Capital Expenditure.

Key Figures

PPE capex FY2019–FY2024 avg

~£14M/yr

Maintenance-level investment

PPE capex FY2025

£44.7M

Carrington INEOS redevelopment

Player capex FY2025

£278.8M

Club record - 6× infrastructure

Infrastructure 2010–2022

£136M

United vs Tottenham £1.4Bn

OT renovation estimate

£800M–£1Bn

Task Force Jan 2025

New stadium estimate

~£2Bn

100,000 capacity option

Overview

Capital expenditure (capex) at Manchester United refers to investments in property, plant and equipment - principally the Old Trafford stadium and Carrington training complex - as distinct from spending on player registrations, which is accounted for separately as an intangible asset.¹ Infrastructure capex does not count toward Profit and Sustainability Rule (PSR) calculations, making it financially distinct from player acquisition costs.²

Annual PPE capex remained at historically low levels through the Glazer era, running at approximately £13–17 million per year from 2019 to 2024, before jumping to £44.7 million in FY2025 following INEOS-funded Carrington investment.³

Old Trafford

Manchester United expanded Old Trafford from approximately 68,000 to 74,240 seats in work completed prior to the 2006/07 season - the last major capacity increase at the stadium.⁴ Reported Old Trafford capex in the three fiscal years ending June 2025 was £13.4 million (FY2023), £8.2 million (FY2024), and £13.1 million (FY2025).⁵ The club confirmed in May 2024 that it would not undertake roof repairs until a decision was reached on comprehensive stadium redevelopment.⁶

The Old Trafford Regeneration Task Force, formed in March 2024, concluded in January 2025 that renovation to 87,000 capacity would cost an estimated £800 million to £1 billion, while new construction at 100,000 capacity would cost approximately £2 billion.⁷

Carrington

The Carrington training complex opened in 2000 at an initial cost exceeding £60 million. The last expansion prior to INEOS involvement was a £25 million medical and sports science building in 2012/13.⁸ No further major investment occurred until INEOS assumed football operations control in February 2024, funding a £50 million men's first team facility redevelopment completed in August 2025 and a £10 million women's and academy building in 2024.⁹

Net capital expenditure on property, plant and equipment was £44.7 million in FY2025, an increase of £27.2 million year-on-year, attributed primarily to the Carrington redevelopment.³ Capital expenditure was £17.0 million in Q1 FY2026, an increase of £6.7 million from the prior year quarter due to finalisation of the Carrington project.¹⁰

Infrastructure vs Player Registration Capex

The contrast between infrastructure capex and player registration cash outflows illustrates the capital allocation priorities of the Glazer era. In FY2025, the club spent £44.7 million on property, plant and equipment - and £278.8 million on player registrations, a club record.¹¹ Over the decade FY2015 to FY2024, gross player registration spending totalled approximately £1.6 billion; infrastructure capex over the same period was approximately £150 million.¹²

Swiss Ramble analysis found that over approximately the decade to 2022, Manchester United spent £136 million on infrastructure capital expenditure - less than both Fulham and Leicester City in that period, and dwarfed by Tottenham Hotspur's £1.4 billion (principally the construction of their new stadium).¹³

Peer Comparison

Manchester United's infrastructure investment record over the decade to 2022 (approximately £136 million) compared unfavourably to several Premier League peers. Tottenham Hotspur invested approximately £1.4 billion over the same period, largely through the construction of their 62,850-seat stadium opened in 2019. The Deloitte Football Money League 2025 noted that Liverpool had generated higher attendances and non-matchday revenue following infrastructure investment, and that Manchester United was "currently exploring available options to redevelop Old Trafford."¹⁴

Accounting Treatment

Infrastructure capital expenditures are added to the property, plant and equipment balance on the club's balance sheet and depreciated using the straight-line method over their useful lives.¹ Unlike player amortisation, depreciation of physical assets is not excluded from Adjusted EBITDA under the club's definition - it is stripped out in that metric under "depreciation and impairment."¹⁵ Infrastructure capex is PSR-exempt: spending on facilities, academies, and women's teams does not count against a club's three-year permitted loss threshold.

Summary

Capital expenditure on infrastructure at Manchester United ran at maintenance-level investment (£13–17 million annually) through most of the Glazer era before rising to £44.7 million in FY2025 due to INEOS-funded Carrington investment. The structural contrast with player registration spending - £278.8 million in FY2025 alone - and the comparison with peer clubs illustrates the relative priority given to physical asset development versus squad acquisition throughout the ownership period.