Manchester United presented net loss of £113.2m (US$148 million) in the 2023-2024 financial year, marking its fifth consecutive year of red ink, despite posting record revenues of £661.8 million (US$864 million).
This 2.1% increase compared to the previous year was due to the increase in commercial and box office revenues, although it was not enough to offset the multi-million dollar losses.
Last season, Erik Ten Hag’s side finished a disappointing eighth in the Premier League, their worst finish since 1990, and were eliminated in the group stages of the Champions League. However, United managed to salvage their campaign with a win in the FA Cup, beating bitter rivals Manchester City in the final at Wembley.
Still, its players, including Alejandro Garnacho and Lisandro Martínez are not for sale and neither of them are in danger of leaving the club.
The new CEO, Omar Berradafrom Manchester City, said the club is focused on ensuring a more sustainable future, with sporting success as its main axis:
“We are working to achieve greater financial sustainability by making changes to our operations to make them more efficient, to ensure that we are allocating our resources to improve performance on the pitch.”
Despite the efforts of the new management, the club remains in financial difficulties. Sales of players such as Scott McTominay and Mason Greenwood, which generated more than 100 million euros, have not been able to stem the club’s financial deficit. According to the balance sheet for the financial year, Manchester United’s total pre-tax losses amount to 312.9 million pounds ($408.2 million).
Manchester United faces an urgent need to return to profitability as it seeks to comply with the Premier League’s strict Profitability and Sustainability Standards (PSRs). However, new management remains confident that restructuring measures, which include the elimination of 250 jobs, will help put the club on a more stable financial footing going forward.
Source: Ambito
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