‘They’re looking at that’ – Man United PSR update after ‘£140m loss’ reveal
Man United are having to be mindful of potential cash-flow issues that could impede their ability to spend further if they are not careful.
That is according to football finance expert Dan Plumley, who told Football Insider exclusively that Man United’s deal to sign Matheus Cunha pointed towards an uncomfortable financial predicament.
The Red Devils, and their co-owner Jim Ratcliffe in particular, made a lot of noise about their poor financial position in March 2025.
Since taking over, the billionaire businessman has overseen a number of cost-cutting measures, including laying off hundreds of Man United staff members.
But despite their supposed financial woes, the 20-time champions of England have spent lavishly this summer.
Man United can keep spending
This article contains exclusive comment from Dan Plumley, a football finance expert and senior lecturer at Sheffield Hallam University.
Plumley explained to Football Insider in June that Man United’s finances are nuanced. Despite the club making losses last season, their position with the Premier League’s profit and sustainability rules (PSR) is strong.
Manchester United plc made pre-tax losses of £130.7m in the 23/24 season, but the company that files the club’s accounts to the Premier League and UEFA, Red Football ltd, lost just £36.2m, meaning they were in no danger of falling foul of PSR [The Athletic].
The Athletic reported at the beginning of the summer that United could make losses of around £140m without failing the financial regulations set by the Premier League, and Plumley told Football Insider that based on those figures, Ruben Amorim‘s side had leeway in that sense.
However, the club would still need to be careful with their cash-flow, and their desire to pay Cunha’s transfer fee over a longer period pointed to that being something United are mindful of.
But in another twist, The Athletic also reported that the Red Devils have a revolving credit facility, essentially an overdraft, that they have been tapping into, and that gave them some breathing room.
Plumley explained: “Putting a figure on it is difficult, because we’re always looking in the sense of where the PSR headroom is ultimately.
“That’s not the only factor here, if you look at some of those reports again that were really good by The Athletic over the summer, they could have lost £140 million and still been PSR compliant in 24/25.
“They didn’t lose that, then you’ve got the revenue line, you’ve also got a revolving credit facility that they can tap into.
“You’ve got the thing about the Red Football Group Company rather than Manchester United Plc. So there’s a lot of factors in this mix in terms of what they could spend.
“The notes of caution, as always, are a couple of things around cash flow management.
“Particularly with transfers coming in, because you’ve got to pay some instalments, they’ll be mindful of that.
“They tried to do the Cunha payment over five years rather than three, that suggests that they’re looking at that. But they can still afford to pay it.
“Then you’ve got the loaded costs that you’re bolting in further down the line with the amortisation, the wages, but also with transfer fees in instalments to other clubs.
“They’re not all paid in one hit. So those are the things to be mindful of.”
Man United eye ambitious double deal
With a desire to continue improving the squad available to Amorim, the Red Devils look set to continue spending this summer.
Pete O’Rourke told Football Insider that Man United are eyeing an ambitious double deal for Carlos Baleba and Gianluigi Donnarumma.
Brighton are reluctant to part with their midfielder, and would likely demand a huge fee to sell the 21-year-old.
PSG, on the other hand, are very willing to sell Donnarumma, who is in the last year of his contract and set to be the second choice this year following Lucas Chevalier’s arrival.