Has United’s debt limited the club’s ability to spend?
The matter was discussed at the Fans Forum in late June, while respected financial analyst Swiss Ramble estimated in September 2025 that United had paid £852m in interest alone since the Glazer family took control in 2005.
According to the club’s most recent quarterly results, its total borrowing stood at £1.29bn, including unpaid transfer instalments.
United also added £91.92m to its obligations when refinancing bonds in June, while the club has not yet explained how it plans to finance a proposed new stadium that could cost more than £2bn.
The annual accounts for the period ending 30 June are expected to be released in the coming weeks, providing an updated financial picture following a season without European competition.
Amid these financial concerns, supporters continue to demonstrate against the Glazers at almost every game. However, chief executive Omar Berrada maintains that United can handle its debt and stadium plans while remaining competitive, saying the club must operate sustainably without giving up its pursuit of major honours.
Berrada told the club’s Fans Forum on 30 July that United had already demonstrated it could remain profitable and win trophies despite carrying debt, adding that the objective was to achieve that again.
He said the management team’s responsibility was to keep the club competitive while maintaining a sustainable financial model.
He added that United also wanted to construct a new stadium, but the project would need to be approached without weakening the team’s competitiveness.
Berrada stressed that disciplined decision-making, both financially and on the pitch, would be essential if United were to manage its debt, pursue a new stadium and compete for as many trophies as possible.
The signings of Baleba, Andrey Santos from Chelsea and Youri Tielemans from Aston Villa, together with the development of 19-year-old forward Shea Lacey, have convinced Carrick that his squad is stronger than it was at the end of last season. United finished third after winning 12 of his 17 matches in charge.
Carrick said everyone associated with the club must have the ambition to win.
He explained that United’s goal was to reach that standard and perform at that level consistently.
Although Carrick prefers not to focus on the past, he said the players understood what was required to produce their previous run of results. He acknowledged that United had only one competition to manage at the time and would need to repeat that form far more often this season, but believes the strengthened squad has reason to be confident.
The coming months will reveal whether that confidence is well founded, but Carrick believes United now possess a squad capable of challenging for honours despite investing considerably less than several of their competitors.
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