United Inc: Third Quarter Results

No Question About That - a Manchester United podcast

Studio 1878

Soccer, Sports

4.7 • 1.1K Ratings

🗓️ 27 May 2026

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

#1009 | Ed and Jamie review United’s Q3 financial results, noting slightly better-than-expected revenue, improved operating profit versus last year’s loss, and a wage bill at its lowest share of revenue in about a decade, alongside raised guidance. However, United face weak liquidity - around £60m cash- with the revolver credit up to £260m, ongoing outflows for historic transfer fees, and the continuing constraint this places on squad rebuilding. There’s a discussion around the confirmed costs of hiring and firing Amorim (£16.7m compensation plus a £5.2m write-off), the need to refinance roughly £750m of debt amid uncertain interest rates, limited progress on the new stadium, and a Betway training kit deal reported at £20m per year. Player sales continue to be important! 00:00 Introduction and Q3 Headlines 02:11 Financial Results Deep Dive 07:11 Cash, Debt and Transfer Budget 12:51 Carrick and Summer Strategy 16:37 Amorim Compensation Costs 19:37 Debt Refinancing and Stadium Update 26:47 Sponsorship: Betway, DXC 31:53 Player Trading 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

Transcript

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0:00.0	Close your eyes. Listen to Monday.com. Feel the sensation of an AI work platform. So flexible and intuitive, it feels like it was built just for you. Now open your eyes. Go to Monday.com. Start for free and finally. Breathe.
0:15.4	If you like the show truly the best way you can help us out is by leaving a rating, a review or a comment on your
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0:28.0	We really appreciate it.
0:29.7	And now on with the show. Welcome to United Inc.
0:43.0	Oh, no question about that with me, Ed, and that is Jamie.
0:47.3	We're going to talk about Manchester United's Q3 results, so nine months of the full year.
0:53.4	Jamie, how's it going first and second? Well, positive
0:56.4	numbers from United. Just about. Yeah, I'm currently melting in the British sun. Like everyone in the
1:03.4	UK, it's touched over close to 34 degrees centigrade where I am, so low 90s if you're over in the US. And like everything in the
1:13.5	UK, the slightest hint of extreme weather, everything seems to have fallen to a standstill.
1:18.6	So I'm running low on sleep because where I live does not have air conditioning. And so it's
1:24.3	been like a sauna. But yeah, been looking at the results with keen interest and it's a good, goodish, I think,
1:32.1	set of numbers and the market definitely seems to have liked it.
1:35.5	Yeah, as of recording, we're up to about $22 a share.
1:39.6	So a bit of a jump, probably slightly better than expected results.
1:44.4	So we'll go through the headline numbers.
1:46.2	We'll think of it a little bit about cash and debt.
1:48.9	Talk a bit about, I mean, we did a whole piece on the summer last time out.
1:52.5	So go listen to that again.
1:53.7	I don't think the analysis has changed much there, but talk a little bit about the
1:57.4	importance of player sales.
	...

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