The Independent Uganda: You get the Truth we Pay the Price
LONDON, UK | Xinhua | Manchester United have reported a net loss of 113.2 million pounds (147 million U.S. dollars) for the year up until the end of June, according to their accounts.
This follows losses of 28.7 million pounds between 2022-23 and 115.5 million pounds the previous year, to take the club’s total losses to 370 million pounds for the past five years.
Despite the losses, the club insists it will not breach either the Premier League or UEFA’s financial fair-play rules.
The Premier League say clubs can lose a maximum of 105 million pounds over a three-year period, but allows them to make deductions from that total if they have invested in things such as infrastructure, the youth system and women’s teams.
Last season saw Everton and Nottingham Forest docked points by the Premier League after breaching these regulations.
United actually reported record income of 661.8 million pounds for the 12-month period, with the loss down to increased spending in the transfer market after signing Mason Mount, Rasmus Hojlund and Andre Onana, and a ‘strategic review’ costing almost 48 million pounds.
“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,” commented United’s chief executive Omar Berrada.
“We are working towards greater financial sustainability and making changes to our operations to make them more efficient.”
“Ultimately, the strength of Manchester United is driven by the passion and loyalty of our supporters. Our clear objective is to return the club to the top of European football. Everyone at the club is aligned on a clear strategy to deliver sustained success both on and off the pitch,” added Berrada. ■
