Manchester United have borrowed another £90m since 30 June, pushing their total debt past £1.1bn. The club confirmed they spent £191.7m on new players this summer, and the numbers don’t quite add up.
United 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 at the time added up to £153m. The difference between that figure and the £191.7m confirmed later is not explained.
The Three Transfers
Here’s what each deal involved:
- Andrey Santos, bought from Chelsea on 13 July
- Youri Tielemans, bought from Aston Villa on 14 July
- Carlos Baleba, bought from Brighton on 25 August
The club confirmed three further drawdowns from its revolving credit limit, on 29 and 31 July and 28 August, totalling £120m. It then paid back £30m on 21 September.
The Numbers Behind the Debt
The £90m borrowing was included in a more detailed filing to the New York Stock Exchange on Thursday, following Wednesday’s release of their 2025-26 accounts to 30 June. Despite major cost-cutting measures implemented by Sir Jim Ratcliffe since he became minority owner in 2024, United’s overall debt is still more than £1bn.
| Component | Amount |
|---|---|
| Historic debt | £578m |
| Revolving credit outstanding | £200m |
| Outstanding transfer fees | £375m |
| Total debt | £1.15bn |
What the Club Owe
The club say payments for their most recent transfers “are due within the next five years”. That is a large commitment, especially given the timing of the remaining debts.
| Period | Amount due |
|---|---|
| Within one to two years | £104.8m |
| Within two to five years | £51.9m |
| Next 12 months | Remainder |
The Difference Between Fees
The £191.7m spent on new players this summer exceeds the £153m the club stated at the time of each transfer. Where the additional £38.7m went is not clear.
The club have been approached for comment.
The Cost-Cutting Question
Sir Jim Ratcliffe took a minority stake in United in 2024 and has since pushed through major cost-cutting measures. Those efforts have reduced the amount owed in transfer fees by £72m, down from £447m in the 2024-25 accounts.
But the reduction is offset by fresh borrowing, and the debt remains stubbornly high.
What We Know
The key facts are simple to state and harder to reconcile:
- United borrowed £90m since 30 June
- They spent £191.7m on new players this summer
- The stated fees at the time of each transfer totalled £153m
- The difference between those figures is not explained
- The club have been approached for comment
Our View
This is a club borrowing heavily to fund a summer spending spree, while its debt remains stubbornly high despite Sir Jim Ratcliffe’s cost-cutting measures. The gap between stated fees and actual spend is notable, and the club have not yet offered an explanation for it.
The numbers are large, the commitments are long, and the question of where the extra money went remains open.
Source material: “Man Utd borrow another £90m as debt tops £1.1bn,” the BBC.
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