Football

Manchester United Report £113.2m Net Loss During 2023-24 Despite Revenues Of £661.8m

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Cai Parry
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Cai Parry Sports Editor

Cai is a news and features writer that specialises in football, but has experience covering a variety of other sports, including darts, basketball, American football, MMA, boxing and more. He holds a degree in Football Journalism (BA Hons) from the University of Derby, and worked with Nottingham Forest FC and Burton Albion FC throughout his studies. Cai also has experience working in social media with the Football Association of Wales, where he worked on a freelance basis, and has also been an accredited writer in the JD Cymru Premier for both Y Clwb Pêl-Droed and welshfootie since the 2019/20 season.

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Published11 Sep 2024

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Manchester United

Manchester United have reported a net loss of £113.2m during the 2023-2024 financial year, with their losses across the last five years now totalling more than £370m.

Manchester United Announce £113.2m Net Loss During 2023-24

Premier League giants Manchester United have posted their accounts for the 2023-24 financial year, confirming that they have suffered a net loss of £113.2m despite recording a record-high £661.8m in revenue.

The losses mean that the Old Trafford club have now lost more than £370m in total across the last five years, however they are not expected to be in breach of the Premier League‘s profit and sustainability rules (PSR).

Clubs are not allowed to suffer more than £105m in losses over a three-year period to keep in line with PSR, but clubs are able to reduce their number of losses through ‘add backs’ such as spending on youth development, women’s football, community work, and other areas.

Of course, both Everton and Nottingham Forest have fallen victim to PSR in recent times, with the pair suffering points deductions in the English top flight last season.

United’s net loss comes amid a restructuring throughout the football club, with Sir Jim Ratcliffe acquiring a 27.7% stake in his boyhood side last year, and they have since announced that 250 jobs would be cut in an attempt to slash costs. Between £30m and £35m is expected to be saved over two years from 2025 due to this and their ‘club-wide cost review’.

The club also expects to generate record revenues once again next year, between £650m and £670m, with the recent increase being driven by increases in broadcasting and matchday income.

Omar Berrada: “We Are Working Towards Greater Financial Stability”

Manchester United’s new chief executive, Omar Berrada, outlined his vision for the club going forward in a statement released to accompany the club’s full-year financial results.

“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.

“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.

“Today, we announce new guidance for fiscal 2025, which reflects a partial year impact of the transformative cost-savings and organisational changes that we have been busy implementing over the summer.

“Ultimately, the strength of Manchester United is driven by the passion and loyalty of our supporters. Our clear objective is to return the club to the top of European football.”