Manchester United suffers financial losses for the fifth year in a row sports

Today, Wednesday, Manchester United revealed a greater increase in annual net losses, which is the fifth consecutive year of financial losses for the English Premier League giant.

United said profits from the club’s core operations in the current financial year may be lower due to restructuring efforts.

Its net losses rose to $148.14 million in the year ending June 30, compared to about $37.5 million in the previous year.

Despite this, United achieved record annual revenues of $864.78 million, an increase of 2.1%, compared to the previous year, as the men’s team reaped the benefits of participation in the lucrative Champions League competition.

Omar Berrada, the club’s newly appointed CEO, said: “We are working to achieve greater financial sustainability and make changes to our operations, to make them more efficient and to ensure that our resources are directed to enhancing performance on the field.”

Berrada assumed responsibility last July after moving from City Football Group, the parent company of Manchester City.

For the fiscal year ending in June, the club expects a basic profit of between $189.4 and $209 million, with revenues ranging between $850 and $875 million.