Manchester United’s overall debt remains above £1 billion despite cost-cutting efforts led by Sir Jim Ratcliffe. The club confirmed it spent £63.5 million on land for a new stadium, part of a larger £94.14 million refinancing move that added to its historic debt. Despite this, the club reported record revenues of £677.6 million and a £22.6 million operating profit for the year, a dramatic turnaround from the £113.2 million loss recorded in the 2023-24 season. This financial improvement has occurred even as the team has struggled on the pitch, finishing 12th in the Premier League and missing out on the EFL Cup, and not participating in European competitions for the first time in a decade. The club has saved £8.5 million of a projected £16.5 million pay-off to former manager Ruben Amorim, who has now taken a role at AC Milan. However, other financial pressures have risen significantly, with net finance costs increasing by 228.3% to £69.6 million. Much of this increase is linked to a foreign exchange loss. Football finance expert Kieran Maguire noted that these finance costs alone have now surpassed £1 billion since the Glazer family’s leveraged buyout in 2005. The £63.5 million spent on stadium land is part of a broader financial strategy, with the stadium expected to cost over £2 billion in total. While Manchester United’s overall debt has decreased from £1.3 billion at the end of December, it remains above £1 billion. This includes £577.6 million in historic debt, £111.4 million in revolving credit facility debt, and transfer fees, which make up about 75% of the £473 million listed as 'trade and other payables.' Fans are criticizing the club for what they see as insufficient investment in the first team under manager Michael Carrick. This summer, United spent £148 million on three new signings—Carlos Baleba, Andrey Santos, and Youri Tielemans—far less than the £458 million Manchester City spent on their squad and even less than newly promoted Ipswich Town. Fans are particularly frustrated that no new left-back was signed to challenge Luke Shaw, who has missed games due to injury, and no additional strikers were brought in to support Benjamin Sesko, who missed pre-season with a recurring injury. While the club argues that funds were redirected toward the stadium, the loan is accounted for within the club’s financial records. United have also faced criticism for underinvestment in their Women’s Super League team, which currently sits second from the bottom of the table with just one point from three games. Ratcliffe has emphasized the need to cut losses, which has included two rounds of redundancies affecting 450 employees. Salary costs have been reduced by £11.3 million, bringing total salary expenses down to £302 million, largely due to changes in the men’s first team and headcount reductions over the past two years. The club’s chief executive, Omar Berrada, stated that the record revenues reflect the strength of the club’s business and the impact of recent efforts to improve financial performance.