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Manchester United CEO Omar Berrada has insisted that the club is working towards becoming more “financially sustainable” after posting a loss of £113.2m in their latest financial results.
This follows losses of £28.7m in 2022/23 and £115.5m in 2021/22, taking total losses over the past five years to an astonishing £370m.
This means that United were last profitable in 2019 but the 20-time English champions are not expected to breach the Premier League’s profit and sustainability rules (PSR). This is because not all spending goes against their calculations and clubs can claim allowances known as “add-backs.”
It’s important to note that the Premier League allows for losses of £105m over a three-year period, but there are provisions for allowable losses. These include investment in infrastructure and youth development.
The Red Devils also announced record full-year revenues of £661.8 million for the year ending June 30 in results published on Thursday.
In a statement to accompany United’s full-year financial results, Berrada 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 a 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 regarded 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.”
The United chief 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.”
“Today, we announce new guidance for fiscal 2025, which reflects a partial year impact of the transformative cost-savings and organisational changes that we have been busy implementing over the summer.”
“Ultimately, the strength of Manchester United is driven by the passion and loyalty of our supporters. Our clear objective is to return the club to the top of European football. Everyone at the club is aligned on a clear strategy to deliver sustained success, both on and off the pitch, for the ultimate benefit of our fans, shareholders and hugely diverse range of stakeholders.”
The released financial figures cover a period when United finished eighth in the Premier League and finished in bottom place of their Champions Group.
Erik ten Hag’s man also won the FA Cup after beating Manchester City at Wembley.
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