Sept 11 (Askume) – Manchester United (MANU.N) is working hard to improve performances on and off the field after a poor 2023-24 season that led to the club posting a net loss for the fifth consecutive year, its new chairman said on Wednesday.
United have undertaken a series of changes since British billionaire Jim Ratcliffe bought a 25% stake in the club and have had an active summer in the transfer market under his leadership . The club has moved quickly and decisively to attract new players, many of them under the age of 25, who it hopes will bring success in the short term and in the future.
Omar Berrada, the club’s newly appointed chief executive, said: “We are working towards greater financial stability and making changes to our operations to improve efficiency and ensure we direct our resources towards improving on-field performance.
United’s net loss in the year ended June 30 widened to 113.2 million pounds ($148.14 million) from 28.7 million pounds a year earlier. This is the second time since Manchester United’s New York listing that its annual net loss has exceeded £100 million.
Shares fell 5% in US pre-market trading.
The club said it complies with the Premier League’s profit and sustainability rules and UEFA’s financial fair play rules.
Berrada took over in July after splitting from Manchester City’s parent company City Football Group.
“Our clear aim is to get the club back to the top of European football.”
United finished a disappointing eighth in the Premier League last season, their lowest finish since the league’s inception. The start of the season wasn’t great either, losing two of the first three games.
Earlier this month, Berrada said head coach Erik ten Hag has the full support of the club .
For the 2025 financial year, the club expects adjusted core profit to be between £145 and £160 million, on revenues between £650 and £670 million. The company reported an adjusted core profit of £147.7 million for the 2024 financial year, on record revenues of £661.8 million.
The forecast reflects the impact of recent restructuring plans, which include planned job cuts of 250 people .
($1 = 0.7641 British pounds)
