Manchester United are preparing a huge new arrival after announcing a massive financial loss in the latest club accounts.
Manchester United reported a net loss of £113.2 million for the fiscal year ending June 30, according to their latest financial statements. This follows losses of £28.7 million in 2022/23 and £115.5 million in 2021/22, bringing their total losses over the past five years to more than £370 million.
Despite these concerning results, Manchester United is not anticipated to violate the Premier League’s Profit and Sustainability Rules (PSR) because not all expenses are factored into the calculations.
In light of their financial situation, the club intends to hire Marc Armstrong, who is expected to leave his position as Chief Revenue Officer at Paris Saint-Germain to join INEOS-owned Manchester United. Armstrong, who has worked with the FA, NFL, and NBA, played a significant role in increasing PSG’s revenues to comply with Financial Fair Play regulations.
Armstrong previously collaborated with Jean-Claude Blanc, who has been appointed as a director at Manchester United, and he is likely to reunite with Blanc at the club.
Manchester United has undergone a significant boardroom shake-up, with Omar Berrada moving from Manchester City to become the club’s CEO, and Jason Wilcox and Dan Ashworth also assuming key roles.
Berrada outlined his goals for Manchester United, stating that the new leadership team is focused on restoring the club to “the top of European football.”
“It’s been a busy off-season for us, with successful training camps for both our men’s and women’s teams,” he said.
“We have enhanced our men’s first team with five promising new players and established a new football leadership structure to better support our manager, Erik ten Hag.
“Dan Ashworth has been appointed as sporting director, and Jason Wilcox has joined as technical director. Both are highly experienced and respected professionals who will bring valuable expertise to our team.
“We’ve also added six players to our women’s team and are investing in world-class training facilities at the newly renovated Carrington.
“Additionally, we’re pleased to have extended our primary partnership with Snapdragon for another two years, building on the success of our initial three-year agreement.”
As I begin my new role as CEO of this historic club, our focus is firmly on working together to build a promising future centered around football success.
The strength of Manchester United lies in the passion and loyalty of our supporters. Our primary goal is to restore the club to the top of European football. Everyone at the club is united in a clear strategy aimed at achieving sustained success both on and off the pitch, benefiting our fans, shareholders, and diverse range of stakeholders.
We are striving for greater financial sustainability and improving operational efficiency to better allocate resources toward enhancing our on-field performance.
Today, we are providing new guidance for fiscal 2025, reflecting the partial impact of the cost-saving measures and organizational changes we have implemented over the summer.
