Stefan Borson: Man United could be forced to put new stadium plans ‘on hold’ after £1bn+ reveal
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(Credit: Getty Images/Imago)
James Murray
Tue 23 September 2025 20:00, UK
Manchester United could be forced to put their new stadium plans “on hold” after releasing their latest accounts.
Man United have announced plans to build a 100,000-seater stadium as part of the government’s regeneration of the Old Trafford area.
Sir Jim Ratcliffe has insisted he wants the new stadium, which the club believe will cost around £2billion, to be the “world’s greatest” and potentially be completed within five years.
Former Man City financial adviser Stefan Borson exclusively told Football Insider Man United’s debt is starting to get “too high” as they consider plans to finance the new stadium development.
Credit: Imago
Man United smashed their club-record revenue again in 2024-25 after their turnover increased from £661.8million to £666.5m.
Football net debt over EBITDA, their earnings, is now at a level that’s really very high.
“I mean, it’s five times effectively, and given that the plan for United is one to continue to invest in the first team because I don’t think anybody would suggest that their investment phase of getting the team back to the level that it wants to be, nobody would suggest that that’s finished, so there’s more spending required there.
Now, the issue there is that the share price was $15 (£11.11) last week and the share price that Sir Jim Ratcliffe invested in not too long ago was more than double that at $33 (£24.33), so it’s complicated.
Credit: Getty Images
“You could say that the stadium situation is going to be very challenging to do, possibly even on hold given where the financials are right at this point, unless they can get effectively a subsidy from local or central government, or equity from a third party.
“I think the debt situation now, they’re getting to the point where the starting point of the debt is starting to get too high to then stick on top very considerable stadium debt.”
Borson previously told Football Insider Man United could be facing a £4bn bill to complete the new stadium development due to a rise in inflation.
In terms of other key financials within Man United’s latest accounts, there was a significant uplift in commercial income, which improved from £302.9m in 2023-24 to £333.3m last season.