Manchester United have published their accounts for the last quarter, which include the true cost of sacking Erik ten Hag, and reveal a staggering decrease in the club’s operating profit.
Ten Hag was sacked at the end of October having signed an extension to his contract in the summer, with Amorim hired as his replacement in mid-November.
The club announced on Wednesday that revenues had dropped to £198.7m for the final three months of 2024, down from £225.8m for the same period 12 months previously.
United made an operating profit of just £3.1m – down from £27.5m over the same period in 2023 – after spending £14.5m on dismissing Ten Hag and his coaching staff, including the £4.1m cost of hiring and then firing former sporting director Dan Ashworth within five months.
The £11m cost of appointing new head coach Amorim and his staff is not specifically mentioned in United’s latest financial results, with club sources saying that cost is being spread over their two-and-a-half-year contracts.
Broadcast revenue was down 42%, from £106.4m to £61.6m, and although Commercial revenue increased by 18.5%, from £71.8m to £85.1m, the club debt increased from £506.6m to £515.7m, while they owe other clubs £414m in transfer fees.
Football finance expert Kieran Maguire told BBC Sport that United have now paid more than £1bn in interest repayments on the debt used to finance the 2005 Glazer family takeover.
He says the FA Cup win last season, which resulted in Europa League football, has “saved their bacon”, and claims winning the Europa League this season “should be the focus” to bring Champions League football back to Old Trafford.
Maguire said: “A good season in the Champions League can be worth far in excess of £100m. By the time you combine gate receipts, sponsor bonuses and the prize money available, the numbers involved are eye-watering.
“Europa League should be the focus. Winning that competition will give them far more flexibility in 2025-26.”
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United wrote to supporters in January to say “difficult” decisions would need to be taken as the club was “close” to breaching the Premier League’s profit and sustainability rules.
And the financial report comes with the club thought to be planning further redundancies having already let 250 staff members go last year, while matchday ticket prices have been raised to £66 per game, with no concessions for children or pensioners.
A Manchester United supporters’ group says fans must not “pay the price” for the club’s financial “mismanagement”.
“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,” said Manchester United Supporters’ Trust in a statement.
“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.”
