Manchester United plc said its total revenues declined 12% to £198.7 million in its 2025 fiscal second quarter ended December 31, 2024.

The company said the lower revenues were “driven by lower broadcasting revenues which declined 42.1% to £61.6 million related to participation in the UEFA Europa League versus record broadcast revenues and participation in the UEFA Champions League last year.”

Exceptional items for the quarter were a cost of £14.5 million. “This relates to costs associated with the departure of former men’s first team manager Erik ten Hag and various members of football staff,” said the club.

Loss for the quarter was £27.7 million.

Commercial revenue for the quarter rose 18.5% to £85.1 million. Matchday revenue for the quarter rose 9.2% to £52 million.

In its outlook, Manchester United said: “For fiscal 2025, the company reiterates its previous revenue guidance of £650 million to £670 million and now expects adjusted EBITDA guidance to be at the high end of its previously issued range of £145 million to £160 million.”

Manchester United plc CEO Omar Berrada said: “We recognise the challenges in improving our men’s team’s league position and we are all working hard, collectively, to achieve that. At the same time, we are pleased to have progressed to the knock-out phase of the UEFA Europa League and the 5th Round of the FA Cup.

“Meanwhile, our women’s team is currently placed second in the Women’s Super League, and has reached the Quarter Finals of the FA Cup.

“Our redevelopment of the Carrington Training Complex remains on track. We continue to work towards a decision on the future of Old Trafford as part of a wider regeneration programme, which has now attracted UK Government support. This follows the work of the Old Trafford Regeneration Task Force in demonstrating the significant economic potential of a revitalised area around a future stadium project.”