Sept 11 (Askume) – Manchester United ‘s (MANU.N) new chairman said on Wednesday the club would look to improve its performance on and off the field after a poor 2023-24 season and a fifth consecutive net loss, something the new team was working on.
Shares in the Premier League soccer club fell 8% in early U.S. trading as it posted a net loss for the year to June of 113 million pounds ($147 million), its biggest since listing in New York in 2012, after a loss of more than £100 million.
United have made a number of changes since British billionaire Jim Ratcliffe bought a 25% stake in the club and the transfer market has been transformed under his stewardship.
Newly appointed CEO Omar Berrada said: “We are working hard to improve financial stability and operational efficiency to ensure we make the best use of our resources to improve the region’s performance. I am investing in this.”
“Our clear aim is to get the club back to the top of European football.”
The Premier League places heavy spending limits on clubs under its profitability and sustainability rules (PSR) to level the playing field and prevent wealthy owners from spending huge sums on players.
To comply with the PSR, clubs must not lose more than £105 million over three years, although deductions can be made for investment in infrastructure, academies, charitable foundations and women’s football.
Manchester United has lost more than £257 million in the past three years and more than £370 million in the past five years. The club said it remains committed to and complies with the PSR and European governing body UEFA’s financial fair play rules.
Manchester United finished eighth in the Premier League last season, their lowest finish since the league’s inception in 1992. They also got off to a poor start to the season, losing two of their first three games.
In the financial year 2025, the club expects adjusted core profit of £145-160 million and revenue of £650-670 million. The company reported an adjusted core profit of £147.7 million for the 2024 financial year, on record revenue of £661.8 million.
This forecast reflects the impact of recent restructuring, which included the reduction of 250 jobs .
($1 = 0.7663 British pounds)
