Omar Berrada, the new CEO of Manchester United, stated that the team is striving to become more “financially sustainable” following the release of their most recent financial figures, which showed a loss of over £110 million ($144 million).
In figures released on Thursday, the club reported record full-year revenues of £661.8 million for the year ended June 30. Nevertheless, after increasing spending on the playing team, net losses grew to £113.2 million ($148.2 million).
United last turned a profit in 2019, having lost more than £90 million in three of the previous four years. However, insiders assert that the club is still “committed” to adhering to UEFA’s financial fair play laws as well as the Premier League’s profit and sustainability guidelines. Eyes Of Lagos reports,
An ESPN report states that the Premier League permits losses up to £105 million over a three-year period; however, certain losses are permitted, such as those related to investments in youth development and infrastructure.
Berrada remarked, “We are all very focused on working together to create a bright future with football success at the heart of it.”
“To make sure we are allocating our resources to improving on-pitch performance, we are making changes to our operations to make them more efficient and striving towards greater financial sustainability.”
“We have one clear goal in mind: getting the team back to the top of European football.
“For the ultimate benefit of our supporters, shareholders, and players, everyone at the club is in agreement on a clear strategy to ensure sustainable success both on and off the field.
In the summer, United signed five new players for more than £180 million, including Matthijs de Ligt, Joshua Zirkzee, and Manuel Ugarte.
The squad’s expense has put further pressure on manager Erik ten Hag to perform well on the field, especially in the wake of the humiliating 3-0 home loss to Liverpool.
But before a critical stretch of games in the Premier League, Carabao Cup, and Europa League before the October international break, Berrada has reiterated the team’s devotion to the Dutchman.
“In order to better support our manager, we have added five exciting players to our men’s first team and established a new football leadership structure,” he stated.
