Man Utd report net loss of £113.2m for 2023-24

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Manchester United have reported a net loss of £113.2 million for the year ending June 30, according to their latest accounts.

This follows losses of £28.7 million for 2022-23 and £115.5 million for 2021-22, bringing their total losses over the past five years to more than £370 million.

Despite these results, United are not expected to violate the Premier League’s profit and sustainability rules. This is because not all expenditures are counted against their calculations, and clubs can use allowances known as ‘add backs’.

Under Premier League regulations, clubs are limited to a loss of £105 million over a three-year period. Everton and Nottingham Forest have faced points deductions for breaching these rules.

“The club remains committed to, and in compliance with, both the Premier League’s profit and sustainability rules and Uefa’s financial fair play regulations,” said United chief executive Omar Berrada.

United’s latest financial figures cover a period during which they finished eighth in the Premier League, ended at the bottom of their Champions League group, but won the FA Cup.

During this time, British billionaire Sir Jim Ratcliffe acquired a 27.7% stake in the club.

United director Sir Dave Brailsford has led a comprehensive review of club operations since Ineos’ co-ownership began in December.

In July, it was announced that the club would cut 250 jobs as part of a broader cost-saving effort. The club anticipates saving between £30 million and £35 million over two years starting in 2025 as a result of this review.

In addition to the longstanding debt of $650 million (£496.52 million), United has £35.6 million in total current borrowings and an outstanding balance of £30 million on their revolving credit facility as of June 30.

The club expects to generate between £650 million and £670 million in revenue next year, following a record £661.8 million this year. Wages rose 10% to £364.7 million.

United, competing in the Europa League this season, have won one of their three Premier League games so far.

They signed five new players this summer: Manuel Ugarte, Joshua Zirkzee, Leny Yoro, Matthijs de Ligt, and Noussair Mazraoui.