Manchester United reports wider third quarter loss after tough season

MANCHESTER United will raise ticket prices by about 5 per cent for the upcoming soccer season, the club said on Wednesday (Jul 10), after reporting a sharply higher net loss for the third quarter following a tough season in the Premier League.

The Old Trafford club reported a net loss of £71.4 million pounds (S$123.4 million) for the three months ended Mar 31, compared with a loss of £5.6 million a year earlier.

It plans to cut about 250 jobs as part of a club-wide redundancy programme, the club confirmed on Wednesday.

After a tough season in which the 20-time English champions finished in eighth place in the Premier League – the lowest showing since the League’s formation – United has been reviewing all aspects of the club’s activities.

United now expects annual revenue of about £660 million, compared with an earlier range of £635 million to £665 million, and adjusted core profit of about £140 million, against an earlier range of £125 million to £150 million. REUTERS