Man Utd's Latest Financial Results Reveal £113.2m Loss, Exceeds £370m in Five-Year Deficit

Manchester United has reported a net loss of £113.2 million for the financial year ending 30 June 2024, according to their latest accounts. This follows losses of £28.7 million in 2022-23 and £115.5 million in 2021-22, bringing the club's total losses over the past five years to more than £370 million.

Despite these figures, Manchester United is not expected to violate the Premier League's profit and sustainability rules. This is because certain expenses are excluded from the calculations, and clubs are allowed to use financial provisions known as "add backs." Under current Premier League regulations, clubs are not permitted to lose more than £105 million over a three-year period. Recently, both Everton and Nottingham Forest were penalized with 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's chief executive Omar Berrada.

The new financial results reflect a period when Manchester United finished eighth in the Premier League and bottom of their Champions League group but won the FA Cup. The club also saw a significant change in ownership, with British billionaire Sir Jim Ratcliffe purchasing a 27.7% stake last season.

Following Ineos' acquisition, United director Sir Dave Brailsford initiated a comprehensive review of club operations. In July, the club announced plans to reduce its workforce by 250 jobs in a cost-cutting effort. This review is expected to save between £30 million and £35 million over the next two years starting in 2025.

In addition to longstanding debt of $650 million (£496.52 million), the club also reported total current borrowings of £35.6 million. As of 30 June, the outstanding balance on its revolving credit facility stood at £30 million.

Manchester United also forecasted revenues of between £650 million and £670 million for next year, after posting a record revenue of £661.8 million this year. Wages, meanwhile, rose by 10% to £364.7 million.

The club, which will compete in the Europa League this season, has won one of its first three Premier League matches so far. This summer, they added five players to their roster: Manuel Ugarte, Joshua Zirkzee, Leny Yoro, Matthijs de Ligt, and Noussair Mazraoui.