Manchester United has reported net losses of Ksh. 19 billion ($148 million) for the 2023/24 season, despite achieving record revenues. This marks the club's fifth consecutive year of losses.
For the year ending June 30, 2024, the Premier League club recorded record revenues of Ksh. 12 billion (£661.8 million), a 2.1 percent increase, largely driven by commercial and match day earnings. However, United also incurred Ksh. 807 million (£47.8 million) in "exceptional items," primarily related to Jim Ratcliffe’s acquisition of a minority stake in the club, which was finalized in February.
On the pitch, United finished eighth in the Premier League, their lowest standing since 1990, and were eliminated in the group stage of the Champions League. However, Erik ten Hag's squad secured the FA Cup, defeating Manchester City at Wembley to claim their second trophy in two years.
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In recent months, United has undergone significant backroom changes, including the appointment of a new chief executive, Omar Berrada, who was brought in from Premier League champions Manchester City.
"As I take on the role of chief executive officer of this historic club, we are all focused on working together to build a successful future, with football success at the core," Berrada stated. "We are working towards greater financial sustainability and making operational changes to enhance efficiency, ensuring our resources are directed towards improving on-pitch performance."
The Premier League’s profitability and sustainability rules permit a maximum loss of £105 million over a three-season period, with certain losses deemed "allowable," such as spending on infrastructure, youth development, and the women’s team. Last season, Everton and Nottingham Forest faced points deductions after violating these rules.
Having started the new Premier League season with two losses in three matches, United will look to bounce back when they face Southampton on Saturday.
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