Devil in the detail
Man Utd confirm ‘exceptional’ cost of sacking Dan Ashworth and Erik ten Hag as cost of Glazer debt soars to £1BILLION
The report revealed an unwanted milestone on interest payments since the Glazer takeover
MANCHESTER UNITED have revealed how much money they spent on sacking Erik ten Hag and Dan Ashworth as Glazers debt hit the £1billion mark.
Ten Hag was sacked by the Red Devils in October after winning just three of their opening nine Premier League games.
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The club also got rid of the Dutchman's staff as they swept the board clean for Ruben Amorim and the arrival of his own coaching team.
While that move was not too surprising, at the start of December it was announced sporting director Ashworth would be leaving after just five months in charge.
United have now confirmed the cost of parting ways with them.
In the club's second-quarter fiscal results for 2025 published today, it was noted under "exceptional items" that United spent £14.5million - £10.4m to sack Ten Hag and his staff and £4.1m on Ashworth's exit.
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The fiscal report also revealed the club's total revenue was down 12 per cent over the quarter and the staggering cost of servicing the Glazer family's debt.
The loss of income was due to a 42.1 per cent reduction in broadcasting revenue, falling to £61.6m from the lack of Champions League football.
That came despite commercial revenue increasing by 18.5 per cent driven by a new shirt sponsorship with Qualcomm’s Snapdragon brand.
The accounts revealed United had an operating profit of £3.1m, with EBITDA (earnings before interest, tax, depreciation and amortisation) of £70.5m, down 22.9 per cent from £91.4m in 2Q24.
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However, including player trading, this figure resulted in a £27.7m loss.
The balance sheet of the club was also strengthened by an £80m investment by Ineos - without which Man Utd would have been left with just £15m in cash.
Dan Ashworth leaves Man Utd after just five months with Sir Jim Ratcliffe ordering shock boardroom shake-up
Interest costs since the 2005 Glazer buy-out have now gone over £1billion after £18.8m payment.
While the total debt stands at £731m – with around £300m still owed on transfers.
In a statement, CEO Omar Berrada spoke about the challenges facing the club and the ongoing work to regenerate Old Trafford and redevelop the Carrington training centre.
He said: “We recognise the challenges in improving our men’s team’s league position and we are all working hard, collectively, to achieve that.
"At the same time, we are pleased to have progressed to the knock-out phase of the UEFA Europa League and the 5th Round of the FA Cup.
"Meanwhile, our women’s team is currently placed second in the Women’s Super League, and has reached the Quarter Finals of the FA Cup.
“Our redevelopment of the Carrington Training Complex remains on track.
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"We continue to work towards a decision on the future of Old Trafford as part of a wider regeneration programme, which has now attracted UK Government support.
"This follows the work of the Old Trafford Regeneration Task Force in demonstrating the significant economic potential of a revitalised area around a future stadium project."
