- Man Utd reported losses of £113.2m for 2023/24
- Red Devils adamant they will avoid financial sanctions
- CEO Omar Berrada sets out vision for the club
Manchester United chief executive officer Omar Berrada has vowed to work towards financial stability after the Red Devils' worrying report for the 2023/24 season.
Despite record revenue, United posted losses of £113.2m last season, continuing their five-year run without making a profit in their annual financial records.
Three-year losses of £254.7m would appear to put United at risk of breaching the Premier League's Profit & Sustainability Rules and UEFA's Financial Fair Play, although the club remain adamant they will abide by all regulations.
"It has been a busy off season for the club with successful training camps for both our men's and women's teams," said Berrada in a statement which accompanied the financial report. "We have strengthened our men's first team with five exciting players and put a new football leadership structure in place to provide a greater support to our manager, Erik ten Hag.
"Dan Ashworth was appointed sporting director and Jason Wilcox joined us as technical director, two extremely experienced and highly regarded 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.
"We are also delighted to have extended our principal partnership with Snapdragon, after an excellent start, for a further two years, in addition to the initial three-year term.
"As I embark on my new role as chief executive officer of this historic club, 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 enhancing on-pitch performance.
"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.
"Ultimately, the strength of Manchester United is driven by the passion and loyalty of our supporters. Our clear objective is to return the club to the top of European football. Everyone 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."
