United Inc: Full Year Financials

#1049 | Manchester United's full-year financials landed the same week as defeats to City and Brighton and a draw at Fulham. Ed and Jamie's read is that the numbers tell a positive story: record revenue of £677.6 million, operating cash flow more than double what United generated the previous year, and a smaller real interest bill than the eye-catching accounting figure implies.

The episode works through where the financial resilience came from: ticket price rises, strong retail performance offsetting lost sponsors.

There's the £63.5 million spent on stadium land as the first sign of what United plan to do with the extra cash, and an explainer of INEOS's own complicated, heavily leveraged business, useful context for anyone hoping Jim Ratcliffe can simply write a bigger cheque. 

The episode closes on ownership: the price floor on a new buyer lifts in 2027, but with almost nobody left in the world both able and willing to pay Glazer-level prices for the club, don't expect a takeover any time soon.

0:27 Welcome and what's coming up

3:15 Full year financials: headline numbers

5:28 Matchday, ticketing and commercial revenue

10:04 Profitability and cash flow

14:43 Debt, interest and the stadium land

23:14 Guidance

28:50 INEOS explained

35:10 Ownership, the 2027 price floor and potential buyers