Manchester United revealed record revenues of £666.5million for last season but still reported a loss of £33million for the financial year.

The Red Devils were without Champions League football in 2024/25 and stumbled home 15th in the Premier League - their lowest top-flight finish in 51 years.

But United still saw revenue marginally increase by 0.7 per cent to £666.5m, with the accounts for the year ending June 30, 2025 showing their operating loss fell from £69.3m to £18.4m compared to the previous 12 months.

Overall losses dropped from £113.2m to £33m after co-owner Sir Jim Ratcliffe oversaw some wide-ranging, and often unpopular, changes at a club he claimed in March had "gone one off the rails" as a business.

The British billionaire even warned United would have gone "bust at Christmas" if they had not taken "really tough decisions" - something chief executive Omar Berrada believes will help moving forwards.

"As we settle into the 2025/26 season, we are working hard to improve the club in all areas," he said.

"On the field, we are pleased with the additions we have made to our men's and women's first team squads over the summer, as we build for the long-term.

"Off the field, we are emerging from a period of structural and leadership change with a refreshed, streamlined organisation equipped to deliver on our sporting and commercial objectives.

"To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United.

"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."

United are expecting the next financial year to bring in revenue of £640m to £660m despite being without European football for the first time since 2014/15.

The club's earnings before interest, tax, depreciation and amortisation was £182.8m - a figure they expect to be between £180m to £200m this year.

In terms of their outlook, United said "the club remains committed to, and in compliance with, both the Premier League's Profit and Sustainability Rules and UEFA's Financial Fair Play Regulations".

The results released on Wednesday showed broadcasting revenue for the 12 months ending June 30, 2025 decreased by £48.9m to £172.9m after the men's team played in the Europa League rather than the Champions League.

That change, along with player departures and the wider restructuring process, saw employee benefit expenses decrease by £51.5m - 14.1 per cent over the prior year - to £313.2m.

United posted record commercial revenues of £333.3m thanks in no small part to their front-of-shirt deal with Snapdragon, while the club achieved record matchday revenues of £160.3m.

The club said they spent £36.6m in terms of exceptional items, which included pay-offs to employees as part of their "transformation plan" along with former boss Erik ten Hag and his staff.

United's principal debt remains at $650m but a fluctuation in the exchange rate has seen the figure drop from £511m to £471.9m.

Man Utd reveal record revenues for last season despite lack of on-field success