Man Utd report net loss of £113.2m for 2023-24

Manchester United say that despite the loss they are still in compliance with the Premier League's financial rules

Manchester United have reported a net loss of £113.2m in the year to 30 June, their latest accounts show.

It follows losses of £28.7m in 2022-23 and £115.5m in 2021-22, and their latest figures take total losses over the past five years to over £370m.

Despite the results, United are not expected to breach the Premier League's profit and sustainability rules because not all spending goes against their calculations and clubs can claim allowances known as 'add backs'.

Under Premier League rules clubs cannot lose more than £105m over a three-year period and Everton and Nottingham Forest received points deductions for being in breach.

"The club remains committed to, and in compliance with, both the Premier League's profit and sustainability rules and Uefa's financial fair play regulations," said United chief executive Omar Berrada.

United's new financial figures cover a period when they finished eighth in the Premier League and finished bottom of their Champions League group, but won the FA Cup.

Last season also saw British billionaire Sir Jim Ratcliffe purchase a 27.7% stake in the club.

United director Sir Dave Brailsford has led a wide-ranging review of club operations since Ineos' co-ownership of the club was confirmed in December.

In July, it was announced United would cut 250 jobs as part of a determination to slash costs.

The club say they expect to save between £30m and £35m over two years from 2025 due to the 'club-wide cost review'.

In addition to the long standing debt of $650m (£496.52m), United also have 'total current borrowings' of £35.6m, and the outstanding balance of the revolving credit facility on 30 June was £30.0m.

United say they expect to generate between £650m and £670m in revenue next year after recording a record £661.8m this year, while wages rose 10% to £364.7m.

United, who will play in the Europa League this season, have won one of their three Premier League games so far.

They signed five players this summer in Manuel Ugarte, Joshua Zirkzee, Leny Yoro, Matthijs de Ligt and Noussair Mazraoui.