Sir Jim Ratcliffe’s £36m Manchester United cost-cutting results revealed

Manchester United’s second-quarter accounts for the 2025-26 season have underlined the financial impact of Sir Jim Ratcliffe’s austerity drive, with the club posting an operating profit of £32.6 million for the first six months of the campaign—an eye-catching £36.5 million swing from the £3.9 million operating loss recorded in the equivalent period last year.

The figures, released on Wednesday and covering July-December 2025, show total operating expenses fell by £22.5 million to £173.9 million, a reduction directly attributed to the sweeping cost-cutting programme implemented after Ratcliffe acquired a minority stake in February 2024. United had closed the 2023-24 books with a £113 million pre-tax loss; the latest numbers indicate a rapid reversal of fortune despite the club’s absence from European competition this season.

Ratcliffe’s review of club operations has proved controversial. Hundreds of redundancies, the removal of complimentary staff meals and the termination of Sir Alex Ferguson’s ambassadorial contract drew fierce criticism, yet the balance-sheet improvement is now unmistakable. An additional £10 million in squad savings is reportedly earmarked for the summer, with ageing and under-performing high-earners expected to be moved on.

The financial rebound is all the more striking given United missed out on Europe altogether after finishing 15th in the 2024-25 Premier League. Industry analysts estimate victory in last May’s Europa League final—defeat to Tottenham denied United a Champions League place—would have generated in excess of £100 million in broadcast, prize and match-day revenue.

On the pitch, interim head coach Michael Carrick has reignited hopes of an immediate return to the top table. Six matches into his tenure, United have collected 16 points and sit fourth in the table. Only five English clubs are projected to qualify for next season’s Champions League, and sixth-placed Liverpool trail the Red Devils by just three points, leaving little room for slip-ups.

Ratcliffe, who assumed day-to-day sporting control through his INEOS group, has made no secret of his desire to restore United to Europe’s elite tier after two consecutive seasons outside the competition. The latest accounts suggest the businessman’s twin strategy of fiscal discipline and targeted football investment is already yielding measurable dividends.

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