Manchester United plc delivered a mixed QQ4 2024 performance in GBP. Revenue declined year-over-year but rose modestly quarter-over-quarter to GBP142.21 million, with gross profit of GBP142.21 million and an EBITDA of GBP20.70 million, yielding an EBITDA margin of 14.55%. The company posted a net loss of GBP36.28 million for the quarter and a negative operating income of GBP32.41 million, underscoring ongoing cost structure and impairment dynamics within the football and entertainment business. Notwithstanding the bottom-line softness, the group generated robust operating cash flow of GBP125.86 million and free cash flow of GBP118.97 million driven by working capital movements, while maintaining a solid liquidity position with GBP73.55 million in cash and cash equivalents and a total debt load of GBP555.26 million. Balance-sheet metrics show total assets of GBP1.3448 billion supported by tangible and intangible assets, with total stockholders’ equity of GBP144.89 million, and a leverage profile indicating a debt-to-capitalization of 0.793 and a debt-to-equity ratio of 3.83. The quarterly earnings depict a brand-rich, high-cash-generating asset with meaningful earnings volatility tied to sports rights cycles, sponsorship dynamics, matchday revenue recovery, and merchandising velocity. Investors should weigh the near-term profitability headwinds against the durability of cash generation and the potential upside from licensing, DTC initiatives, and broadcast-right renewals over the next 12–18 months.