Manchester United set financial goals for year after quarterly loss narrows

MANCHESTER United reinstated an annual financial forecast for the first time since the pandemic on Thursday (Sep 22), after losses in the fourth quarter narrowed thanks to increased ticket sales.

Annual revenue at the club, controlled by the American Glazer family and listed in New York, rose 18 per cent to £583 million (S$934.4 million) in the year to the end of June.

Net debt, a bone of contention for the fan base, grew nearly 23 per cent to £514.9 million, hurt by a weaker sterling.

The 20-time English champions have seen several changes this year, including welcoming CEO Richard Arnold, who effectively replaced executive vice-chairman Ed Woodward.

“While there is a lot more work to do, everyone at the club is aligned on a clear strategy to deliver sustained success on the pitch and a sustainable economic model off it, to the mutual benefit of fans, shareholders, and other stakeholders,” Arnold said in a statement.

The club forecast total revenue for the 2022-23 period to be between £580 million and £600 million and is targeting adjusted core profit between £100 million to £110 million.

That is despite the team’s failure to qualify for the elite European Champions League this season.

The English Premier League soccer club reported a net loss of £70.7 million for the 3 months to Jun 30, compared with a loss of £107.7 million a year earlier.

The men’s team has a new manager, Dutchman Erik Ten Hag, who this season became the fifth permanent team manager since Alex Ferguson ended his 26-year reign in 2013. REUTERS