by Manchester United reported a net loss of £113.2 million ($148 million) for the 2023/24 season on Wednesday, despite record revenues – its fifth consecutive year of losses.
In the year to 30 June 2024, the Premier League club reported record revenues of £661.8 million – up 2.1 per cent – driven by record revenues from commercial activities and matchday income.
United incurred costs of £47.8 million for “exceptional items”, largely related to Jim Ratcliffe’s purchase of a minority stake in the club, which was completed in February.
United finished eighth in the Premier League in the 2023/24 season – their lowest finish since 1990 – and were eliminated in the group stages of the Champions League.
But Erik ten Hag’s side won the FA Cup, beating Manchester City in the final at Wembley to secure their second trophy in two years.
United has made extensive restructuring within its own ranks in recent months, including hiring new managing director Omar Berrada, who was poached from Premier League champions Manchester City.
“As I begin my new role as CEO of this storied club, we are all very focused on working together to create a bright future with football success at its core,” said Berrada.
“We are working towards greater financial sustainability and making changes to our operations to make them more efficient and ensure we use our resources to improve performance on the pitch.”
The Premier League’s profitability and sustainability rules allow a maximum loss of £105 million over three seasons, but within this framework certain losses are considered “permissible”, such as spending on infrastructure and youth and women’s teams.
Both Everton and Nottingham Forest suffered point deductions last season after being found to have breached the PSR.
United, who started the new Premier League season with two defeats in three games, return to the pitch at Southampton on Saturday.
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