Manchester United have borrowed another £90m since 30 June, taking their overall debt to more than £1.1bn. The additional borrowing was confirmed in a more detailed filing to the New York Stock Exchange on Thursday, a day after the club released their accounts to 30 June for the 2025-26 financial year.
The filing shows the club made three further drawdowns from its revolving credit limit — on 29 and 31 July and 28 August — totalling £120m. United then paid back £30m on 21 September. The moves leave the club’s overall debt at £1.15bn, made up of the historic debt, which now stands at £578m, £200m outstanding on its revolving credit facility, and £375m in outstanding transfer fees. That is despite major cost-cutting measures implemented by Sir Jim Ratcliffe since he became minority owner in 2024.
In the same filing, United confirmed they spent £191.7m on new players this summer. The club bought Andrey Santos from Chelsea on 13 July, Youri Tielemans from Aston Villa on 14 July and Carlos Baleba from Brighton on 25 August. The fees the club stated for the trio at the time the transfers were announced added up to £153m, and it is not clear where the additional sum has been spent. The club have been approached for comment.
The £375m in outstanding transfer fees is a £72m reduction on the £447m United stated was owed in transfer fees in the 2024-25 accounts. It nonetheless remains a large sum: £104.8m is due between one and two years, £51.9m between two and five years, with the remainder due in the next 12 months. The club say payments for their most recent transfers “are due within the next five years”.