Manchester United pledges to improve on and off the pitch after fifth year of losses
MANCHESTER United’s new chief said on Wednesday (Sep 11) the club was working towards improving performance on and off the pitch after posting a fifth consecutive year of net losses following a poor 2023-2024 season.
United have embarked on a slew of changes since British billionaire Jim Ratcliffe bought a 25 per cent stake in the club and under his stewardship had a positive summer in the transfer market. The club made quick and decisive moves to secure new players, many of whom are under 25 years of age, seeking success with them in the short term and the future.
“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,” stated the club’s newly appointed CEO, Omar Berrada.
United’s net loss widened to £113.2 million (S$193 million) in the year ended Jun 30, from £28.7 million a year earlier. This was only the second time since the New York listing that United’s annual net loss was more than £100 million.
Shares were 5 per cent lower in US premarket trading.
The club said it was compliant with the Premier League’s Profit and Sustainability Rules and Uefa’s Financial Fair Play Regulations.
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Berrada took the reins in July after moving from Manchester City’s parent company, City Football Group.
“Our clear objective is to return the club to the top of European football.”
United finished a disappointing eighth in the Premier League last season, their lowest position since the league’s inception. This season hasn’t started any better, with two losses from the first three games.
Earlier this month, Berrada said manager Erik ten Hag had the full backing of the club.
For the fiscal year 2025, the club expects an adjusted core profit between £145 million and £160 million and revenues to range from £650 million to £670 million. It reported adjusted core profit of £147.7 million on record revenues of £661.8 million in the fiscal year 2024.
The forecast reflects the impact of recent restructuring initiatives that included plans for 250 job cuts. REUTERS
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