Manchester United have announced a net loss of £113m for the year 2023-24
It is the club’s fifth consecutive full-year loss, and is due in part to increased investment in the playing squad and comes despite the club posting record full-year revenues of £661m as the team reaped the benefits of participating in the lucrative UEFA Champions League competition.
The club made a £28.7m loss in 2022/23 and £115m in 2021/22.
Part of the loss is due to a total of £47.8m in exceptional costs related to the strategic review process which led to Ratcliffe’s minority stake.
The club has since embarked on a restructuring process, cutting 250 jobs.The club says that the restructuring should see savings of £40-45m by 2026
Omar Berrada, United’s chief executive, said:
“It has been a busy off-season for the club with successful training camps for both our men’s and women’s teams. We have strengthened our men’s first team with five exciting players and put a new football leadership structure in place to provide greater support to our manager, Erik ten Hag. Dan Ashworth was appointed Sporting Director and Jason Wilcox joined us as Technical Director, two extremely experienced and highly respected professionals who will add great depth to our team. We have added six players to our women’s team and are investing to ensure all of our teams have access to world-class training facilities at a fully renovated Carrington. We are also delighted to have extended our Principal Partnership with Snapdragon, after an excellent start, for a further two years in addition to the initial three-year term.”
He added:
“As I embark on my new role as chief executive officer of this historic club, we are all extremely focused on working collectively to create a bright future with football success at the heart of it.
“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.
Berrada took the reins in July after moving from Manchester City’s parent company, City Football Group.
