Manchester United has been accused of financial mismanagement by their own supporters' trust following the revelation of significant losses and costly executive decisions under INEOS' watch.
According to The Times, newly released financial figures paint a concerning picture for the Premier League giants, showing a £27.7 million ($35m) loss in the final quarter of 2024. The club's broadcast revenue saw a dramatic 42 percent year-on-year decline, primarily due to their absence from the Champions League.
The financial strain has been further exacerbated by recent management decisions. The club's handling of Dan Ashworth's brief tenure as sporting director proved particularly costly, with reports indicating a £4.1m expense for his five-month stint before departure. Adding to these concerns, the early termination of Erik ten Hag's contract, along with his staff's compensation, resulted in an additional £10.4m payout.
The Manchester United Supporters' Trust (MUST) has been particularly vocal in their criticism. In a strongly worded statement, they highlighted the "scale of the financial mismanagement" at the club, pointing to several concerning factors. These include £19m in debt interest payments over six months, the substantial compensation paid to Ten Hag shortly after extending his contract, and what they describe as a "disastrous record in player trading over the last decade."
The financial disclosure reveals an even more troubling picture of the club's overall debt situation. Manchester United currently carries a total debt burden of £731m ($920m), with an additional £300m ($377m) owed in transfer fees. However, there may be a silver lining as Sir Jim Ratcliffe's INEOS group looks to potentially free up funds through the termination of a deal with Tottenham Hotspur.
These revelations come at a critical time for United, as the club struggles to maintain its competitive position while managing significant financial challenges under new leadership.
