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Manchester United have recorded a £71m loss for the first three months of 2024 after spending £30m on legal and advisory fees relating to Sir Jim Ratcliffe’s investment in the club.
United attribute the loss – up from just £5.6m for the corresponding period the previous year – to playing fewer matches, including nine fewer at Old Trafford in the same period.
And they believe their revenue for the 2023-24 season will come to a club record £660m.
United released their third-quarter fiscal results in which they confirmed they plan to begin a redundancy program that will see 250 people lose their jobs.
They cover the period from January to March in which Ratcliffe took a 27.7 percent stake in the club, with the billionaire committing to invest $300m in the club, of which $200m has already been paid, helping to finance the £50m overhaul of the Carrington training complex.
United’s broadcast revenue went down 26 percent and their match revenue down 49 percent for the three months as they counted the cost of their early exits from Europe and the Carabao Cup, while they were drawn away in three consecutive rounds in the FA Cup.
Their overall revenue for the three-month spell was down £34m from £170m to £136m, despite a small rise in commercial income. Meanwhile, they had a 7.3 percent rise in the wage bill, while overall expenses went up by 15 percent.
In addition to a debt of $650m, United had a revolving credit facility with the current balance standing at £143m.