United's recurring costs are falling, though not to the extent claimed

Manchester United wages and operating expenses, 2015-16 to 2025-26

Line chart of Manchester United expenditure over past decade.

(Please use a modern browser to see the interactive version of this visualization)

Note: 2025-26 figure is a projection by The Athletic.
Line denotes annual wage bill and operating expenditure. Excludes player amortisation or impairments, fixed asset amortisation or depreciation, exceptional items (e.g. redundancy payments), financing and any other non-cash costs.

Source: club financial statements