Speaking to The Times in March, Ratcliffe had warned: "The costs had got out of control. If you think of it in really simple terms, you've got the operating costs, which are all the staff and the fixed costs of running the business. And then you've got all the squad costs, player salaries and player purchases. In super simple terms, the club has been spending more money than it’s been earning now for the last seven years, and it ends in a very difficult place. And for Manchester United, that place ended at the end of this year, the end of 2025, with the club running out of cash."