Manchester United reports nearly 300% increase in losses for 2023-24 financial year
News signings for the men’s and women’s teams, as well as restructuring at the club, have contributed to the net loss.
Manchester United reported a nearly 300% increase in losses for the 2023-24 financial year, the club’s latest financial disclosure has revealed.
Manchester United PLC declared a net loss of £113.2 million in its US Securities And Exchange Commission (SEC) filing for the 2023-24 financial year.
Net loss was £28.7m in the previous year.
News signings for the men’s and women’s teams, as well as restructuring at the club, have contributed to the net loss.
“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, Erik ten Hag,” said Omar Berrada, the Red Devils’ new Chief Executive Officer.
“Dan Ashworth was appointed Sporting Director and Jason Wilcox joined us as Technical Director, two extremely experienced and highly respected professionals who will add great depth to our team.
“We have added six players to our women’s team and are investing to ensure all of our teams have access to world-class training facilities at a fully renovated Carrington,” he added.
Manchester United bolstered the men’s team this summer with the additions of Joshua Zirkzee, Leny Yoro, Manuel Ugarte, Matthijs de Ligt, and Noussair Mazraoui. The women’s team was strengthened with new signings Anna Sandberg, Celin Bizet, Dominique Janssen, Elizabeth Terland, and Simi Awujo, and with loan signing Melvine Malard’s deal becoming permanent.
“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 enhancing on-pitch performance,” said Berrada.
“Today, we announce new guidance for fiscal 2025 which reflects a partial year impact of the transformative cost-savings and organisational changes that we have been busy implementing over the summer,” he added.
The club’s revenue increased to £661.8m, up from £648.4m the previous year.