Manchester United, the Premier League’s fallen giant, is struggling to keep tabs with its larger rivals after revenues flat-lined and losses continued to mount.

Owned by the Glazer family and British billionaire Jim Ratcliffe, Man United announced revenues of 666.5 million pounds ($910 million) for the year ending June 2025, and losses of 33.0 million pounds, barely ahead of last year’s 661.7 million pounds.

Shares fell as much as 8 percent in early trading in New York. The results highlight how the club has been adversely affected by its continued slump in performance on the field, and increases fears that the famous brand is struggling to make up the shortfall.

Although the losses have decreased this year, they still amount to about 300 million pounds in the last five years. The continuing outflows prompted Ratcliffe to recently warn that the club was running out of money. The club is also planning to build a giant 100,000 seater stadium.

Ratcliffe’s main business, the petrochemical group Ineos Group Holdings SA is also under pressure. Earlier this week Moody’s Ratings cut its credit score into highly speculative territory, citing the petrochemical manufacturer’s deteriorating operating performance and weak metrics.

Fallen giant

Back in 2005 the club, then managed by the legendary Alex Ferguson, was the highest revenue generating team in Europe as well as being one of the most successful on the field. Now Manchester United trails powerhouse Real Madrid  with revenues of 1.04 billion euros ($1.2 billion), as well as arch rivals Manchester City (837.8 million euros).

Man United’s commercial income grew 10 percent to a record 333.3 million pounds, but United’s broadcast revenue fell 22 percent last season, reflecting its low finish in the league.

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Revenues were impacted last season by not playing in Europe’s most prestigious club competition, the European Champions League. Manchester United played in the second tier Europa League competition and although they reached the final, any winnings are unlikely to match qualifying for the top tier competition. This season, although a record number of nine English clubs are playing in European competitions, United aren’t one of them.

United also spent 36.6 million pounds on exceptional items, including the costs of sacking a swathe of staff at Old Trafford. On the field Manchester United, have had their worst start for 33 years in terms of points. After four matches they stand in 14th place, with just four points. The team also lost to fourth tier Grimsby Town in a cup match in August.

Ruben Amorim, the manager hired in November last season from Portugal’s Sporting Lisbon, is under pressure to change his system of play, though he remains adamant that this is not the reason for the team’s poor performances.

“I don’t believe that it is the system, or whatever. I believe in my way and I am going to play my way until I want to change,” he told the press after a resounding defeat to crosstown rivals Manchester City last Sunday.

The club backed Amorim in the summer’s transfer market as it spent a reported 250.7 million euros on new players, adding to its already high debt levels. Only 74.2 million euros was recouped from sales of players, led by Alejandro Garnacho.

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Manchester United have won just eight victories since Amorim arrived at the club, displaying form that is only marginally above that of teams that get relegated.