A professional football club and global sports brand based in Manchester, England, best known for its men's and women's teams that play at Old Trafford, the largest club stadium in the UK. The club sells official kits, merchandise, and matchday experiences to fans around the world, and its games are broadcast to audiences in dozens of countries. It began in 1878 as Newton Heath LYR, a team of railway workers, and was renamed Manchester United in 1902 after local businessmen saved it from collapse. Its nickname, the Red Devils, was borrowed from a Salford rugby team by legendary manager Sir Matt Busby in the 1960s.
20-F · Fiscal year ended Jun 30, 2025 · SEC filing ↗
FY2025 operating loss narrowed 73% to £18.4M as Commercial and Matchday gains offset a 22% Broadcasting drop
The men's team's Europa League miss cut Broadcasting but the operating loss still narrowed sharply. Revenue rose 9.1% to $913.1M and the improved 13.8 points to -6.0% as employee costs fell and player sale profits rose. The club carries £637.0M of debt and faces a £10M adidas cut, but has liquidity through a consolidated £350M facility.
Key takeaways
Operating loss narrowed to £18.4M from £69.4M, a 73% reduction, as employee benefit expenses fell 14.1% to £313.2M and rose to £48.7M, offset by £36.6M of .
rose 9.1% to $913.1M; Commercial revenue increased 10% to £333.3M on a new Snapdragon front-of-shirt deal and a 15.8% retail/licensing rise from the SCAYLE e-commerce launch, while Matchday rose 16.9% to £160.3M.
Broadcasting fell 22% to £172.9M because the men's first team played in the Europa League instead of the Champions League and finished 15th in the Premier League, triggering a £10M future adidas payment deduction.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
The company faces foreign exchange and interest rate risks, using forward contracts and net borrowings as hedges, with sensitivity disclosed.
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Foreign exchange risk arises from Euro-denominated player transfer fees and UEFA , hedged via forward contracts or contracted future expenses.
US dollar sponsorship is hedged using US dollar net borrowings, with gains/losses initially in and later reclassified to profit or loss.
Net was £72.7M; investing outflows rose to £274.7M on player registrations and a new training facility, and financing provided £209.6M including £80M share issuance and £130M net revolving-facility drawdown.
Post-year-end the club consolidated into a single £350M syndicate with £265M drawn and £85M available, against total debt of £637.0M.
rose 44.8% to $265.4M and cash and equivalents increased 26.8% to $118.0M, while total assets rose 31.9% to $2,243.7M.
What changed
FY2025 player was not reported as a settled figure here; the prior year flagged £166.8M expected versus £190.1M booked in FY2024.
Broadcasting fell to £172.9M against the £221.8M Champions League base from FY2024, confirming the risk that missing UEFA competition cuts this stream.
adidas extension cash inflows continued under the 10-year £1.65B deal, but a £10M deduction now applies from the Europa League miss rather than renewal risk being the open item.
Net finance costs were not separately stated this filing; prior years flagged FX swings on unhedged USD borrowings as the driver to watch.
Revolving facility draw was £130M net in-year against £30M drawn and £270M undrawn at FY2024 end, then consolidated to £350M with £265M drawn post-year-end.
What to watch
Men's first team 2025/26 European qualification status — failure removes Broadcasting and Matchday and applies the £10M adidas deduction.
Future adidas payment level after the £10M Europa League deduction takes effect.
Drawdown against the £350M consolidated revolving facility (£265M drawn, £85M available) and any pressure from £637.0M debt.
A 10% sterling appreciation vs. the US dollar would credit the ~£16.8M; a 10% would debit it ~£20.0M for the year ended 30 June 2025.
Variable-rate borrowings of £162.9M (term loan) and £160.0M (revolving facilities) expose the company to cash flow interest rate risk.
As of 30 June 2025, foreign exchange forward contracts had a net liability of £5.8M, and embedded foreign exchange derivatives in commercial contracts had a liability of £0.1M.
Performance of the men's first team, particularly failure to qualify for European competitions, directly threatens all major revenue streams.
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The men's first team's failure to qualify for any European competition in 2025/26 will materially reduce Broadcasting and Matchday and triggers a £10 million deduction from the adidas sponsorship.
The company's substantial debt of £637.0 million and restrictive limit financial flexibility, while variable-rate debt exposes it to rising interest costs with no current hedges.
Inability to renew or replace key commercial agreements, which generated 50% of total in FY2025, on similar terms could cause a material reduction in overall revenue.
The dual-class share structure gives holders of Class B shares 67.91% of voting power, allowing them to control significant corporate decisions and potentially deter takeovers.
Evolving UEFA Financial Sustainability Regulations and Premier League Profitability and Sustainability Rules, including a 70% squad cost ratio cap, could restrict spending on players and lead to sanctions.
Manchester United operates a global sports brand with three revenue sectors: Commercial, Broadcasting, and Matchday.
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The company operates as a single reportable , generating through Commercial (sponsorship and retail/licensing), Broadcasting, and Matchday sectors.
Commercial , the largest sector at £333.3M in FY2025, is driven by global sponsorships and a 10-year apparel deal with adidas worth a minimum of £1.65 billion.
Broadcasting , totaling £172.9M in FY2025, depends on distributions from Premier League and UEFA media rights deals and team performance in competitions.
Matchday reached £160.3M in FY2025, benefiting from Old Trafford's 74,233 capacity and over 99% average attendance for Premier League matches.
The club's strategy focuses on transforming operational efficiency, investing in the team and facilities, expanding sponsorships, and growing its direct-to-consumer e-commerce platform.
Manchester United faces competition from other football clubs for talent and attendance, as well as from television, digital media, and live entertainment for consumer attention and spending.
FY2025 revenue rose 0.7% to £666.5M as Commercial and Matchday gains offset a 22% drop in Broadcasting; operating loss narrowed 73%.
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Total increased 0.7% to £666.5M, driven by a 10% rise in Commercial revenue to £333.3M and a 16.9% rise in Matchday revenue to £160.3M, partially offset by a 22% decline in Broadcasting revenue to £172.9M.
Commercial growth was fueled by a new front-of-shirt sponsorship with Qualcomm's Snapdragon brand and a 15.8% increase in retail and licensing revenue following the launch of a new e-commerce model with SCAYLE.
Broadcasting fell sharply due to the men's first team's participation in the Europa League instead of the Champions League and a lower Premier League finish (15th vs. 8th), which will also cause a £10M deduction in future adidas payments.
Operating loss narrowed to £18.4M from £69.4M, as a 14.1% drop in employee benefit expenses to £313.2M and higher profit on player disposals (£48.7M) more than offset a 14.1% rise in other operating expenses and £36.6M in exceptional restructuring costs.
Net was £72.7M, while investing outflows surged to £274.7M due to heavy spending on player registrations and a new training facility; financing activities provided £209.6M, including £80M from share issuances and a £130M net drawdown on revolving facilities.
The company has sufficient for the next 12 months and, post-year-end, consolidated its revolving facilities into a single £350M syndicate, with £265M drawn and £85M in available capacity.