July 10, (THEWILL) – Manchester United reported a net loss of £71.4 million for the first quarter of 2024, according to their latest financial results, the losses include £30.3m in exceptional costs related to Jim Ratcliffe’s purchase of a 27.7% stake in the club.
The deficit is significantly higher than the £5.6m loss reported for the same period in 2023. United’s early exit from the UEFA Champions League group stage likely contributed to the increased losses. However, the club remains confident in their ability to comply with the English Premier League’s Profitability and Sustainability rules.
Despite the financial setback, United have made key appointments to improve their management structure. Dan Ashworth joined as Sporting Director from Newcastle, while Omar Berrada started his role as Chief Executive this week. Ratcliffe has also pledged over £200m for infrastructure upgrades including improvements to the Carrington training complex.
The club’s total operating expenses rose by 15% compared to the previous year, reaching £203.7m. This increase reflects investments in the first-team squad, with employee costs totalling £91.2m. Revenue declined by 20% due to nine fewer home matches played during the quarter.
United also confirmed plans for a redundancy programme that could result in approximately 250 job losses across the club. The financial results highlight the challenges faced by the club as they seek to balance on-field success with financial stability in the competitive landscape of modern football.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
