Manchester United's wage bill fell by a significant amount last year, the club has revealed in a new financial disclosure.
Ruben Amorim's side struggled on the pitch but the club performed very well off it as their previous �113 million net loss fell to �33m for the 2024-25 season.
This followed INEOS and Sir Jim Ratcliffe's heavily publicised cost-cutting programme at Old Trafford after the new part-owner went on record last year claiming the club would have 'gone bust' without making significant cutbacks.
Man United's operating expenses fell by �35m for the period in question, reflecting difficult financial decisions made at executive level since INEOS's arrival at Old Trafford.
The club posted record revenues of �666.5m for 2024-25, indicating Man United's commercial and matchday retail performance remains strong despite on-field trouble.
To have generated record revenues during such a challenging year for the club demonstrates the resilience which is a hallmark of Manchester United, chief executive 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.
What was Manchester United's wage bill last season?
Man United's wage bill was a whopping �313.2m for the 2024-25 campaign, however, that was down by approximately �52m on the season before.
As at June 30, 2025, Amorim's side still owe �537.3 million in unamortised balance of registrations - otherwise known as the cost of transfer fees spread out across the length of players' contracts.
Meanwhile, Erik ten Hag's dismissal almost 12 months ago contributed to the club's 'exceptional expenses', which came to �36.6m.
It had previously been estimated Ten Hag and his staff's exit, coupled with Amorim and his backroom team's arrival, cost the club in the region of �26m.
Man United are without European football in 2025-26, therefore broadcast income is expected to fall again, although revenues are likely to remain stable. The club does still have a way to go before it can be considered profitable but in a financial sense, the current leadership has righted the course, somewhat.
That would, of course, change if Man United were to sack Amorim this season, as this would tack further 'exceptional expenses' onto their 2025-26 accounts.
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