Manchester United made some notable signings recently and spent a hefty amount on new arrivals this summer. This massive spending seems to have taken a toll on Manchester United’s financial condition. According to a report by ESPN, the Red Devils have posted a loss of more than £110 million in their latest financial report. The newly appointed CEO, Omar Berrada has revealed that the club has already started planning to become more “financially sustainable.”
It was earlier announced that Manchester United logged record annual revenues of £661.8 million for the last financial year, ending on June 30. It has been learnt that the Premier League giants were last profitable in 2019. The amount of losses was more than £90 million in three of the last four years.
Manchester United signed five players in the summer transfer window. It has reportedly resulted in the net losses rising to £113.2 million. Despite the setback, the English club remains “committed” to abiding by the Premier League’s profit and sustainability regulations and UEFA’s financial fair play rules, sources told ESPN.
As per the current rule, any club, featuring in the English top tier, are allowed to record losses of £105 million over three years. However there are certain provisions for losses related to youth development and investment in the infrastructure of the club. According to Berrada, everyone in the Manchester United management is focused on “delivering sustained success both on and off the field” and it will benefit “shareholders, stakeholders as well as fans.”
“We are all extremely focused on working collectively to create a bright future with football success at the heart of it. We are working towards greater financial sustainability and making changes to our operations to make them more efficient, to ensure we are directing our resources to enhance on-pitch performance,” Omar Berrada said, as per ESPN.
About the latest summer signings, Berrada stated, “Our clear objective is to return the club to the top of European football. We have strengthened our men’s first team with five exciting players and put a new football leadership structure in place to provide greater support to our manager.”
Despite having several promising talents in the squad, Manchester United have not been impressive in the last few games this season. They have won one of their three Premier League matches till now. Erik ten Hag-coached side will next face Southampton in an away game on September 14.
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