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“
England coach Tuchel extends contract through to Euro 2028
- Thomas Tuchel has signed a new contract that will see him remain head coach of the England national football team through to the end of Euro 2028 in the UK and Ireland
LONDON:Thomas Tuchel has signed a new contract that will see him remain head coach of the England national football team through to the end of Euro 2028 in the UK and Ireland, the Football Association announced on Thursday.
Tuchel was confirmed as the successor to Gareth Southgate in October 2024 and has overseen an unbeaten qualification run to this year’s World Cup in North America, with England winning all eight group games under their German boss.
“I am very happy and proud to extend my time with England,” said the 52-year-old former Chelsea manager in an FA statement.
“It is no secret to anyone that I have loved every minute so far of working with my players and coaches, and I cannot wait to lead them to the World Cup.
“It is an incredible opportunity and we are going to do our very best to make the country proud,” added Tuchel, whose previous England deal ran only until the end of this year’s global showpiece.
The FA said that the new agreement with Tuchel would provide “clarity and full focus” amid speculation about his future after the World Cup.
Tuchel had been previously touted as a possible permanent successor to sacked former Manchester United manager Ruben Amorim, even though the English giants have experienced an upturn in form under caretaker boss Michael Carrick.
But in signing a new England contract, Tuchel appears to have ruled himself out of a post-World Cup move to Old Trafford.
The FA added that Tuchel’s senior backroom team — Anthony Barry, Henrique Hilario, Nico Mayer and James Melbourne — had all also agreed contract extensions through to the end of Euro 2028.
“I have had so much support from (FA chief executive) Mark (Bullingham), all my colleagues at the FA and from fans wherever I go that I did not hesitate when asked to continue in this dream job,” said Tuchel.
’No better candidate’
Extending his contract ahead of this year’s World Cup in North America is a clear sign of the FA’s confidence in Tuchel, looking to guide the England men’s team to their first major trophy in six decades.
“I am delighted Thomas has committed to stay with us through to the Euros in 2028,” said Bullingham.
“He was the right person for the job when he joined us for the World Cup campaign, and has only strengthened his reputation across the qualifiers...There is simply no better candidate available in world football.”
Tuchel, due to attend the Nations League draw in Brussels on Thursday, said in his first interview after succeeding Southgate that he wanted to add a “second star” to the England shirt by winning the 2026 World Cup.
The only major international tournament won by the England men’s team was when they triumphed on home soil at the 1966 World Cup, defeating the then West Germany in a Wembley final.
But they twice came close to ending that barren run under Southgate, losing in both the Euro 2020 and 2024 finals.
Tuchel’s England team eased through qualification, winning all eight matches in a group which also featured Albania, Serbia, Latvia and Andorra.
Tougher tests, however, await at the World Cup, with co-hosts Mexico in line to face England on home ground in the last 16 should Tuchel’s men top their group, with a possible quarter-final against five-time world champions Brazil to follow.
