Manchester United have posted a huge financial loss for 2023-24 despite the club undertaking 'transformative cost-savings' under INEOS.
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Man Utd post loss for fifth straight yearClub also announce record revenuesCurrently undertaking cost-saving measuresWHAT HAPPENED?
The Red Devils have announced a net loss of £113.2 million ($147m) for last year, largely due to "increased investment" in the playing squad. It's the fifth consecutive year in which United have announced losses and makes a total of £370m ($482m) in that time. The club's latest accounts also show "record" revenues of £661.8m ($863m). United also report they are "committed to and compliant" with Premier League Profit and Sustainability and UEFA's Financial Fair Play Rules despite the huge losses.
AdvertisementMan UtdTHE BIGGER PICTURE
Manchester United's results come after some cost-saving measures. The club have already announced plans to cut 250 jobs as part of a bid to put the club on a "more sustainable footing." Sir Jim Ratcliffe has also injected $200m (£153m) of fresh capital into the club in a bid to help fund the current development of United's Carrington training ground.
WHAT MAN UTD SAID
Chief executive Omar Berrada said in a statement: “It has been a busy off-season for the club with successful training camps for both our men’s and women’s teams. We have strengthened our men’s first team with five exciting players and put a new football leadership structure in place to provide greater support to our manager, Erik ten Hag.
"Dan Ashworth was appointed Sporting Director and Jason Wilcox joined us as Technical Director, two extremely experienced and highly respected professionals who will add great depth to our team. We have added six players to our women’s team and are investing to ensure all of our teams have access to world-class training facilities at a fully renovated Carrington. We are also delighted to have extended our Principal Partnership with Snapdragon, after an excellent start, for a further two years in addition to the initial three-year term.
"As I embark on my new role as Chief Executive Officer of this historic club, we are all extremely focused on working collectively to create a bright future with football success at the heart of it. We are working towards greater financial sustainability and making changes to our operations to make them more efficient, to ensure we are directing our resources to enhancing on-pitch performance. Today, we announce new guidance for fiscal 2025 which reflects a partial year impact of the transformative cost-savings and organizational changes that we have been busy implementing over the summer."
GettyWHAT NEXT FOR MAN UTD
Manchester United have managed just one win so far in the new Premier League season and return to action on Saturday against Southampton.