Manchester United Football Club yesterday reported losses of 113.2 million pounds ($148 million) for the fiscal year ended June 30th, despite record revenues of 661.8 million pounds ($866 million).
The Premier League club, which was partly bought this year by British billionaire Jim Ratcliffe, said these figures were partly due to increased spending on players.
The Premier League’s profit and sustainability rules allow clubs to lose a maximum of £105m over a three-year period or face fines. Last season, points were deducted from Everton and Nottingham Forest for violating those rules.
Despite the losses, United said it remains in compliance with Premier League and Union of European Football Associations(UEFA) financial rules. The rules apply to more than just net loss, with allowances made for spending in areas such as infrastructure.
Manchester United has undergone an extensive restructuring program following Ratcliffe’s £1.3bn investment for a 27.7 percent stake.
In 2022/2023, Manchester United had losses of 28.7 million pounds, in 2021/2022 they had 115.5 million losses, and in 2020/2021 they had 92.2 million pounds of losses.
The club also said it expects to generate between £650m and £670m in revenue next year, after a record £661.8m this year, while wages rose by 10 percent to £364.7m.
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