Man Utd
United Q1 Accounts: Rising Net Debt Overshadows Short-Term Financial Gains
Q1 accounts: United’s net debt surpasses £749 million after summer transfers while revenue drops 2%.
Manchester United reported a notable increase in net debt in the opening quarter of 2025–26 after a heavy summer spending programme, even as the club posted an operating profit for the period.
The latest accounts show net debt has climbed past $1 billion (£749 million) for the first time, following a £105 million borrowing to cover transfer instalments and outstanding payments. The club took on that borrowing in addition to historic debt accumulated under the Glazers and subsequent borrowings, producing the new net debt total of £749 million.
Revenue for the three months to Sept. 30, 2025 came in at £140.3 million, down from £143.1 million in the same period a year earlier, a 2% reduction. Every revenue strand fell: commercial revenue slipped from £85.3 million to £84.2 million (-1.3%), broadcasting dropped from £31.3 million to £29.9 million (-4.5%) and matchday income edged down from £26.5 million to £26.2 million (-1.1%). The report attributes the largest fall in broadcasting to the absence of European football this season.
United recorded a £13 million operating profit but a £6.6 million net loss for the quarter. The operating result marks an improvement on the prior-year period, when the club reported an operating loss.
Omar Berrada sought to emphasise the positives in his response to the accounts. “These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club,” Berrada said.
“The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long-term.
That has helped us to invest in our men’s and women’s teams, sitting in sixth and third places in the Premier League and Women’s Super League respectively.”
The report also details cost-cutting actions linked to changes under co-owner Sir Jim Ratcliffe. Around 250 roles were cut in 2024, followed by a second round earlier this year that was expected to affect up to 200 staff, reducing the workforce by almost 40% from over 1,100 since Ratcliffe’s partial takeover.
Man Utd
Neville Questions United Work Rate After Fulham Draw
Neville criticised United’s work rate after Fulham, while Carrick rejected claims about their energy.
Manchester United’s draw with Fulham has intensified scrutiny around their approach, with Gary Neville labelling the performance as the “ultimate criticism” a team can face. The former defender said Michael Carrick’s side did not do enough without the ball, following a week that already included elimination from the Carabao Cup at the hands of Brighton & Hove Albion.
Carrick tried to keep the discussion focused on the broader picture, but Neville was blunt in his assessment of United’s movement and intensity. “I’ve never seen a Man Utd team walk out of possession as much as that,” Neville reflected. “Michael has just said there was nothing wrong with the team’s energy. Michael has got to stop defending them.
“I get why he’s defending them; he’s loyal, he wants his players to work for him, and obviously there’s a long way to go in the season.
“Both teams were the same. I called them mannequins. I’ve never seen a United team walk around as much as that. No alertness, no aliveness. No ‘on your toes.’ You should always be on your toes.”
Neville continued: “Very rarely do I say a team doesn’t work hard or is lacking in effort. That’s the ultimate criticism you can give a group of players.
“I’m always very careful to say that, but in those first 15 minutes of that second half, Man Utd and generally for the first 60 minutes, were a genuine disgrace. Nowhere near good enough without the ball.”
Goalscorer Cunha offered a different explanation, pointing to energy rather than effort. “In the beginning of the second half, Fulham put in more energy than us and we cannot accept this,” Cunha said, after United covered six kilometers less than Fulham across the full game.
Limited energy has been an issue for United all season, and the numbers back that up. They rank 20th in time at high intensity, 20th in sprints and 20th in time sprinting, while also sitting 17th for time walking.
Asked if he agreed with Cunha’s view, Carrick was unconvinced. “I don’t, particularly.
“The way we finished the game … it didn’t look like that for me. I was quite happy with the way we finished the game. We kept pushing. I don’t think that’s an issue, no.”
Fulham
Cunha Salvages Point as United’s Dip Draws Concern
Cunha’s late equaliser spared United defeat, but a poor second-half dip raised fresh concerns.
Matheus Cunha rescued a 1-1 draw for Manchester United at Craven Cottage after Lisandro Martínez’s own goal had given Fulham the advantage. It was a result that spared United a defeat, but it did little to calm the criticism that followed a second-half collapse in intensity.
The first half was lively enough without producing a goal, with United showing occasional fluency through quick passing and tidy combinations. After the interval, though, the level dropped sharply. That decline became the major talking point of the afternoon, especially after Gary Neville described the 15 minutes after halftime as the “worst” he’d ever seen his club play since he started watching the Red Devils as a 5-year-old in 1980.
Michael Carrick will take the point, but the performance against one of the Premier League’s early strugglers raised more questions than answers. United looked most dangerous when speed entered their play, yet that rhythm was too infrequent to control the contest for long.
Marcus Rashford’s display summed up the frustration. Having lost some of the momentum that followed his reintegration, the England international wasted several promising openings and never found the conviction United needed. His lack of intensity in front of goal matched the wider drop-off in the team’s attacking cohesion.
There were brighter individual showings. Senne Lammens impressed in the first half despite limited success with Fulham’s goal, while Bruno Fernandes came close to scoring when he struck the post. Kobbie Mainoo also maintained his standards before being withdrawn late on, and Cunha finished with a decisive contribution after earlier involvement in the goal sequence at the other end.
In the end, United left with a draw that felt more like a warning than a recovery.
Fulham
Šeško ruled out as United wait on injury assessment
Šeško missed United’s visit to Fulham while Carrick waits on an injury assessment.
Benjamin Šeško was absent from Manchester United’s squad for the trip to Fulham after Michael Carrick confirmed the striker is being assessed over an unspecified injury.
Carrick had managed Šeško carefully at the start of the season, using him as a substitute in United’s first four Premier League matches. The 23-year-old was then fit to start the club’s opening Champions League game of the campaign, where he scored in the win over Sabah FK, and he also featured in Wednesday’s Carabao Cup meeting with Brighton & Hove Albion.
Earlier this month, Šeško had sounded upbeat about his recovery, saying: “I think waiting a little bit longer was a great decision, and now it’s healed, so it’s perfect,” Šeško insisted earlier this month.
Carrick’s latest update offered little clarity on the situation. Speaking to Sky Sports, he said: “He pulled up after the game the other day with a little bit of pain, so we’ll have to see how he is,” was all the Manchester United manager would offer.
In Šeško’s absence, Matheus Cunha kept his place through the middle. That decision left some fans frustrated, particularly with Amad Diallo unavailable on the right and Bryan Mbeumo regularly deployed there instead of being used as a central option.
Cunha brings link play and combines neatly with Bruno Fernandes, but he does not offer the same direct running that Mbeumo provides. Even so, Fulham’s tendency to leave space for opponents this season means United may still find openings without Šeško.
There is also anticipation around Carlos Baleba, who has still not made his Manchester United debut. Signed for $93.7 million (£70 million) and unveiled almost a month ago, he arrived from Brighton with an ankle injury. His first appearance could be confirmed at Craven Cottage.
