On the cost side, there is positive momentum for MUFC.
But this is misleading from Stone. Why? MUFC has a credit line. MUFC also buy players with transfer fees to be paid in installments AND sell players in transactions where other teams undertake to pay MUFC in installments. All teams do.
Per 31 December 2025, (a) other teams owed MUFC app. +£161m and (b) MUFC owed the bank -£290m under the credit line, ie the famous revolving credit facility.
Per 31 March 2026, (a) other teams owed MUFC app. +£120m and (b) MUFC owed the bank -£260m.
What had happened? MUFC had sold transfer receivables against payment in a lump sum, classic ’factoring’. 40m of trade receivables were sold the the credit was paid down with 30m. Nothing wrong with this — it is simple interest arbitrage — but we go from a situation where we reduce the invoices we can send out with 40m and reduce what we owe to the bank with 30m.
After 31 March, MUFC has kept reducing the revolver. It is now down from £260m 31/12 to £150m 27 May 2026. This is of course good.
BUT — MUFC per 31 March 2026 still owed other clubs £429,063,000 for past transfers. With other clubs still owing is app. £120m — it’s a net minus £309m. £150m owed to the bank under the credit line. £490m/$650m is owed under the Glazer debt.
Per 31 March 2024, before Ineos came in, MUFC owed other clubs app. £359m for past transfers. Other clubs owed MUFC app. £65m — a net minus £294m. £140m was owed to the bank under the credit line. £511m/$650m was owed under the Glazer debt.
The only reason I post this is to provide a balanced view. At the bottom line, things are not improving. The speed at which things are getting worse has been reduced significantly.
Have Ineos done nothing good? If they had not cut costs significantly, things would have been disastrous now.
BUT — MUFC must get significant financial support from its owners for things to improve. And this is not even taking into account that we are building a new stadium for 2-3bn….
@Chris5915434641 It needs owner support! All other 91 clubs in the PL and EFL have owners who contribute money TO the club. Ours have taken out over a billion.
Swedish Rumble Summer Transfer Window Update #3 -- The Q3 report addition!
United has today announced its Q3 result, as always the full report will be published within a couple of days.
🔺What I want to point out first and foremost, due to the ambiguous reporting of the Q2 results -- have Ineos fixed United's finance and is the club profitable?
No, the club is losing money. 11m during Q3 and 14m lost over the first nine months.
What got so much attention last report was that United had a "Operating Profit". This is the profit/loss without financing costs. The club's financing costs was a whopping £63m the first nine months. Most of that is interest payments, but also currency swings, costs for hedging USD/GBP exposure etc.
🔺So Ineos has done nothing? The financials are not improved? Look, had this club still been run like it was under the Glazers, we are probably looking at a >£100m loss in a season where we only play 40 games and get no TV money at all from UEFA.
Ineos has improved the club's financial positive significantly. But -- the key thing here -- is that while it is improved, Ineos will never improve the club's financial position so much that it significantly "improves" on a season to season basis. Sounds like Greek? What do you mean?
Manchester United has made big losses every year since 2019. This means that the debt increases and the cost of financing the debt becomes bigger every year since. Ineos has improved the club's financial position so the losses each season are smaller. But the club stil lose money. A great year under Ineos, the club could make a profit of £25m or whatever. But the debt is 1.1 billion. So even if we make a profit of £50m per year, it takes 20 years to pay off the debt.
And this is not taking into account one penny being invested in Old Trafford.
Why is this relevant? A common notion is something along the lines of this: "Ineos just came in, give them time, they are fixing the finances of the club that were a mess, things will get better." This is just not the case.
🔺We now know that we finished 3rd -- was the performance better or worse than expected? How does this impact things?
Slightly better than expected, revenue outlook for full financial year 25/26 was raised from 640-660m to 655-665m.
🔺What stands out the most? United's income per home game was £8.25m per game. Last season, it was £5.22m per game. So income from each home game is up 58% this season comparing Q3 to Q3, remarkable. It is probably slightly lower on average over the full season -- but around thereabouts.
🔺What about the wage bill? United's wage bill for the quarter was £70,8m. That is very very low. Prorated over a full year, it gives you a total wage bill of app. £280m. Last year, Liverpool had a wage bill of £428m. But isn't that bonuses? Liverpool's wage bill was £386m in 23/24 when they played in the Europa League, and has not been below £310m since 19/20.
With a 20 percent Champions League increase, United's wage bill is currently projected to be £325m. It will surely be £100m less than Liverpool's in 26/27. This equals £100k more per week for 20 players. The big difference is not how much the depth players on the squad gets paid, the big difference is at the top. If Casemiro is United's highest paid player, Liverpool will surely have 10 players earning more than him.
The difference between United and City is even bigger.
Regardless what people say in media about players looking at the project and not caring about money -- United will 19 of 20 cases never beat out Liverpool or City in the race for signing a top player. Semenyo will get at least 150k more a week from City than United when both play in the CL. That is £37.5m more over 5 years. Its extremely rare that someone leaves 37.5m on the table, that is just a fact.
How the media can run the narratives they want… can word it for different players in different ways
Erling Haaland is the highest-rated player (7.53) in the Premier League this season 🇳🇴🌟
Bruno Fernandes is the highest-rated midfielder (7.46) in the Premier League this season among midfielders with 2900+ minutes played. 🇵🇹🌟
Elliot Anderson is the highest-rated player (7.21) in the Premier League this season among players with 3200+ minutes played. 🏴🌟
James Garner is the highest-rated player (7.17) in the Premier League this season among players with 3300+ minutes played. 🏴🌟
Pep a history of cheating:
Barca:
As a player cheated taking peds
As Barca manger cheated for paying refs
Bayern Munich:
Renowned club doctor Hans-Wilhelm Müller-Wohlfahrt resigned in April 2015 after 38 years at the club as don’t want to use PEDs on the player to speed up recovery.
Man City:
130 charges of financial doping cooking the books.
🚨 Let’s stop pretending Arsenal “earned” this title.
Mikel Arteta didn’t mastermind a tactical masterclass — PGMOL handed them the league on a plate. Week after week, their corner routines broke the rules in plain sight: holding defenders, blatant blocking, pinning the goalkeeper inside the six-yard box. Fouls clearly written in the laws of the game were routinely ignored by VAR.
This is the most fraudulent Premier League title in modern history.
Strip away the protected set-piece chaos and they’re not even winning it. This was an engineered coronation, not a football achievement.
To every rival fan who watched their team get mauled in the box with zero accountability: don’t let them gaslight you into calling this greatness.
Quote-tweet this with the most blatant uncalled Arsenal box foul from this season. Let’s stack the evidence.
🚨🎙️| Roy Keane:
“People will call me harsh, but I’m being honest, Burnley played against Arsenal and the officials. That’s what I saw. Arsenal fans can get angry all they want, but deep down they know some of those calls were embarrassing. Maybe this title race is being decided before the ball is even kicked.”
“Burnley were robbed, absolutely robbed. I’ve seen poor refereeing but this felt different. Every key moment somehow favored Arsenal. Funny that, isn’t it? After all these years without a title suddenly everything starts going their way. If that’s football now, we’re in trouble.”
“I don’t want excuses from Arsenal fans because if this happened to them they’d be screaming corruption for months. Burnley never got a fair chance. The referee had an absolute shocker and VAR? Don’t get me started. At some point you start asking questions, are Arsenal actually that good or are they just getting carried?”
FA Youth cup final.
Manchester United sold our allocation of 968 in a few minutes.
The stand facing is the Manchester city home end, utter embarrassment. 🤣
Regardless of tribalism, ‘Emptihad’ taunts etc. it is not a good look that a 7,000-capacity training ground stadium is pockmarked by empty seats at kick-off for an FA Youth Cup final when more than 67,000 were inside Old Trafford for the 2022 final.
For the sake of completeness, you can accuse Arsenal of a lot of things, but not controlling games isn’t one of them. And uncontrolled chaotic situations leads to penalties and red cards.
With that said — is there more to it than this? From my point of view, 100%. There are clear agendas in how PGMOL works. I do not think that it is a stretch to claim that the PGMOL decided the title race last season with agenda driven refereeing — against — Arsenal and extremely favorable refereeing for Liverpool.
Clearly, this season has to some extent been about making up for that. So it starts in the first game of the season where a stone-cold goalkeeper interference isn’t called on a corner against Bayindir and no penalty is given despite a very clear trip in the penalty area.
From there, it’s a slippery slope leading to the current situation making the penalty area looking like Royal Rumble on every corner. Because when you look at Saliba pushing Bayindir into the goal while pulling his arm — how can you disallow somewhat similar goals?
Who wants this? Right or wrong — many many fans are convinced that the current level of refereeing is very agenda driven. To some extent, you can never completely get away from that. And if you look at statistics and the body of evidence we have — it is simply very hard to not be of that opinion.
This is under Howard Webb’s watch. I think he must go and that PGMOL must change its approach.
So bored of the referee and VAR glazing. It was controversial and inconsistent. And if it was up the other end and cost Arsenal the league non of these pundits would be praising the decision. Case closed
ℹ️🚨|| Simon Jordan over VAR decision to rule out West Ham’s goal..
Modern officiating and VAR are “rewriting football, the contact involved was never enough to overturn the goal.
West Ham had every right to feel robbed and accused referees of protecting bigger clubs in high-pressure title races.
One week it’s allowed, the next week it’s disallowed. Nobody knows the rules anymore.
🚨🎙️| Saudi commentator on the disallowed West Ham United goal vs Arsenal:
“Honestly speaking, Arsenal have been getting favoured all season. We’ve seen the exact same situations against Chelsea and Manchester United and the referees said play on. But once it’s Arsenal, suddenly it’s a foul. At this point the bias is becoming impossible to hide. Every week the rules seem to change depending on who Arsenal are playing.”