On Wednesday, Manchester United revealed a net loss of £113.2 million (US$148 million) for the FY 2023/24, their fifth successive year in the red (flo) even as they reported the best revenue performance.
The clubbing revenue figure was increased by 2.1 percent to £661.8 million due to record commercial and matchday revenues.
One of the issues is the addition of £47.8 million of “exceptional items” of which most relates to the purchase of a minority stake by Jim Ratcliffe: this was completed in February.
In the 2023/24 Season, United was ranked Eighth in the Premier League their lowest since 1990, and were also booted out of the Premier League Cup in the Group Stage round. In any case, their squad led by Erik Ten Hag was able to win another domestic cup – the FA Cup defeated Manchester City in the final and becoming the second trophy in two seasons.
There have been major shifts within the club’s management over the past couple of months, a new chief executive Omar Berrada being one of them. Berrada, formerly of Premier League champions, Manchester City is keen to improve financial and operational efficiency so that business on the pitch can be enhanced.
According to the rules of financial fair play established in the English Premier League, a club may lose no more than £105 million over 3 years, although certain costs, such as those associated with infrastructure and youths, may be included as an allowable loss.
United’s next fixture is scheduled for Saturday when the club plays Southampton after losing two matches in their first three league games in the new season of the English Premier League.
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