Man Utd lose £113m despite record profits

Manchester United is working to become “more financially sustainable” after posting a loss of more than £110 million ($144 million) in its latest financial results, according to new CEO Omar Berrada.

The club reported record annual profits of £661.8 million for the year ended June 30 in results released on Thursday. But net loss widened to £113.2 million ($148.2 million) after increased investment in the squad.

United have lost more than £90m in three of the last four years, with the last time they made a profit being in 2019. But sources insist the club remains “committed” to complying with the Premier League’s revenue and sustainability regulations and UEFA’s Financial Fair Play rules.

The Premier League allows losses of up to £105 million over three years, but there are rules about how much can be allowed, including investment in infrastructure and youth development.

“We are all very focused on working collectively to create a bright future centered around football success,” Berrada said.

“We are working towards greater financial sustainability, making changes to make our operations more efficient and focusing our resources on improving our on-field performance.

“Our clear goal is to return the club to the top of European football.

“Everyone at the club is aligned to a clear strategy to deliver continued success both on and off the pitch, ultimately benefiting fans, shareholders and a wide range of stakeholders.”

United spent more than £180m on five new signings during the summer, including Mathis de Ligt, Yoshua Zirkzy and Manuel Ugarte.

The spending on the squad has put added pressure on manager Erik ten Hag to produce results on the pitch, especially after the 3-0 defeat at home to Liverpool.

However, Berrada has reaffirmed the club’s commitment to the Dutchman ahead of key fixtures in the Premier League, Carabao Cup and Europa League ahead of the October international break.

He said: “We have strengthened our men’s first team with five outstanding players and introduced a new football leadership structure to provide greater support to the manager.”