Manchester United’s operating profit rose to £13m in the financial year’s first quarter, compared with an equivalent £7m loss 12 months earlier, and the chief executive, Omar Berrada, said this was down to “the difficult decisions made in the past year” by Sir Jim Ratcliffe.

Since Ratcliffe became the largest minority owner in February 2024, his budgetary adjustments have included making about 450 redundancies, which will take the head count to about 800. The Ineos chair has also ended Sir Alex Ferguson’s ambassadorial role, saving about £2m a year, and cut free lunches for United employees.

Berrada said: “These robust financial results reflect the resilience of Manchester United as we make strong progress in our transformation of the club. The difficult decisions we have made in the past year have resulted in a sustainably lower cost base and a more streamlined, effective organisation equipped to drive the club towards improved sporting and commercial performance over the long term. That has helped us to invest in our men’s and women’s teams, sitting in sixth and third places in the Premier League and Women’s Super League respectively.”

United’s revenue was £140.3m, down from £143.1m 12 months previously, and the club’s revolving credit rose £35.7m to £268m, with noncurrent borrowings remaining at £650m. The club’s cash and cash equivalents fell to £80.5m from £149.6m and sponsorship revenue was £47m, a 9.3% decrease owing to the loss of a training kit partner after United’s deal with Tezos ended.

It is understood productive discussions are continuing with prospective partners regarding training kit sponsorship.