One line in the Premier League panel's report did most of the damage: "The club's income was hugely overstated by over £830 million." Manchester City's owners, in short, put money into the club that was booked as sponsorship when it was nothing of the sort. The judgement landed less than five days after Manchester United filed their end-of-year accounts to 30 June 2026 with the New York Stock Exchange, and the coincidence of timing has not gone unnoticed in either half of the city.
Inside United's filing was an interest payment of £37m, up from £34m the year before. The football finance writer Swiss Ramble now puts United's total net interest payments since the Glazer takeover in 2005 at £852m. Roughly £830m pumped into one Manchester club. Roughly £852m paid out of the other. None of which excuses what City's owners did, but it is a coincidence fans of both clubs have been turning over all weekend.
Record revenue, record debt
United's numbers are not bad. Revenue hit £677.6m and is projected to reach £760m in 2026-27, helped by a third-place finish that put them back in the Champions League after two years away. Chief executive Omar Berrada's comment in the accounts was carefully worded: "While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable."
The discipline is needed. Since 30 June the club has committed £191.7m to new players, Carlos Baleba, Andrey Santos and Youri Tielemans among them, plus academy additions such as England youth international Tynan Thompson, with payments spread over five years. They borrowed another £90m, which took overall debt to £1.15bn. The comparable figure in the June 2021 accounts was £667m. Transfer debt before 30 June stood at £375m, of which £218m falls due before 30 June 2027, and a further £122.8m could be owed if players already signed hit their targets. When the debt was restructured in June, another $125m, about £94.36m, went onto the main pile. On 23 September the club confirmed £63.5m had already gone on land for a proposed new stadium whose funding model nobody has explained yet.
Wages, sales and the Carrick question
On wages, United look sensible rather than reckless. Their bill was the fifth highest in the league at £313m in 2025, dropping to £302m in 2025-26 with no European football, and their wages-to-turnover ratio of 45% was the best in the division last season. Michael Carrick finishing third on that budget counts as over-achievement.
Selling is the weak link. When the window shut on 1 September, United had raised £47m from sales, 11th in the Premier League and the lowest of their traditional rivals apart from Liverpool. Since Romelu Lukaku went to Inter for £74m in 2019, only four players have brought in more than £25m: Mason Greenwood, Scott McTominay, Rasmus Hojlund and Alejandro Garnacho. This summer Radek Vitek and Toby Collyer left for less than hoped, to Middlesbrough and West Brom, while Tyler Fredricson and James Overy went for nothing. Every one of those deals carried sell-on and buy-back clauses, which is the strategy now: bank less today, keep a claim on tomorrow.
What the money has to deliver
The sums involved make the competitive stakes blunt. United earned £80m in prize money from reaching the Champions League quarter-finals in 2017-18 and £31m for the Europa League final in 2024-25. Their renegotiated Adidas deal docks £10m a year if they miss the Champions League. Berrada's job is to hold costs down, chip away at outstanding transfer fees, leave the revolving credit line alone and fund a stadium, all while spending enough that Carrick's team finish high enough to pay for it.
In June 2023 the Premier League's clubs voted to cap future leveraged buyouts at around 65% of a club's value, a move widely read as a response to ALK Capital's takeover of Burnley in December 2020. Plenty of United supporters think it arrived 18 years late. Carrick's side are 12th and host bottom club Tottenham on 10 October.
Financial context: Manchester United accounts to 30 June 2026: revenue £677.6m, interest payment £37m, total debt £1.15bn, transfer debt £375m before 30 June with £218m due before 30 June 2027. Net interest since 2005 estimated at £852m by Swiss Ramble. Premier League panel found Manchester City's income overstated by more than £830m.
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