

Debt and spending at Old Trafford

United’s overall debt has climbed to £1.15 billion after borrowing an additional £90 million. That’s a dramatic rise from the £667 million recorded in the accounts to June 2021. The club also restructured its debt in June, adding $125 million (£94.36 million) to its main facility.

Transfer-related liabilities are significant. Prior to 30 June, United owed £375 million on player purchases, with £218 million due before 30 June 2027. Another £122.8 million could be paid out if signed players hit pre-agreed targets. Since 30 June, the club has spent £191.7 million on new signings, including Carlos Baleba, Andrey Santos, and Youri Tielemans, plus academy additions like England youth international Tynan Thompson.

Chief executive Omar Berrada acknowledged the challenge: “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.” United finished third in the Premier League last season, securing a return to the Champions League after a two-year absence, and posted record revenues of £677.6 million. The club projects that figure to rise to £760 million in 2026-27.

Wages, player sales, and stadium costs

United’s wage bill for 2025 was the fifth highest in the Premier League at £313 million. It dropped to £302 million in 2025-26 because of the absence of European football. The wages-to-turnover ratio stood at 45% — the best figure in the league last season. Yet the team finished 15th in 2024-25 despite those wage costs.

Player sales have been modest. The summer outlay was £148 million, below newly promoted Ipswich and Hull among others, while the club generated £47 million from sales — 11th in the Premier League. Only Liverpool among the ‘big six’ brought in less. Since selling Romelu Lukaku to Inter Milan for £74 million in 2019, United have received more than £25 million for a player on just four occasions: Mason Greenwood, Scott McTominay, Rasmus Hojlund, and Alejandro Garnacho.

In September, United said £63.5 million had been spent on land for a proposed new stadium, though the funding model remains undetermined. Some fans argue that money would be better invested in Michael Carrick’s squad. Carrick’s team play bottom-club Tottenham at Old Trafford on 10 October, attempting to rise from 12th place. Champions League qualification is likely a significant part of the overall target, especially given the Adidas shirt deal includes a £10 million annual reduction if the club misses out on Europe’s top competition.