Manchester United post £7MILLION loss for the first quarter of 2024

Manchester United have posted a loss of almost £7 million in the first quarter of the year, along with a decline in revenues across the board, but say they are confident they are adhering to Premier League financial rules and UEFA will hold.

Stark figures outline the costs of failing to qualify for the Champions League and underline the fact that new manager Ruben Amorim will be unable to spend large sums rebuilding the underperforming squad he inherited.

United remain on target for a healthy annual turnover of between £650 and £670 million, but commercial, broadcast and matchday revenue figures have fallen, leading to a loss of £6.9 million for the period.

The club made a loss of £113.2 million last year, while losses over the past five years have totaled more than £370 million.

Profit and Sustainability Rules (PSR) allow a loss of £105 million over three years, but deductions are allowed around the amounts spent on infrastructure, the academy and women's teams.

United made a record turnover of £661.8m last year and, as Mail Sport revealed, have laid off 250 staff as part of a series of cost-cutting measures following the arrival in January of co-owner Sir Jim Ratcliffe and his Ineos group, whose bosses hope it will save between £40 million and £45 million a year.

United finished eighth last year and broadcast revenues are expected to drop by £30 million because they are playing in the Europa League instead of the Champions League.

New CEO Omar Berrada said: 'The season is now well underway for both our men's and women's teams, and we are keen to ensure both are as competitive as possible.

“We are pleased to have appointed Ruben Amorim as head coach of our men's team and remain committed to returning Manchester United to the top tier of domestic and European football.

“Our cost and workforce reductions remain on track, and we are pleased to have seen further commercial traction and welcome new partner Heineken through their Tiger brand.

“Our renovation of the Carrington Training Center is progressing well, as the Old Trafford Regeneration Task Force continues its work. Once she makes her recommendations, we will take time to digest them and evaluate all of our options over the coming year.”