LONDON: Manchester United’s new chief said on Wednesday the club were working toward improving performance on and off the pitch after a fifth consecutive year of net losses following a poor 2023-24 season and heavy investments in the new squad.
The English Premier League soccer club’s shares slipped 8 percent in early US trading as net losses widened to more than 113 million pounds ($147 million) in the year to June, making it only the second time since its New York listing in 2012 that losses topped 100 million pounds.
United have embarked on a slew of changes since British billionaire Jim Ratcliffe bought a 25 percent stake in the club and under his stewardship had a busy summer in the transfer market, securing several promising young players.
“We are working toward 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,” newly appointed CEO Omar Berrada said.
“Our clear objective is to return the club to the top of European football.”
The Premier League has clamped down on big spending by clubs with its Profitability and Sustainability Rules (PSR) to try to level the playing field and prevent rich owners from spending vast sums on players.
To comply with PSR, clubs must rack up no more than 105 million pounds of losses over a three-year period, although investments in infrastructure, academies, charity foundation and women’s soccer can be deducted.
United have recorded losses of more than 257 million pounds in the past three years, and more than 370 million pounds over five years. The club said they were committed to and compliant with the PSR, as well as European governing body UEFA’s Financial Fair Play Regulations.
United finished eighth in the Premier League last season, their lowest position since the league’s inception in 1992. This season has not started any better, with two losses from the first three games.
For fiscal 2025, the club expect an adjusted core profit of 145-160 million pounds and revenues of 650-670 million pounds. They reported adjusted core profit of 147.7 million pounds on record revenues of 661.8 million pounds in fiscal 2024.
The forecast reflects the impact of recent restructuring that included 250 job cuts.
Manchester United vow to improve on and off pitch after fifth year of losses
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Manchester United vow to improve on and off pitch after fifth year of losses
- United have embarked on a slew of changes since British billionaire Jim Ratcliffe bought a 25 percent stake in the club
- Newly appointed CEO Omar Berrada said: “Our clear objective is to return the club to the top of European football“
Zemmer fires 7-birdie round to lead Hilton Classic in Morocco
- 5-under round leaves Zimmer 1 shot ahead of compatriot Matteo Cristoni as Italy dominates early leaderboard
TANGIER: Italy’s Aron Zemmer produced a composed and clinical display to card a five-under-par opening round and claim the first-round lead at the Hilton Classic here on Monday.
Zemmer’s compatriot Matteo Cristoni was just one shot behind, giving the Azzurri a strong early lead at the second event of the MENA Golf Tour’s Morocco Series at Al-Houara Golf Club in Tangier.
Zemmer, who started from the 10th tee, carded seven birdies against two bogeys in strong, swirling wind that made scoring difficult throughout the field.
He birdied three consecutive holes from the third before adding another at the ninth to make the turn four-under, and despite dropping shots at 11 and 12, responded with birdies at 15 and 18 to sign for a 67.
Despite a three-putt early in his round, Zemmer was in good spirits, riding the confidence of a strong performance at last week’s Al -Houara Classic. “To make seven birdies in those conditions is very pleasing,” Zemmer said.
“I came into the week feeling confident after playing well last week, and my iron play was solid which allowed me to go at a few pins. I made a small adjustment to my putting setup which definitely helped today.”
Also starting from the 10th, Cristoni was equally impressive, making birdies at 10 and 13 before picking up further shots at the third, fourth and sixth on the front nine. A sole bogey at the seventh was the only blemish on a four-under 68.
Ireland’s Alex Maguire shares second place on four-under par after a round that featured arguably the shot of the day, an eagle at the par-five 15th alongside four birdies.
Maguire admitted he had been hard on himself after a disappointing finish at last week’s Al-Houara Classic but found inspiration on the morning of his round from a fellow Irishman, Ryder Cup star Shane Lowry.
Lowry’s widely-reported interview about throwing away a three-shot lead down the stretch at the Cognizant Classic on the PGA Tour struck a chord. “It was very, very gusty and in many ways it felt like it got harder as the round went on,” Maguire said.
“The front nine was more constant, you could read the wind and commit to a number, but on the back nine it became really unpredictable. It’s much more about feel and experience in these conditions.
“The first thing I saw this morning was Shane Lowry talking about going through something similar at a much bigger event and saying you’ve just got to keep teeing it up and not dwell on it.
“It helped me stop feeling sorry for myself and just get on with it, and I think that showed today.”
Four players share fourth place on three-under par: France’s Pierre Pineau, Scotland’s Sebastian Sandin, England’s Curtis Knipes and Pakistan’s Aadam Syed.
Pineau, who chipped in twice on what he described as two of the toughest holes on the course, credited his experience of playing in Ireland and Scotland for helping him handle the breeze.
“My driving was especially solid and I played very well tee to green,” Pineau said. “Having played so many tournaments in Ireland and Scotland, I’m used to these kinds of conditions.”
Knipes, who felt he benefited from the draw as the wind eased later in his round, was encouraged by his form heading into the second day.
“The wind was pumping and swirling at times but my game feels in a better spot than last week,” he said. “When you look at the scoring overall it’s a very good round in those conditions.”
Seven players are tied for eighth on two-under par: Toby Hunt (Wales), Haiko Dana (Spain), Alfonso Buendia (Spain), Michael Stewart (Scotland), Zubair Firdaus (Malaysia), Brody Harbinson (Australia) and Andoni Etchenique (France).
Ayoub Lguirati was the highest-placed Moroccan, the home favorite carding a level-par round to share 18th position and keeping local interest alive in the tournament.
Round two takes place on Tuesday, with the final round on Wednesday. The Hilton Classic has a prize fund of $100,000 and awards Official World Golf Ranking points.
