Manchester United's latest financial results show the club are on a positive track, despite having to pay out £16.7m to sacked Ruben Amorim and his coaching staff.
The Portuguese head coach was dismissed in January but his replacement Michael Carrick led an upturn in form which saw United secure a third-placed finish in the Premier League and Champions League qualification for next season.
That direction of travel reflects some encouraging third-quarter financial figures posted on Wednesday, which include an operating profit over the nine months to March 31, 2026 of £37.7m. That compares with a £3.2m operating loss in the same nine months of the previous year.
United's earnings before interest, taxes, depreciation and amortization (EBITDA) for those nine months is £187.5m - up from £145.3m in the year prior.
United believe their cost-cutting off the pitch since Sir Jim Ratcliffe came on board as co-owner - which has included redundancies for club staff - has benefitted these figures.
However, the club still has $650m worth of debt from the Glazer era while short-term borrowing is up to £262.5m - around a £50m increase on the same quarter last year.
Meanwhile, cash and cash equivalents are at £60.9m - down from £73.2m at the same point last year - while £30m was spent in the quarter as a repayment on a "revolving credit facility".
United's early exits from the FA Cup and Carabao Cup also had an impact. Matchday revenue for the quarter was £42.2m. That's 5.2 per cent down on the same quarter last year (£2.3m), with United playing three fewer home matches compared to the prior year quarter.
Man Utd's chief executive officer Omar Berrada said: "We feel very positive about the club's progress this season and the continuing positive impact of our business transformation initiatives.
"Finishing third in the Premier League and securing qualification to next season's UEFA Champions League is testament to our men's team's improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as head coach.
"Our women's team reached the quarter final in the UEFA Women's Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series.
"On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development."
Football finance expert Kieran Maguire analysed Manchester United's latest financial results on Your Site News...
Do these results justify the job cuts that were made?
"It's an interesting one that they did make reference to. It could be argued the money saved from making 400 people redundant is broadly equivalent to the wages they will have saved putting Marcus Rashford out on loan to Barcelona.
"Some other players went out on loan and they'll also have another substantial reduction in their wage bill with Casemiro leaving in the summer. That's very good for recruitment because it's freeing up space on the wage bill.
"Because they're in Europe, they'll be guaranteed substantial amounts of money; there will be at least four sold-out matches at Old Trafford plus, realistically, another £30-40m from competing in the competition. That will make Man Utd fans very excited over the summer."
Will the club look to reinvest this summer?
"They've got the scope to do so. The loans are the same as last year, but it's notable that the overdraft was reduced by £30m - again, that's freeing up cash. So they've got flexibility and that's what managers are hoping for.
"The nature of football trading is that you've got to use the exit door as well as the people coming through. But it's arrivals that excite fans and they've certainly got the scope to spend money.
"This is Man Utd. They've got the third-most expensive squad in the Premier League and there's no reason why they can't add to that."
