\n
\u00a0<\/p>\n
Manchester United are working towards becoming more \u201cfinancially sustainable,\u201d according to new CEO Omar Berrada, after posting a loss of more than \u00a3110 million ($144m) in their latest financial results.<\/p>\n
The club announced record full year revenues of \u00a3661.8 million for the year ending June 30 in results published on Thursday. However, net losses rose to \u00a3113.2m ($148.2m) after increased investment in the playing squad.<\/p>\n
United have recorded losses of more than \u00a390m in three of the last four years, and were last profitable in 2019. But sources insist the club remain \u201ccommitted\u201d to be compliant with the Premier League\u2019s profit and sustainability regulations and UEFA\u2019s financial fair play rules.<\/p>\n
The Premier League allows for losses of \u00a3105m over a three-year period, but there are provisions for allowable losses including investment in infrastructure and youth development.<\/p>\n
\u201cWe are all extremely focused on working collectively to create a bright future with football success at the heart of it,\u201d Berrada said.<\/p>\n
\u201cWe 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.<\/p>\n
\u201cOur clear objective is to return the club to the top of European football.<\/p>\n
\u201cEveryone at the club is aligned on a clear strategy to deliver sustained success both on and off the pitch, for the ultimate benefit of our fans, shareholders, and hugely diverse range of stakeholders.\u201d<\/p>\n
United spent more than \u00a3180m on signing five new players during the summer, including Matthijs de Ligt, Joshua Zirkzee and Manuel Ugarte.<\/p>\n
\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
\u00a0 Manchester United are working towards becoming more \u201cfinancially sustainable,\u201d according to new CEO Omar Berrada, after posting a loss of more than \u00a3110 million ($144m) in their latest financial results. The club announced record full year revenues of \u00a3661.8 million for the year ending June 30 in results published on Thursday. However, net losses […]<\/p>\n","protected":false},"author":1,"featured_media":217077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-217076","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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