What's up, football fans! 😎⚽️
Manchester United, one of the biggest names in football, just dropped some jaw-dropping financial news. Despite raking in a record revenue of £661.8 million (about $862.8 million) for the year ending June 30, the \"Red Devils\" reported net losses of £113.2 million (about $147.6 million). 😱💰
Wait, what? How can a club make so much money and still be in the red? 🤔 Well, it turns out United hasn't been profitable since 2019, recording losses of over £90 million (about $117.3 million) in three of the last four years. That's like missing an open goal! 🚫🥅
With such financial woes, Manchester United might face some serious penalties. Clubs that fail to comply with the Premier League's profit and sustainability regulations (PSRs) or UEFA's financial fair play rules could get into hot water. Remember how Everton and Nottingham Forest got point deductions for similar violations? ⚠️📉
United's CEO, Omar Berrada, is optimistic though. \"We are all extremely focused on working collectively to create a bright future with football success at the heart of it,\" he said on Wednesday. \"We are working towards greater financial sustainability and making changes to our operations to make them more efficient, to ensure we are directing our resources to enhancing on-pitch performance. Our clear objective is to return the club to the top of European football.\" 🌟🏆
To get back on top, United has splurged over £200 million (about $206.7 million) on new players in each of the past three years. But has it paid off? They finished third in the 2022-23 season and eighth in 2023-24 in the Premier League. Not exactly champion material. 🙈
And the start of the 2024-25 campaign hasn't been great either. With two losses in their first three games, they're currently sitting 14th on the table. Ouch! 📉😬
Berrada remains hopeful: \"Everyone at the club is aligned on a clear strategy to deliver sustained success both on and off the pitch, for the ultimate benefit of our fans, shareholders, and hugely diverse range of stakeholders.\" 🤝❤️
Can Manchester United turn things around and score big both financially and on the field? Only time will tell! Stay tuned! 🔴✨
Reference(s):
Manchester United report nine-figure losses despite record revenues
cgtn.com
