Manchester United achieves record annual revenues.

Manchester United achieved record annual revenues of £661.755m in the year to June 30, 2024, it revealed today, driven by record commercial and matchday revenues.

That compares with £648.401m the previous year.

The loss before tax was an eye-watering £130.724m, compared with £32.574m in 2023, but the club insists it is within the permitted Premier League and UEFA financial rules.

The bigger loss is due to investment in the club’s football and training infrastructure, and a new leadership team and player investments.

Beginning in the third quarter of fiscal 2024, the club commenced a business transformation plan to unlock operational efficiency with the ultimate goal of improving the club’s financial sustainability and maximise the resources available to improve football operations.

These initiatives included installing a new executive leadership team covering both the business and sporting side, streamlining the organisational structure and, following a thorough cost review by Interpath Advisory, the club implemented a significant cost rationalisation programme.

In January 2024, the club announced the appointment of new CEO Omar Berrada and a new football leadership team was installed under his leadership, creating a new reporting structure with seasoned football leaders, Dan Ashworth and Jason Wilcox.

Additional club executive leadership was also appointed in April, and the new non-football structure will be supported by a more streamlined organisation. Beginning in March 2024, the club engaged Interpath Advisory for a thorough club-wide cost review which identified substantial cost-savings.

As a result of this change in strategy and with the intention of creating a leaner, agile and more sustainable structure, the club subsequently announced an employee redundancy program in July 2024, which was concluded at the end of August 2024 and resulted in the rationalisation of the club’s employee base by approximately 250 roles across all departments.

In total, the club expects to realise annualised cost savings of approximately £40m to £45m, before implementation costs of £10m. Due to timing and other contractual obligations, the club expects to realise these savings over fiscal years 2025 and 2026.

Chief executive, Omar Berrada, said: “It has been a busy off-season for the club with successful training camps for both our men’s and women’s teams.