September 28: Manchester United have borrowed an extra £90m since June 30 and confirmed they have spent £191.7m on new players this summer.
United bought Andrey Santos from Chelsea, Youri Tielemans from Aston Villa and Carlos Baleba from Brighton. The problem is that the sums don’t quite add up. Fees quoted at the time totaled £153m, and it is not clear where the extra money went. The club has been approached for comment.
The additional borrowing came to light in a filing with the New York Stock Exchange, following Wednesday’s publication of 2025-26 accounts. It showed overall debt still above £1bn despite Sir Jim Ratcliffe’s sharp cost-cutting since becoming a minority owner in 2024. United made three draws on its revolving credit facility in late July and August totaling £120m, then repaid £30m in September.
This brings overall debt to £1.15bn, made up of £578m in historical debt, £200m outstanding on the line of credit and £375m in transfer fees. The transfer figure is at least £72m higher than the previous year, although some is due within 12 months.
It is the same sad picture that repeats itself at Old Trafford. Cost cutting on the one hand, new loan on the other and a pile of debt that just won’t go below a billion. For a club that generates record revenues, finances remain stubbornly heavy, and the gloom over this unexplained spending won’t calm an already seething fan base.
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