Man Utd report staggering £113.2m losses for 2023/24 amid PSR concerns
Man Utd report staggering £113.2m losses for 2023/24 amid PSR concerns. Manchester United in a new club statement have announced the club made a net loss of £113.2m for the 2023/24 financial year.
These results confirmed United recorded a net loss for a fifth-successive year, with the club yet to report on a profit since 2019. In the last two years, they posted losses of £28.7m and £115.5m, taking their three-year loss to £254.7m.
Though this could put them in risk of punishment from the Premier League over Profit and Sustainability Rules as well as UEFA regarding Financial Fair Play, United claim they are still within both sets of regulations.
A statement read:
“The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.”
PSR decrees that clubs can only make £105m losses over a rolling three year period, though costs on infrastructure, women’s teams and youth teams are not counted towards this total – United are continuing to assess their options over the redevelopment of Old Trafford and have started renovating their Carrington training base.
Of this year’s loss, £47.8m was spent on the strategic review process which ultimately saw Sir Jim Ratcliffe purchase a minority stake in United.
In an attempt to reduce costs, Ratcliffe has already cut 250 jobs, while manager Erik ten Hag admitted the £25m sale of Scott McTominay to Napoli was in part due to PSR pressure.
Despite announcing these losses, implementing new cost-cutting measures and poor Premier League results over the last year, United also posted a record annual revenue of £661.8m.
