Man United wage bill drops below Arsenal’s as they post record revenues

Kieran Maguire, a football finance expert at the University of Liverpool, said: “The failure to qualify for the Champions League combined with the redundancies at Old Trafford could result in them falling below Arsenal for the first time in terms of wages.

“These results indicate just how crucial it is for Manchester United to return to Champions League qualification if they want to compete at the very top level.”

United’s annual report showed they reduced their financial losses significantly last season and made record revenues of £666.5million despite not being in the Champions League.

“This is primarily due to the men’s first team participating in the Europa League rather than the Champions League in the prior year, the impact of changes in the make-up of our first team playing squad throughout the season and reduced non-playing staff costs as a result of the club’s restructuring process,” the report says.

After taking a minority stake in the club in February last year, Ratcliffe made no secret of the need to make significant savings, including widespread redundancies aimed at reducing the club’s overall workforce from 1,250 to about 700. Getting high-earning stars including Marcus Rashford and Antony off the wage bill has also saved money.

United made a net loss for 2024-25 of £33million — well down on the previous season’s £113.2million loss which will be helpful in complying with the Premier League’s Profitability and Sustainability Rules (PSR). The club made a £28.7million loss in 2022-23 but a £115.5million loss in 2021-22 now drops out of the calculation — which allows top-flight clubs losses of no more than £105million over a rolling three-year period.

There will, however, be challenges this season as a consequence of not being in European competition at all.

Omar Berrada, United’s chief executive, said: “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.”

He added: “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.”

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