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Premier League giants Manchester United have announced financial losses for the fifth straight year after last season's disappointing performances under Erik ten Hag.
Manchester United have announced financial details for the fiscal year, ending June 30.
The club announced a record revenue of £661.8 million, accompanied by a net loss of £113.2 million, attributed to substantial investments in the playing squad.
Manchester United posts losses for 5th straight year
This marks the third time in four years that Manchester United have incurred losses exceeding £90 million, with the club now filing to record profit since 2019.
The Premier League permits losses of up to £105 million over a three-year period, with provisions for allowable losses, including investments in infrastructure and youth development.
Despite this string of losses, CEO, Omar Berrada is optimistic about the future, stating:
"We are all extremely focused on working collectively to create a bright future with football success at the heart of it.
READ ALSO: Ten Hag's job safe: Manchester United chief executive offers full backing
"We are working towards 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."
Berrada emphasized the club's objective to reclaim its position at the pinnacle of European football, saying:
"Our clear objective is to return the club to the top of European football. Everyone at the club is aligned on a clear strategy to deliver sustained success both on and off the pitch, for the ultimate benefit of our fans, shareholders, and hugely diverse range of stakeholders."
The Red Devils return to action this weekend against newcomers Southampton at St Mary's.
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