#980 | Ed and Jamie review Manchester United’s fiscal 2026 second-quarter results, arguing the numbers look bullish despite no European competition: revenues held up, EBITDA is strong, and the club posted an operating profit of just over £30m. They credit Ineos’ restructuring - about £50m a year removed from the cost base, including redundancies and efforts to rationalise player wages - with improving the club’s financial foundations, while noting debt remains high, cash is low (~£44m), and historic transfer payables are absorbing cashflow. They discuss how Champions League qualification could add ~£80–100m revenue and how Premier League squad-cost rules may help. They flag major debt maturities in 2027 and 2029 and expect refinancing to increase interest costs, plus brief updates on stadium plans, shareholding movement, and optimism driven by improved results and recruitment. 00:00 Introduction 04:12 Cost Restructuring & Wage Bill 13:48 Revenue Breakdown 17:53 Champions League Impact & Future Outlook 20:17 Debt Refinancing Discussion 26:36 Stadium Development & Wrap-up If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify. Learn more about your ad choices. Visit podcastchoices.com/adchoices