Official paperwork filed as £660m reveal proves Manchester United can be a 'superpower' again

Manchester United have released their official Q2 financial results and finance expert Adam Williams has analysed the figures.

Despite a club-worst 15th-place finish in the Premier League last season, Manchester United broke their record and published revenue of £667m in 2024/25.

With no European football this season, those figures were expected to drop in 2025/26.

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However, United have published their Q2 results on Wednesday 25th February and revealed an operating profit of £32.6m in the first six months of fiscal 2026.

Football finance expert Adam Williams has analysed the results from United’s latest financial report and has predicted that the Red Devils can once again become a “superpower” based on what he has seen.

“United’s accounts are always a bit of a Rorschach test. On the one hand, you can point to the fact that revenue is down by £8.5m compared to the same quarter last year and say that is a symptom of failings on the pitch.

“Commercial income is down, as is matchday income. Broadcast income has remained steady despite not being in Europe, but that’s thanks to the increased value of the Premier League’s TV deal – and all clubs are going to benefit from that, so you can zoom out and say that it doesn’t really give them an advantage over their competitors per se.

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“There’s also the very real possibility that they will fall out of the top 10 list of clubs ordered by revenue this season for the first time ever.

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“But on the flip side, United are still projecting total turnover of £640-660m for the financial year, which is pretty remarkable when you consider that they will only have 20 matches at Old Trafford this season, no prize money from UEFA.

“They also generated a profit of £4m compared to a £28m loss in the same quarter last season. That’s mainly due to improved finances costs as a result of currency movements and, Sir Jim Ratcliffe will point out, because of his mass job cuts, which have contributed to a £23m reduction in operating expenses.

“I’m totally against those measures and truly believe that – for a PLC with huge operational demands, before we even get to their obligations to the community – they will backfire, but Ineos will see it as a vindication.

“So I think the accounts can be read as both a testament to what the club have got badly wrong, but also a sign that, when they do finally get things right consistently on the pitch, they will be a global football superpower again.

“While the commercial department and the stadium certainly need some TLC, the real issues is costs. If and when they have got a handle on those, there won’t be many clubs in the world who they can’t outspend. That’s the luxury that the United brand affords you.”

United have fallen behind their rivals in terms of financial dominance in European football, but Williams has identified the incredible potential at Old Trafford if on-pitch results improve.

Sporting director Jason Wilcox is targeting Champions League football this season, and that is the first step to United reclaiming their financial crown.

Champions League qualification is worth over £100m to United in terms of Uefa prize money, improved matchday income at Old Trafford and also better sponsorship opportunities.

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For example, United’s record-breaking Adidas deal varies in value depending on whether or not United are in the Champions League.

Ineos launched ‘Project 90’ last summer to help grow United’s revenue in all areas, and recording a profit in what has been a hugely problematic season for the Red Devils is a positive sign.

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