Manchester United has reported a net loss of £113.2m for the 2023-24 financial year, according to the club's latest accounts, which cover the period up to 30 June. This loss follows a £28.7m deficit in 2022-23 and £115.5m in 2021-22, bringing the club’s total losses over the last five years to more than £370m.
Despite these losses, Manchester United is not expected to breach the Premier League’s profit and sustainability regulations, as certain expenditures are excluded from the calculations. Clubs can also claim allowances through measures known as "add backs."
The Premier League’s rules stipulate that clubs must not incur losses exceeding £105m over a three-year period. Recently, Everton and Nottingham Forest were penalized with points deductions for violations of 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 Manchester United's chief executive, Omar Berrada.
The financial period in question coincides with a challenging season for the club, where they finished eighth in the Premier League, failed to advance from their Champions League group, but won the FA Cup. Additionally, British billionaire Sir Jim Ratcliffe acquired a 27.7% stake in the club during this time.
Sir Dave Brailsford, United director, has overseen a comprehensive review of the club’s operations since Ineos co-acquired a share of the club in December. In July, Manchester United announced plans to cut 250 jobs as part of a cost-saving initiative, with the club aiming to save between £30m and £35m over the next two years, starting in 2025.
United's long-standing debt stands at $650m (£496.52m). The club also reported £35.6m in "total current borrowings," and as of 30 June, had a £30m outstanding balance on their revolving credit facility.
Looking ahead, the club expects to generate revenue in the range of £650m to £670m next year, following a record income of £661.8m this year. Meanwhile, wages at the club increased by 10%, reaching £364.7m.
For the current season, Manchester United is set to compete in the Europa League and has secured one victory from their first three Premier League matches. Over the summer, the club signed five players: Manuel Ugarte, Joshua Zirkzee, Leny Yoro, Matthijs de Ligt, and Noussair Mazraoui.
