Manchester United confident of meeting financial fair play targets despite big losses

Manchester United are reported to be confident they can comply with the Premier League’s financial fair play rules despite recording a £71.4 million net loss.

The third-quarter losses for 2023-24 include £30.3 million in exceptional costs linked to the sale of 27.7% of voting rights in the club to billionaire businessman Sir Jim Ratcliffe.

Sources at Old Trafford are said to regard these costs as a necessary price to pay in helping revamp the club's ownership and management.

Dan Ashworth finally joined United as their new sporting director to oversee player recruitment last week, while Omar Berrada is soon to begin work as the club’s new chief executive.

While the sale to Ratcliffe came at a cost to United, on the flipside he is committed to investing $300 million in developing the club's infrastructure, with $200 million already paid in, including around £50 million towards upgrading the club’s Carrington training complex.

The financial fair play rules(PSR) allow for losses of up to £105 million over a three-season assessment period. They will remain in place next season, with new financial rules set to be adopted for the 2025-26 season.

The club have been working hard to meet PSR requirements and were able to trim squad costs via January loans, including Jadon Sancho going to Borussia Dortmund and Donny van de Beek to Eintracht Frankfurt.

Revenue was down 20% compared to the same period last season, which the club attributed to playing nine fewer home matches.

The accounts confirmed plans, first reported last week, for a redundancy programme which could lead to around 250 jobs being lost across the club.