Manchester United has reported a net loss of £113.2 million for the fiscal year ending June 30, 2024, according to their latest financial statement. This loss marks the club’s third consecutive year of financial downturns, with total losses exceeding £370 million over the past five years.
Despite these financial hurdles, the club is optimistic about meeting the Premier League’s profit and sustainability standards, thanks to certain allowances and provisions. CEO Omar Berrada reassured stakeholders of the club’s dedication to complying with both Premier League and UEFA financial regulations.
The report reflects a challenging period for United, featuring underperformance in the Premier League and Champions League, although they clinched the FA Cup. Last season also saw British billionaire Sir Jim Ratcliffe acquire a 27.7% stake in the club.
To address financial pressures, the club plans to cut 250 jobs, aiming to save between £30 million and £35 million over the next two years. As of June 30, 2024, United’s total debt stands at £496.52 million, with additional short-term borrowings of £35.6 million and a revolving credit facility balance of £30 million.
Looking ahead, Manchester United projects revenue between £650 million and £670 million for the upcoming year. Despite this forecast, their wage bill has risen by 10% to £364.7 million. The team, now competing in the Europa League, has bolstered its squad with five new signings this summer.
