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United book record £666.5m revenue but report £33m loss in 2024–25 accounts

Record £666.5m revenue in 2024–25, yet United reported a £33m net loss amid on-field turmoil in 2025

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Manchester United’s published 2024–25 accounts show a club record £666.5 million in revenue for the season, while the club still recorded a net loss of £33 million.

Broadcasting receipts for the 12 months ending June 30, 2025, fell by 22%, a change attributed to United competing in the Europa League rather than the Champions League. Commercial revenue rose 10% and matchday income climbed 17% compared with the previous year, even as the club endured its worst league finish in 51 years, placing 15th amid enormous changes at Old Trafford.

“To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United ,” CEO Omar Berrada said.

“Our commercial business remains strong as we continue to deliver appealing products and experiences for our fans, and best-in-class value to our partners. As we start to feel the benefits of our cost-reduction programme, there is significant potential for improved financial performance, which will, in turn, support our overriding priority: success on the pitch.”

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Berrada also addressed the summer’s “pleasing” additions to both the men’s and women’s squads, meanwhile having emerged from “a period of structural and leadership change.”

Operating expenses for the year amounted to £733.6 million, down by almost £35 million from 2023–24 but still ahead of revenue. Wages fell by 14% over the period. The annual cost of amortisation was £196.4 million, with an outstanding unamortised balance of registrations of £537.3 million as of June 30, 2025.

Exceptional expenses of £36.6 million included costs related to dismissing Erik ten Hag and his staff last October. The accounts highlight both the commercial strength that delivered record revenues and the financial pressures that left the club reporting a loss for 2024–25.

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Chelsea

Fernandes restored to the starting XI as Carrick reshapes United for Chelsea

Fernandes returns to the XI and the armband as Carrick alters United’s midfield for Chelsea.

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Bruno Fernandes is back in Manchester United’s starting side for Saturday’s clash with Chelsea, and he will also reclaim the captain’s armband.

Michael Carrick moved quickly to make clear that Fernandes had not been permanently relieved of the role, and the Portugal international now returns to lead United again. Before the match, Carrick said: “He’s the one that’s kind of led the team so well for many a game and many a year, and he’ll continue to do that,” Carrick promised before the game.

Fernandes is part of a changed United midfield, with summer signing Youri Tielemans dropping to the bench for the first time this season. Carlos Baleba and former Chelsea midfielder Andrey Santos start behind him, while Fernandes is set to play further forward.

There is also a welcome return on the bench for Kobbie Mainoo, who has recovered from injury in time to make the matchday squad. He is joined among the substitutes by Chelsea academy graduate Mason Mount.

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United’s starting XI is Lammens; Yoro, Maguire, Martínez, Dalot; Santos, Baleba; Amad, Fernandes, Cunha; Mbeumo. Their substitutes are Darlow, De Ligt, Heaven, Mazraoui, Mainoo, Mount, Tielemans, Lacey, Zirkzee.

Chelsea line up with Penders; Acheampong, Fofana, Colwil, Palestra; Caicedo, Lavia; Neto, Palmer, Estêvão; Rogers. Their substitutes are Sharman-Lowe, Subuloye, Gusto, Chavarría, Barco, Nicoll-Jazuli, Quenda, Emegha, Welbeck.

Carrick’s adjustments come amid a difficult spell for United. A run of eight matches without a win had fuelled expectations that his time at Old Trafford might be coming to an end, but club officials have decided to give him another opportunity to arrest the slide.

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Chelsea

Carrick’s immediate challenges as pressure builds at Old Trafford

Carrick stays in post, but Fernandes, left-back concerns and academy calls all demand answers.

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Michael Carrick is still in charge at Manchester United after a difficult week that left many expecting INEOS to act. That decision did not arrive, which means the manager heads into a major meeting with Chelsea under intense scrutiny.

Chelsea have had their own swing in fortunes. They followed a first Premier League clean sheet since January against Everton with a home league defeat to Tottenham Hotspur, only the second such result for a Chelsea manager since 1990, before also losing in the cup to Liverpool. Their clearest path to silverware has now gone.

Yet the attention on Carrick is much sharper. He may only have one more opportunity to prove his case before his position becomes untenable.

One of the key issues is Bruno Fernandes. Carrick felt he had to leave out his captain for Bournemouth’s visit to Old Trafford after Fernandes criticised his gameplan in the aftermath of the 4-1 defeat at Como. That public criticism cut deep, especially because Carrick had helped unlock the version of Fernandes who set the Premier League’s single-season assist record and won the PFA Player of the Year award last season. Under Carrick, Fernandes was restored as a playmaker and United functioned as a better collective.

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Even so, United cannot rely on Fernandes alone. The team’s poor start has gone hand in hand with the midfielder’s struggles, but the Bournemouth defeat showed that dropping him was not a long-term answer.

Carrick also has a left-back problem that appears to have been worsened by decisions made in the summer. United looked for cover for Luke Shaw late in the window, but that chase ended once it became clear that Lewis Hall would not leave Newcastle United. With Shaw already missing multiple games through setbacks, the manager has been forced to improvise.

Diogo Dalot was used there last Sunday, with Mason Mount drifting infield, but the shape lacked balance and urgency. Marcus Rashford could be used to add thrust, while another option would be to alter the setup at right back. Carrick could also lean on the academy, with Shea Lacey making back-to-back substitute appearances and Harry Amass, Jack Fletcher, Jariyah Shah and Jim Thwaites in first-team training. Amass, who has already made two senior appearances this season, looks the likeliest candidate if a left-back change is made.

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Leeds United

Why a Dominic Calvert-Lewin move for Manchester United would turn heads

Manchester United’s Dominic Calvert-Lewin links raise history, need and serious footballing questions.

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Manchester United are being linked with a move for Leeds United striker Dominic Calvert-Lewin, and the suggestion alone is enough to prompt questions. Even with the restraints of the January window and a tight budget, United have other attacking options to weigh up. Yet the possibility of taking Leeds’ No. 9 is the one that stands out for all the wrong and right reasons.

The Athletic report that Calvert-Lewin is under consideration in Manchester. A direct move from Leeds to United remains highly unusual, with the club last paying money for a player directly from Leeds when Alan Smith made that divisive switch in 2004. This would be another transfer loaded with history.

From a footballing perspective, there is an obvious case to be made. United need goals, with newly promoted Ipswich Town having outscored them in the Premier League this season, and they also need a central reference point in attack. Calvert-Lewin has 17 Premier League goals since the start of last season, a return no United player can better.

Bryan Mbeumo can threaten through the middle, particularly in a counter-attacking set-up, but he does not provide the same focal point as a natural striker such as Šeško, or Calvert-Lewin. Leeds’ forward also offers a strong aerial presence and gives his side a reliable outlet.

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United already put plenty of crosses into the box, but without Šeško on the pitch there is often nobody to meet them, especially since Casemiro’s summer exit. Calvert-Lewin would change that immediately.

“Dominic is like a good wine, getting better by the year,” Leeds boss Daniel Farke gushed just last month. “Physically, he’s on a top level and his pace is more than good enough I would say.”

But the fit is not straightforward. Farke’s claim that Calvert-Lewin is “a very complete striker,” is harder to support. His game is highly specific, suited to Leeds’ approach, where he can poach in the box or attack a ball played through the air. He is less likely to bring others into play.

No outfield player with more than one Premier League start this season has a lower pass completion rate than Calvert-Lewin. That may be a compromise United would accept, but convincing Leeds would be another matter entirely. The Athletic describe them as “fiercely protective” of their top scorer and rate any deal as “remote.”

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It would also place Calvert-Lewin among a very small group of players to cross this rivalry. In the Premier League era, only three outfielders have gone from Elland Road to Old Trafford. United’s interest is all the more striking because Calvert-Lewin was available on a free transfer just over a year ago, when the club instead chose to spend up to £73.7 million ($99 million) on Šeško while keeping Zirkzee.

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