Manchester United’s Q2 financial results were released today and did not make for comfortable reading.
It was already clear with Ineos’ cost-cutting strategies that Manchester United had dire problems off the pitch.
Sir Jim Ratcliffe is already approaching a year as United’s co-owner and the British billionaire has his work cut out for him if he plans on balancing the books anytime soon.
The staggering figures in question show United paid a total of £14million to sack manager Erik ten Hag, sporting director Dan Ashworth and other members of football staff.
It doesn’t look much better on the pitch with United positioned 15th in the Premier League.
Newly appointed head coach Ruben Amorim has endured a difficult start at Old Trafford, and it remains to be seen if he will have the money required to strengthen his squad this summer.
The latest figures released by the club have raised many important questions, particularly from respected fan groups, who work hard for the best interests of fellow supporters.
Manchester United Supporters’ Trust warn against ticket price hike
One of the big fears for United season ticket holders at the moment is the likelihood of a ticket price hike.
This is one of the greatest concerns facing Manchester United Supporters’ Trust (MUST), who have issued a strong statement on United’s latest figures.
While it’s clear many of the pre-existing issues at United were caused by the Glazer family’s debt-rdden takeover in 2005, MUST warn Ineos that big increases in ticket prices would be ‘futile and counter-productive’ ahead of the 2025/26 campaign.
The statement from MUST reads: “Today’s financial results lay bare the scale of the financial mismanagement we have seen at Manchester United.
“Amongst the low-lights revealed in the figures are:
- A pre-tax loss for the three months of £38m
- The Club spent £14.5m on giving Erik Ten Hag a new contract and sacking him four months later
- £18.8m in debt interest payments over six months, taking the total interest costs since the Glazers’ leveraged buyout to more than £1bn
- Without the INEOS cash injection of £80m, the club would be down to £15m cash
- £210m drawn down on the Revolving Credit Facility (club “credit card”) leaving total debt at £731m plus over £300m in transfer fees owed
“United has amongst the highest revenues in world football and yet we see huge financial problems in these results, driven by £19m in debt interest payments (over six months), mismanagement including paying £14.5m compensation to a manager only given a new contract a few months earlier, a disastrous record in player trading over the last decade, and now dreadful performances on the field making matters worse with every league place we fall costing a further £4m in prize money.
“In this context, it is clear that ticket prices at United are plainly not the problem with the recent £66 changes raising less than £2m. This shows big increases in prices would be futile and counterproductive, making only a trivial difference to the financial challenge whilst hugely harming fan sentiment and worsening the mood in the ground which inevitably feeds through to even worse team performances.
“Fans should not pay the price for a problem that starts with our crippling debt interest payments and is exacerbated by a decade or more of mismanagement. It’s time to freeze ticket prices and allow everyone – players, management, owners and fans – to get behind United and restore this club to where it belongs.”
Sir Jim Ratcliffe has already impacted match-going United fans
From stripping ticket collections for European away matches to increasing United’s ticket prices on general sale to £66, Ratcliffe’s reputation with fans has taken a few hits over the past 12 months.
The British billionaire needs to realise football clubs are nothing without their loyal support and that is exactly the message MUST are trying to get across with their latest statement.
MUST are in a fortunate situation where they’ve had meetings with Ratcliffe and other members of Ineos, which is why their comments carry weight.
Hopefully, Ratcliffe listens to United fans before it’s too late.
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