Manchester United have borrowed another £90 million since the end of June, pushing the club’s overall debt past the £1.1 billion mark. A fresh filing to the New York Stock Exchange on Thursday confirmed the new drawdowns and revealed the club spent £191.7 million on new players this summer.
The numbers land at a difficult moment for the Red Devils. Despite Sir Jim Ratcliffe’s cost-cutting drive since he became minority owner in 2024, the club remains deep in the red and the debt keeps climbing.
Where the Money Went
United confirmed three further drawdowns from its revolving credit facility on 29 July, 31 July and 28 August, totalling £120 million. The club then paid back £30 million on 21 September, leaving a net £90 million of new borrowing.
That takes overall debt to £1.15 billion. The figure breaks down as £578 million in historic debt, £200 million outstanding on the revolving credit facility, and £375 million still owed in transfer fees.
On the pitch side, United spent £191.7 million this summer. The club brought in Andrey Santos from Chelsea, Youri Tielemans from Aston Villa and Carlos Baleba from Brighton. The fees announced at the time of the deals added up to about £153 million, so the extra money has gone somewhere else inside the transfer window. The club has been approached for comment.
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The Bigger Picture
The latest borrowing comes after Wednesday’s release of the 2025-26 accounts to 30 June. Those numbers already showed debt still sitting above £1 billion even after Ratcliffe’s cost-cutting measures. Interest costs have been rising, and the club has also spent £63.5 million buying land for a planned new stadium that is expected to cost more than £2 billion.
Outstanding transfer fees have fallen from £447 million in the previous accounts to £375 million now, but the club still has £104.8 million due between one and two years and another £51.9 million due between two and five years. The rest falls due inside the next 12 months.
Football finance experts have pointed out that net finance costs alone have now exceeded £1 billion since the Glazer family’s leveraged buyout in 2005. That legacy debt continues to shape every decision at Old Trafford.
What It Means
United are currently sitting mid-table in the Premier League and the pressure is building on all sides. More borrowing to fund transfers while the historic debt refuses to shrink is exactly the cycle supporters have been complaining about for years.
Ratcliffe’s cost-cutting has delivered some savings, but the latest £90 million drawdown shows the club is still reaching for the credit line to keep the lights on and the squad competitive. The new stadium project will only add to the long-term financial load.
For now, the debt sits at £1.15 billion and the clock is still ticking on those transfer instalments. Old Trafford remains one of the biggest brands in world football, but the balance sheet is telling a harder story.
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Nimi Jack
