The figures were announced alongside record annual revenues of £677.6m and an operating profit of £22.6m, despite United missing out on European football for the first time in a decade. The results mark a significant improvement from the £113.2m loss recorded in 2023-24.
However, the club's financial position remains under pressure. Net finance costs increased by 228.3% to £69.6m, with United attributing much of the rise to foreign exchange losses. Football finance expert Kieran Maguire estimates that finance costs linked to the leveraged Glazer family takeover in 2005 have now exceeded £1bn.
United also revealed that £63.5m from an additional $125m (£94.14m) added to its historic debt during a summer refinancing was used to purchase land for the planned new stadium. The club has not explained how the remaining funds were used. The stadium is expected to cost more than £2bn and will form part of a wider regeneration project around Old Trafford.
Overall debt has fallen from £1.3bn at the end of December but remains above £1bn. It includes £577.6m in historic debt, £111.4m outstanding on the club's revolving credit facility and outstanding transfer fees.
The financial figures come amid frustration among supporters over United's summer spending. The club spent £148m on three new signings, Carlos Baleba, Andrey Santos and Youri Tielemans, significantly less than Manchester City's £458m expenditure.
Fans have questioned the decision not to sign another left-back to provide competition for Luke Shaw or add further attacking options to support Benjamin Sesko.
Chief executive Omar Berrada said the record revenues demonstrated the strength of United's underlying business and confirmed the club would maintain a disciplined approach to financial sustainability.
Ratcliffe has overseen significant cost-cutting, including two rounds of redundancies that resulted in 450 job losses. United's latest salary costs also fell by £11.3m to £302m, which the club attributed to changes in the men's first-team squad and savings from workforce reductions.
The club has also faced criticism over investment in its women's team, which currently sits second bottom of the Women's Super League with one point from three matches.
