OFF-PITCH EVOLUTION: INSIDE SIR JIM RATCLIFFE’S TRANSFORMATION OF MANCHESTER UNITED’S OPERATING PROFIT
United's PSR escape! Get the details on the £169M accounting loophole and the club's push for a Champions League spot today.
Manchester United’s summer plans are finally taking shape, especially now that we know last summer’s hefty transfer spending will be spread out over the next six years. United splashed out £236 million on new faces during Ruben Amorim’s first transfer window as manager, snapping up Matheus Cunha, Bryan Mbeumo, Benjamin Sesko, Diego Leon, and goalkeeper Senne Lammens.
But here’s the catch: the 2024/25 accounting period only counts deals done before June 30, 2025. Mbeumo, Leon, Sesko, and Lammens all arrived after that date in July, August, and September. Those four cost United a combined £169 million.
In a statement, the club made it official: “After June 30, 2025, we acquired or extended the registrations of certain players and football staff for a total of £169,524,000, including associated costs. Payments are due over the next six years. Also, after June 30, 2025, we became liable for sell-on fees and extra payments totalling £2,119,000 for previous signings.”
By spreading that £169 million over six years, United gets more wiggle room under profitability and sustainability rules. That’s a big deal because it lets the club keep investing this summer, right when they have to decide whether to stick with Michael Carrick as manager or bring someone else in.
This week, United announced its second-quarter financial results, showing an operating profit of £32.6 million for the first half of fiscal 2026. That’s a huge swing from last year, when they posted a £3.9 million operating loss for the same period.
The club credits this turnaround to the early impact of off-field changes after Sir Jim Ratcliffe bought in. Ratcliffe wasted no time tightening things up behind the scenes, aiming to make the club more efficient.
Top executives say United has finally got a handle on its structural costs, which helps boost profits and sets the club up for a stronger run, especially if they clinch a Champions League spot.
CEO Omar Berrada put it this way: “We’re now seeing our off-pitch transformation pay off, both in costs and profitability. We’re still focused on football first, and we’re investing in both our men’s and women’s teams.
“On the pitch, our men are fourth in the Premier League, and our women’s team is second in the Women’s Super League. They’ve also reached the League Cup final and the quarter-final of the UEFA Women’s Champions League.
“Today’s results really show the strength of our business as we keep pushing for the best possible results for both teams.”
United hasn’t lost a Premier League game under Carrick, notching up five wins and a draw. That run has lifted them to fourth, just three points behind Aston Villa. Villa plays Wolves tonight, with Wolves stuck at the bottom of the table.
BRUNO FERNANDES BACKS MICHAEL CARRICK FOR PERMANENT MANCHESTER UNITED MANAGER ROLE
Bruno Fernandes reveals how Michael Carrick saved Man Utd with tactical shifts and the return of Kobbie Mainoo.
Bruno Fernandes credits Michael Carrick’s turnaround at Manchester United to some key changes: starting different players, shifting positions, switching up the formation, and, maybe most importantly, finally finding the back of the net.
Things were rough under Ruben Amorim, who lost his job in January after just 14 months at Old Trafford. Honestly, United hadn’t seen a season that bad in over five decades. Amorim’s reign ended with a loss to Tottenham in the Europa League final, and, in the Premier League, he racked up the worst win rate (32%), the most goals conceded per game (1.53), and the fewest clean sheets (15%) of any manager in the club’s history.
Once Amorim was out, Carrick took over as head coach until the season’s end. Now, after guiding United up to third in the league, he’s the clear favourite to get the job full-time.
One of Carrick’s first moves was bringing Kobbie Mainoo back into the starting eleven. He also didn’t hesitate to change the team’s formation, both of which Fernandes sees as major reasons for the recent success.
“We’ve changed a lot,” Fernandes told Men in Blazers. “He changed some players, switched around some positions, tried a new formation, and, at the end of the day, we started scoring goals.
“We were always creating chances and racking up opportunities, even under Ruben. But we just weren’t finishing them. Defensively, we actually kept teams out of our box pretty well, but then we’d still concede goals.
“With Carrick, we tightened up at the back, got more compact. There’ve been games where we’ve just had to grind it out because we weren’t in great form, but that sacrifice made a difference. Honestly, getting two tough games right off the bat helped beat City, and then Arsenal at the Emirates really set the tone. After that, you start to feel, okay, we’re playing good football now, maybe things will change. The City game was probably our best performance, but against Arsenal, we just found a way to get the win.
“Big clubs have to find ways to get results even if it’s not always pretty.”
Fernandes also gave Carrick the highest praise by saying he’s the ex-United player he’d most want as a teammate. “I wouldn’t pick Rooney, because then I'd end up on the bench,” he joked.
“It might sound odd, but I’d go with Michael Carrick. I trained with him when he was here under Ole Gunnar Solskjaer. Sometimes he’d join us as a six, playing those balls between the lines; he was brilliant.
“As a number ten, you want those quick passes, and Carrick had amazing timing. It’s not just about holding on to the ball; it’s about moving it fast and finding your teammate. He was perfect at that, and having someone behind you like that just makes your job so much easier.”
WHY DID HARRY MAGUIRE’S FORM IMPROVE IMMEDIATELY AFTER LOSING THE CAPTAIN'S ARMBAND?
From losing the captaincy to a new deal, Harry Maguire opens up on Zoe Maguire’s defence and United’s top-four race.
Back in September 2023, things were rough for Harry Maguire. He was having a terrible time, getting jeered and taunted during an England match against Scotland. He came on, played well, and then, just his luck, scored an own goal. It got so bad that his mum, Zoe, jumped onto social media to defend him. She called the way people treated him “disgraceful and unacceptable.”
Harry had actually asked her not to say anything, but she was having none of it. “I didn’t want her to, but she just said, ‘I’m doing it! I’m not listening to you!’” he said, smiling at the memory as he spoke to journalists at the club’s training base near Dublin.
He admitted that his family probably felt that pain even more than he did. They saw firsthand what he went through, how tough it really got. That Scotland fiasco? That was his lowest point. But in his mind, moments like those are just part of the journey. He wouldn’t change a thing; they’ve just made him stronger.
It honestly feels harsh to harp on the bad stuff. Maguire, now 33, still thinks he’s done a pretty good job at United. “I’ve performed really well in six out of my seven seasons at Old Trafford,” he insists. At this point, he still believes he’s “arguably one of the best defenders in the world in both boxes.” Late in games, whether you’re trying to protect a lead or go chasing one, he knows he makes an impact.
The way he talks about the lows is so open and honest, though, people can’t help but ask about it, especially since he just signed a new United contract for his eighth, maybe even ninth, season. Not that long ago, he lost the captain’s armband thanks to Erik ten Hag, and the club tried to sell him to West Ham. Things looked bleak.
When they took the captaincy away, he felt angry and disappointed, who wouldn’t? But he always figured, unless you’re one of the truly elite, the ups and downs just come with the territory. Players hit incredible highs, then lose form, maybe fade away. He watched legends like Wayne Rooney and David Beckham go through the same public hammering, and learned from their resilience.
So Maguire just put his head down and worked. He’s always believed in himself, always thought he was a top player sometimes, that’s all you have when things are falling apart.
Of course, it hasn’t been easy. Losing the captaincy stung. Still, he says his form improved right after, though he believes he would have bounced back either way. Some players, he knows, would have cracked. “I think there’ll be a lot who want to just close the book, go elsewhere and restart,” he says. For many, all the mockery and abuse would have broken them earlier. He almost hit that breaking point himself.
But now, things feel different. The public seems to be behind him. That new contract proves United still value what he brings, especially with someone like Casemiro leaving. There was plenty of interest in Maguire this summer, but it never felt like his time at United was truly up.
He’s proud to still be there after eight years and calls it “a huge honour.” His focus has been on staying competitive. He wants a squad built to win things. United recruited well last year, and this summer feels massive. The club let him know a while back they wanted to extend his deal, so once there was a break in matches, he made sure to get it done.
Right now, United sit third, with seven games left. They need four wins and a draw to lock up a Champions League spot. Maguire knows nothing’s settled. He’s suspended for the Leeds game and waiting to find out if he’ll miss the Chelsea match, too, after his red card at Bournemouth. But he’s not taking any opponent lightly “If you’re not on it, you get beat,” he says. Teams like Chelsea, Villa, and Liverpool can all go on winning streaks right when it matters most.
Still, he sees hope. The squad looks stronger. But he’s not pretending they don’t need new faces: “This summer’s going to be big. We need more players. Better quality. Guys who can go straight into the starting lineup. We’re not in Europe this year, and we’ve already played 40 games. We need a bigger squad.”
Ask him about the club’s limits? “I don’t think there’s any ceiling on it,” he says. When February and March roll around, he doesn't want United playing catch-up any more. Football’s about memories, he says. Sure, you can make special moments with big goals, but the best memories only come from winning the big trophies.
On the international front, Maguire ended his 18-month absence from England with appearances in World Cup warmups against Uruguay and Japan. His return was met mostly with support, even after Thomas Tuchel publicly ranked him as a fifth-choice centre-back. Maguire’s had tougher challenges than that.
He’s hungry to make the World Cup squad for what he admits would likely be his last tournament. “I’ve been to two, but I missed the Euros two years ago with injury, and that really hurt.” He’ll accept whatever role the manager wants, starter, bench, it doesn’t matter as long as he can help. “If the manager believes the same, I’m sure he will pick me.”