Manchester United’s latest financial results have confirmed a sobering reality for fans: the club’s total debt is now spiralling toward the £1.3 billion mark.
Despite the “football-first” overhaul under INEOS, the legacy of the Glazer family’s 2005 leveraged buyout continues to weigh heavily on Old Trafford’s balance sheet. The figures for the second quarter reveal that United owed a staggering £1.29bn at the end of last year a far cry from the mere £12m debt the club held before the Glazers’ arrival.
1. The “Credit Card” Debt and UEFA Standards
The debt isn’t just a stagnant legacy figure; it’s active and growing. United’s rolling credit facility—effectively a high-limit credit card for the club—now stands at £295.7m, an increase of £27m compared to last year.
While clubs like Tottenham and Everton also hold high debt levels, experts like Swiss Ramble point out a crucial difference: those clubs borrowed to build world-class stadiums. United’s debt, meanwhile, remains largely tied to the mechanics of the 2005 takeover.
2. The £2bn Stadium Dilemma
The debt figures come at a critical time as the club plans a new 100,000-seater stadium by 2030/31. With an estimated cost of £2 billion, the big question remains: how will United fund a “New Old Trafford” while already burdened by £1.3bn in liabilities?
3. Ratcliffe: “I’ll Walk Away if the Abuse Continues”
The financial strain has kept the fan protests alive, but the target of the “ire” has shifted. Sir Jim Ratcliffe has admitted that he is now taking the “stick” that used to be reserved for the Glazers.
In a candid interview with The Times, Ratcliffe warned that his patience has limits:
“If it reached the extent that the Glazer family have been abused, then I’d have to say, look, enough is enough… I’d let somebody else do this.”
Ratcliffe noted that the Glazers have “retreated into the shadows,” leaving him as the face of the club’s difficult financial decisions. “I don’t mind being unpopular… but you couldn’t tolerate it at that level [of the Glazers], it just wouldn’t be fun.”
Filepe Junior is a football writer tracking La Liga transfers, covering major signings, squad planning, and player movements across Spanish clubs.
