Manchester United have announced that the club made a net loss of £113.2m for the 2023/24 financial year.
These results confirmed that United made a net loss for the fifth consecutive year, with the club yet to make a profit since 2019. In the past two years, it posted losses of £28.7m and £115.5m of pounds, with his loss of three years. up to £254.7 million.
While this could put them at risk of being penalized by the Premier League under profit and sustainability rules, as well as UEFA over financial fair play, United claim they are still within both sets of regulations
A statement said: “The club remains committed to, and complies with, both the Premier League’s profit and sustainability rules and UEFA’s Financial Fair Play rules.”
The PSR decrees that clubs can only make losses of £105m over a three-year period, although the costs of infrastructure, women’s teams and youth teams are not counted towards this total. united are continuing to assess their options regarding the redevelopment of Old Trafford and have begun renovating their Carrington training base.
Of this year’s loss, £47.8m was spent on the strategic review process which eventually saw Sir Jim Ratcliffe buy a minority stake in United.
In a bid to cut costs, Ratcliffe has already cut 250 jobs, while manager Erik ten Hag admitted the £25m sale of Scott McTominay to Napoli was partly due to PSR pressure.
Despite announcing these losses, implementing new cost-cutting measures and poor Premier League results over the past year, United also posted record annual revenue of £661.8m.
