Finance · The United Way

Club Finances

FY2021–FY2025 · ANNUAL REPORTS

£666.5m

REVENUE

FY2025

£182.5m

ADJ. EBITDA

£313.3m

WAGE BILL

47% of revenue

£550.9m

NET DEBT

(£18.4m)

OPERATING RESULT

(£33.0m)

RESULT FOR YEAR

Revenue by season

£M · 5 YEARS

£494.1m

'21

£583.2m

'22

£648.4m

'23

£661.8m

'24

£666.5m

'25

Revenue mix

£666.5m

Commercial£333.3m50%

Broadcasting£173.0m26%

Matchday£160.3m24%

Player amortisation

£M · PER YEAR

£120.3m

'21

£148.9m

'22

£169.8m

'23

£187.0m

'24

£193.1m

'25

Unamortised registrations at FY2025: £537.3m

Wages-to-revenue

65%

'21

66%

'22

51%

'23

55%

'24

47%

'25

£313.3m wages on £666.5m revenue

Net transfer spend

£M · PER YEAR

£92.2m

'21

£85.1m

'22

£124.5m

'23

£153.7m

'24

£230.0m

'25

Net registrations capex (signings less sale proceeds).

Dividends paid

£M · PER YEAR

£10.7m

'21

£33.6m

'22

£0m

'23

£0m

'24

£0m

'25

Dividend suspended

Net debt

£M · TREND

£419.6m

'21

£514.9m

'22

£537.3m

'23

£473.1m

'24

£550.9m

'25

Interest on debt

£M · PER YEAR

£17.3m

'21

£20.0m

'22

£30.7m

'23

£35.3m

'24

£35.7m

'25

Interest payable on the bond, term loan & revolving facilities.

Borrowing facilities

AT FY2025

Senior notes & term loan£477.0m

Revolving facility (drawn)£160.0m

Gross debt£637.0m

less cash(£86.1m)

Net debt£550.9m

REVOLVING CREDIT FACILITY · £300.0m TOTAL

Drawn£160.0m

Available to draw£140.0m

Staff headcount

AVG MONTHLY · BY ACTIVITY

983

'21

1,035

'22

1,112

'23

1,140

'24

932

'25

Activity	2020/21	2021/22	2022/23	2023/24	2024/25
Players	118	124	131	136	133
Technical & coaching	176	189	192	193	164
Commercial	131	151	160	170	129
Media	90	94	104	111	82
Administration	468	477	525	530	424
Total	983	1,035	1,112	1,140	932

By season

£M

Metric	2020/21	2021/22	2022/23	2023/24	2024/25
Revenue
Total revenue	£494.1m	£583.2m	£648.4m	£661.8m	£666.5m
— Commercial	£232.2m	£257.8m	£302.9m	£302.9m	£333.3m
— Broadcasting	£254.8m	£214.9m	£209.1m	£221.7m	£173.0m
— Matchday	£7.1m	£110.5m	£136.4m	£137.1m	£160.3m
Profitability
Operating result	(£36.9m)	(£87.4m)	(£11.2m)	(£69.4m)	(£18.4m)
Adjusted EBITDA	£95.1m	£81.1m	£154.9m	£147.7m	£182.5m
Result for the year	(£92.2m)	(£115.5m)	(£28.7m)	(£113.2m)	(£33.0m)
Player costs
Wage bill	£322.6m	£384.1m	£331.4m	£364.7m	£313.3m
Net transfer spend	£92.2m	£85.1m	£124.5m	£153.7m	£230.0m
Amortisation (registrations)	£120.3m	£148.9m	£169.8m	£187.0m	£193.1m
Unamortised registrations	£328.0m	£316.2m	£384.9m	£408.6m	£537.3m
Debt
Net debt	£419.6m	£514.9m	£537.3m	£473.1m	£550.9m
Interest on debt	£17.3m	£20.0m	£30.7m	£35.3m	£35.7m
Shareholder returns
Dividends paid	£10.7m	£33.6m	£0m	£0m	£0m