Manchester United achieved record revenues for 2024/25 of £666.5m – but the club still made an overall loss of £33m.

The club’s annual accounts showed that they earned greater revenue than ever before despite not having Champions League football last season, in which they finished 15th in the Premier League – their lowest top-flight finish in 51 years.

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.

United bosses have hailed their five-year shirt sponsorship with Snapdragon as the most valuable of its kind in world sport, and that played a significant role in boosting revenues with four years remaining on that deal.

United posted record commercial revenues of £333.3m while achieving record matchday revenues of £160.3m.

Overall losses dropped from £113.2m to £33m after co-owner Sir Jim Ratcliffe oversaw a raft of cost-cutting measures. The accounts show total operating expenses for the year were down 4.5 per cent, and employee expenses by 14.1 per cent, or £51.5m to £313.2m.

This was achieved by several high-earning players, who were not part of the first-team plans, going out on loan or being sold, and wider club restructuring. More than 250 members of staff at Old Trafford were made redundant in the first round of cuts.

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.

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.

More cost-cutting and difficult decisions are expected as INEOS completes its restructuring of the football club.

Ratcliffe 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.