Ruben Amorim is under even more pressure at Manchester United after what happened yesterday

666. The number of the beast. Rather fitting then, that despite the hellish performances of the 'Red Devils', they announced a heavenly £666.5 million record revenue in their latest financial results.

Ed Woodward was berated when he infamously claimed Manchester United's sporting success didn't have a 'meaningful' impact on their commercial performance. Seven years later, he was proven right once again.

After a season in which they sacked a manager, missed out on European football, finished trophyless and recorded their lowest-ever Premier League finish, United still managed to make the numbers work. Their record revenue included record matchday revenue (up 17%), the highest ever levels of ticket sales and memberships, and record commercial revenues (up 10%), after the first year of their new shirt sponsorship with Snapdragon.

They also reduced losses in 2024/25 from £130m the previous year to *just* £40m. United are still losing money, but they are doing so at a sharply reduced rate (a £113m net loss the previous year, compared with a £33m net loss in the latest figures).

United sources reiterate that continued discipline is required to control costs and insist the club’s primary focus remains on improving football performance, which holds the key to improved financial performance over the long term. It is also worth noting that those improved revenues are evidence of the cost-cutting measures introduced under Jim Ratcliffe, the redundancy process that has seen roughly 450 jobs cut in the last year, and an increase in ticket prices.

While the latest figures are a reminder that United can still make huge money without sporting success, they are also evidence of the huge room for growth if they can sort the football out as well. Earlier this year, Jim Ratcliffe claimed that in "in three years, Manchester United will become the most profitable club in the world." You wouldn't put it past them.

In order to do so, United must be regulars in the Champions League. It is estimated they would earn a minimum of £70m in prize money if they qualified for the league phase, with an additional £1.8m for each victory. Those who each reach the quarter-finals earn roughly £20m extra in prize money, while the winners benefit from an additional £54m.

You can then factor in roughly £5.2m in matchday income, which would mean a guaranteed £20.8m and as much as £41.6m from the Champions League matches they would host. Participation in the competition would also be hugely lucrative from a commercial perspective, with many deals incentivised due to increased publicity from being associated with a Champions League club.

It was estimated earlier this year that even a poor return in the Champions League would earn £100m in revenue when you consider all of those factors, with as much as £140m if they performed well. It is therefore very easy to see why Ratcliffe has demanded a top-five finish in the Premier League this season and a return to the top continental club competition, even if they aren't ready to win it.

These numbers also explain why Ruben Amorim is in such a precarious position. It was revealed this week United would have to pay the Portuguese coach a £12 million compensation package if they were to sack him within the first year of his contract. It would be highly embarrassing to do so, but they could afford to do it if they felt at risk of missing out on the lucrative Champions League riches once again.

It is important to stress that at the moment, Amorim is safe in his role and Ineos does not have any plans to sack him. Sources are aware that results have not been good enough this season, but there is a genuine belief that performances have improved and United will reap the rewards if some of the 'fine margins' begin to go their way.

However, the underlying ultimatum of Champions League qualification will be important. If United have not improved their results by the next two international breaks, then it would not be a surprise if they went back to the drawing board and made a managerial change while there was still time to achieve a top-five finish.

It might cost a lot to sack Amorim, but it would cost even more if they missed out on the Champions League again.

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