Manchester United, the renowned English Premier League club, is looking ahead to brighter financial prospects. The club, which recently made its comeback to the Champions League, has reported reduced financial losses for the year ending in June.
Their optimism is fueled by the incredible support from fans, who flocked to Old Trafford in unprecedented numbers.
Despite ongoing speculation about potential ownership changes, with the Glazer family exploring a sale, Manchester United did not provide any updates on the matter, despite it being under consideration for nearly a year.
Listed on the New York Stock Exchange, the club’s shares have surged by more than a third in value since the Glazers initiated their strategic review. However, in light of U.S. premarket trading on Thursday, shares saw a slight decline of 0.6 percent.
Under the leadership of manager Erik ten Hag, Manchester United significantly strengthened their squad during the summer transfer window. Notable additions include Rasmus Hojlund from Atalanta, Mason Mount from Chelsea, and Andre Onana from Inter Milan.
The team achieved a thrilling victory in this season’s European Champions League, securing a 1-0 win against Danish side Copenhagen, reigniting hopes of advancing to the knockout stage featuring 16 clubs.
In the current Premier League standings, Manchester United occupies the eighth position after securing victories in their last two matches. Their next challenge is a high-stakes clash with local rivals and treble winners, Manchester City, scheduled for Sunday.
Looking ahead to the fiscal year ending in June 2024, Manchester United is forecasting revenue in the range of £650 million to £680 million, surpassing the £648.4 million earned in the previous fiscal year (2022/23).
The club also expects an adjusted core profit ranging between £140 million and £165 million, compared to the £155 million achieved in 2022/23.
In fiscal 2023, expenses reduced, primarily due to a decrease in the wage bill as the team did not participate in the Champions League.
For the quarter ending on June 30, Manchester United reported a net loss of nearly £3 million ($3.50 million), a notable improvement from the £71 million loss reported the previous year.
Furthermore, annual net losses have significantly narrowed by 75 percent to £29 million. This signifies a positive turning point for the club’s financial performance.
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