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Ivory CoastUnited Chief Preaches Financial Discipline After Losses Rise
Manchester United CEO Omar Berrada says the club is focusing on financial sustainability after reporting an overall loss of £43 million.
Financial Results and Transfer Spending
Manchester United have recorded an overall financial loss of £43 million for the year, which is an increase from the £33 million loss reported in the previous year. Despite this, the club posted record full year revenues of £677.6 million and an operating profit of £22.6 million. Total borrowing has also gone up by £95 million, reaching a total of £583 million.
During the summer transfer window, United spent £155 million on midfielders Andrey Santos, Youri Tielemans, and Carlos Baleba. This spending was relatively modest compared to their main rivals. Manchester City, Liverpool, Arsenal, Tottenham, and Chelsea all spent much more, with City, Liverpool, Tottenham, and Chelsea each spending at least £100 million on a single player.
Berrada Outlines Sustainable Strategy
Chief Executive Officer Omar Berrada explained that the club had financial sustainability in mind during their summer transfer business. He noted that while the financial results show the club is on the right path, they must continue to be disciplined to keep their finances stable.
Berrada stated that they strengthened both the men's and women's teams with financial sustainability in mind. He also highlighted that the men's team has brought Champions League football back to Old Trafford. A club source added that stabilising the business requires hard work and financial discipline.
Coaching Costs and New Stadium Progress
The financial results also detailed other major expenditures for the year. United paid £8.2 million to Ruben Amorim and his coaching staff following the Portuguese manager's dismissal in January. However, the club managed to save around £8.5 million after Amorim accepted the head coach position at AC Milan during the summer.
Additionally, United paid off around £150 million from a revolving credit facility between March and June. The club also spent £63.5 million to acquire land for a proposed new stadium. Berrada confirmed that securing this land is a major milestone in their plans to build a new 100,000 seater stadium.
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