Man United posts $144 million losses in latest financial report

Manchester United has revealed losses of around $144 million for the most recent financial year. The Red Devils also announced revenues reaching $863 million for the year ending on June 30th. Nevertheless, net losses are rising at the club due to continued investments in the roster. The latest tally takes overall losses at United to about $481 million over the last five years.

The most recent financial year runs from July 1, 2023, to June 30 of this year. Because all of United’s transfer business last summer occurred after July 1, every deal from 2023/24 is included in these results. Club brass recorded a net spend of about $158 million during this timeframe after buying several stars. This includes moves for Mason Mount, Andre Onana, and Rasmus Hojlund.

The club continued its massive spending spree this summer, but the moves were all finalized after the financial deadline. As a result, deals for Joshua Zirkzee, Leny Yoro, Matthijs de Ligt, Noussair Mazraoui, and Manuel Ugarte will impact the next financial year.

New minority owner cuts costs at club as losses rise

Along with major transfer business, Sir Jim Ratcliffe’s arrival at United directly affected the recent financial posting. The British billionaire acquired a minority stake in the club back in February for around $1.6 billion. A recent report claimed that the deal essentially cost the English team more than $50 million. Legal and consultancy fees were the main reasons for the financial setback.

Since Ratcliffe’s arrival, the billionaire has made several cuts behind the scenes. For instance, 250 United employees were fired. That move saved the club around $12 million. Multiple highly rated academy coaches were among those departing. Along with the firings, Ratcliffe also made several money-saving moves regarding United’s women’s team.

Cost-cutting measures were necessary at the club because of their recent financial results. In fact, United has recorded losses of at…

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Author : Chris Moore

Publish date : 2024-09-11 14:47:26

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