September 12 – Manchester United posted net losses of £113.2 million for the year ending June 30 despite earning record revenues £661.8 million – their fifth straight year of losses.
United incurred costs of £47.8 million in “exceptional items”, mostly related to Jim Ratcliffe’s purchase of a minority stake in the club, which was completed in February.
United finished eighth in the Premier League in the 2023/24 season – their lowest finish since 1990 – and exited at the group stage of the Champions League.
But Erik Ten Hag’s men won the FA Cup – beating Manchester City in the final at Wembley for a second trophy in two years.
United have embarked on a major backroom shake-up in recent months, including bringing in a new chief executive, Omar Berrada, poached from Premier League champions Manchester City.
“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,” said Berrada.
“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.”
United, who have started the new Premier League season with two defeats in three matches, return to action at Southampton on Saturday.
Meanwhile Cristiano Ronaldo says his former club must rebuild from the bottom up if they are to compete for the top titles again.
Ronaldo won three Premier League titles, the Champions League and a Club World Cup crown during his first stint at United from 2003-2009 and said he still loves the club.
Speaking on a podcast, Ronaldo said: “They need to rebuild everything, in my opinion … the club needs time to rebuild because it’s still one of the best clubs in the world, but they need to change. They understand that this is the only way.”
“They have to rebuild from the bottom….
Source link : https://www.insideworldfootball.com/2024/09/12/man-utd-post-113m-losses-club-targets-resources-improved-playing-performances/
Author : Paul Nicholson
Publish date : 2024-09-12 11:51:42
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