The accounts, the missing collective intent and the wrong spending question
Record revenue and a first positive EBIT since the pandemic disappear into the debt, while the attack still has no collective trigger to break a line.
Good morning. The accounts and the turf cubes arrived on the same morning.
United fixed the business and mortgaged it
United have fixed the part of the business they control and signed the proceeds over to their creditors. Two halvings of the operating loss before player sales, the lowest wage bill since the Covid season and a first positive EBIT since the pandemic are an operational success, not accounting noise.
Then the financing takes it all, and Busby Babe set the two against each other:
Net financing costs, driven by the club’s sizeable debt, totalled £69.6m last season, wiping out the EBIT surplus and generating a bottom line loss of £43m, a £9.9m worsening on a year earlier. It is the seventh year running United have lost money; nearly £450m has now been lost since 2019