Premier League club, Manchester United have reported a net loss of £113.2 million in the year ending on 30 June, 2024, according to their latest financial report.
This marks Manchester United’s third consecutive year of losses, with total losses over the past five years reaching over £370 million.
However, United believe that they will not breach the Premier League’s Profit and Sustainability Rules(PSR) due to certain allowances and provisions.
United’s chief executive, Omar Berrada, stated that the club remains committed to complying with both the Premier League’s profit and sustainability rules and UEFA’s financial fair play regulations.
The club’s new financial figures cover a period when they faced challenges in the Premier League and Champions League but still managed to win the FA Cup. Last season also saw British billionaire Sir Jim Ratcliffe purchase a 27.7% stake in the club.
United’s director, Sir Dave Brailsford, has conducted a comprehensive review of club operations following Ineos’ co-ownership.
In a cost-cutting effort, the club announced plans to reduce 250 jobs, aiming to save between £30 million and £35 million over two years starting in 2025.
Despite a long-standing debt of £496.52 million, United also have ‘total current borrowings’ of £35.6 million, with an outstanding balance of the revolving credit facility at £30 million as of 30 June 2024.
While Manchester United expect to generate around £650 million to £670 million in revenue next year, their wages rose by 10% to £364.7 million.
The team, currently competing in the Europa League, signed five new players this summer.