In a move that has sent shockwaves through the football world, Manchester United has borrowed an additional £105 million to fuel its aggressive summer transfer spending, pushing the club's total debt to a staggering £713 million. This revelation, buried in the club's latest financial accounts, comes at a precarious time for Old Trafford, with manager Ruben Amorim facing mounting pressure and sack rumors intensifying after a dismal start to the 2025-26 Premier League season. As United's financial woes deepen, fans and analysts alike are questioning whether this "desperate spree" is a short-term fix or the beginning of a deeper crisis.
The news underscores the precarious tightrope Sir Jim Ratcliffe's INEOS regime is walking: balancing ambitious squad rebuilds under Profit and Sustainability Rules (PSR) with a ballooning debt pile inherited from the Glazer era. With Amorim's job reportedly on the line after a humiliating 3-0 Manchester derby defeat, the timing couldn't be worse. This article dives deep into United's financial black hole, the transfer splurge that exacerbated it, and the growing whispers of a managerial change that could cost millions more.
The Borrowing Bombshell: How United's Debt Hit £713 Million
Manchester United's 2024-25 annual financial results, released this week, paint a picture of a club living on borrowed time—and money. The club upgraded its revolving credit facilities (RCF) to a maximum of £350 million, up from previous limits, and extended the repayment deadline to December 2029. This allowed United to dip into an extra £105 million specifically to cover summer transfer costs, including agent fees and the Premier League's transfer levy.
As of June 30, 2025, gross debt stood at £637 million, with £160 million tied to these facilities alone. Factoring in the new borrowing, the total now exceeds £713 million—a figure that excludes £447 million in outstanding transfer payments, some due as early as next year. Net transfer debt has ballooned to £345 million, the highest among Premier League clubs, with £183 million payable within the next 12 months.
This isn't just numbers on a balance sheet; it's a symptom of chronic mismanagement. Since the Glazers' leveraged takeover in 2005, United has paid over £1.2 billion in interest and fees alone, turning a debt-free powerhouse into a financial albatross. Ratcliffe's £1.25 billion minority stake in 2024 promised salvation, but even his £236 million infrastructure injection hasn't stemmed the tide. Revenues ticked up slightly to £667 million last season, driven by commercial deals, but flat projections for 2025-26 (£640-670 million) signal stagnation as rivals like Manchester City and Liverpool surge past £700 million.
| Financial Metric | 2023-24 | 2024-25 | Change |
|---|---|---|---|
| Gross Debt | £650m | £713m | +£63m |
| Revolving Credit Facility Usage | £30m | £160m | +£130m |
| Net Transfer Spend | £195.6m | £230m | +£34.4m |
| Amortisation Costs (First Half) | £102.7m | Projected £200m+ | +£97.3m |
| Pre-Tax Loss | £131m | £40m | -£91m (Improvement) |
Source: Compiled from Manchester United's 2024-25 accounts and The Athletic analysis.
Summer Spending Spree: £239 Million In, But At What Cost?
United's transfer window was a whirlwind of activity under Amorim, who arrived in November 2024 with promises of a tactical revolution. The club shelled out £239.2 million on new signings, including Matheus Cunha (£71.3 million from Wolves) and a midfield overhaul featuring the likes of Manuel Ugarte and Noussair Mazraoui. Sales of Alejandro Garnacho (£55.4 million to Chelsea), Antony (to Real Betis), and loans for Marcus Rashford (Barcelona) and Rasmus Hojlund (Napoli) recouped £75.7 million, leaving a net outlay of £163.5 million.
Yet, this "spree" relied heavily on credit. Cash reserves dropped amid £195.6 million spent on "intangible assets" (player fees) in the first nine months alone—£41.9 million more than the entire 2023-24 season. With £135.8 million still owed on existing deals, the RCF upgrade was a lifeline, but one that inflates interest payments—already £35.5 million annually.
Critics argue this borrowing masks deeper issues. United's five-year net transfer outflow now tops £685.5 million, with poor sales history (e.g., only £389 million recouped from £1.7 billion spent since 2013) exacerbating the debt. As one X user noted, "This is actually really bad, we're still borrowing to buy players. Amorim has to get Utd back in Europe." Without European revenue this season, projections show revenues declining, potentially breaching UEFA's squad cost rules.
Ruben Amorim Under Fire: Sack Fears Grip Old Trafford
If the finances are a powder keg, Amorim is the lit match. The Portuguese tactician, hailed as a "generational talent" for his Sporting CP success, has won just eight of 31 games—a post-WWII low for United managers. A 3-0 derby thrashing by Manchester City on September 14 left United with four points from four league games, their worst start in 33 years.
Amorim's stubborn adherence to his 3-4-2-1 system has drawn ire. "They'll have to sack me if they want change," he declared post-derby, doubling down despite player concerns over midfield frailties and captain Bruno Fernandes' discomfort in a deeper role. Sources reveal dressing-room support is waning, with some fearing his "emotional" post-match meltdowns (e.g., after a Grimsby cup upset) signal deeper issues.
The board has set a three-game ultimatum: Chelsea (home), Sunderland (away), and beyond. Sacking him before November 1 would cost £12 million in compensation—the sixth post-Ferguson dismissal, totaling £84.7 million in payoffs. A five-man shortlist includes Mauricio Pochettino (USA coach), Marco Silva (Fulham), Oliver Glasner (Crystal Palace), Unai Emery (Aston Villa), and Andoni Iraola (Bournemouth).
X is ablaze with fan frustration: "If he lose against Chelsea he should be fired… he is too stubborn," one posted. Another quipped, "Dead sure Bruno hates Amorim." Benfica is even monitoring, per Portuguese reports.
Can United Escape the Debt Trap? A Path Forward Amid Chaos
United's plight is dire, but not hopeless. Improved EBITDA (£183 million, up £35 million) offers breathing room, and leverage ratios have dipped to 3.0x net— the third straight year of progress. Ratcliffe's cost-cutting (e.g., £100 million in efficiencies) and Old Trafford redevelopment plans could unlock value, but PSR limits loom large.
For now, survival hinges on results. Amorim must adapt or depart; the board must sell smarter (e.g., Casemiro to Al-Nassr). As one analyst warned, "Anybody that lives their life on credit will tell you, eventually it catches up." United fans, weary of false dawns, deserve better than another cycle of debt and despair.
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