Man Utd ‘preparing to raid European giants’ for new arrival despite announcing massive financial loss

Manchester United are preparing a huge new arrival after announcing a massive financial loss in the latest club accounts.

Manchester United reported a net loss of £113.2 million for the fiscal year ending June 30, according to their latest financial statements. This follows losses of £28.7 million in 2022/23 and £115.5 million in 2021/22, bringing their total losses over the past five years to more than £370 million.

Despite these concerning results, Manchester United is not anticipated to violate the Premier League’s Profit and Sustainability Rules (PSR) because not all expenses are factored into the calculations.

In light of their financial situation, the club intends to hire Marc Armstrong, who is expected to leave his position as Chief Revenue Officer at Paris Saint-Germain to join INEOS-owned Manchester United. Armstrong, who has worked with the FA, NFL, and NBA, played a significant role in increasing PSG’s revenues to comply with Financial Fair Play regulations.

Armstrong previously collaborated with Jean-Claude Blanc, who has been appointed as a director at Manchester United, and he is likely to reunite with Blanc at the club.

Manchester United has undergone a significant boardroom shake-up, with Omar Berrada moving from Manchester City to become the club’s CEO, and Jason Wilcox and Dan Ashworth also assuming key roles.

Berrada outlined his goals for Manchester United, stating that the new leadership team is focused on restoring the club to “the top of European football.”

“It’s been a busy off-season for us, with successful training camps for both our men’s and women’s teams,” he said.

“We have enhanced our men’s first team with five promising new players and established a new football leadership structure to better support our manager, Erik ten Hag.

“Dan Ashworth has been appointed as sporting director, and Jason Wilcox has joined as technical director. Both are highly experienced and respected professionals who will bring valuable expertise to our team.

“We’ve also added six players to our women’s team and are investing in world-class training facilities at the newly renovated Carrington.

“Additionally, we’re pleased to have extended our primary partnership with Snapdragon for another two years, building on the success of our initial three-year agreement.”

As I begin my new role as CEO of this historic club, our focus is firmly on working together to build a promising future centered around football success.

The strength of Manchester United lies in the passion and loyalty of our supporters. Our primary goal is to restore the club to the top of European football. Everyone at the club is united in a clear strategy aimed at achieving sustained success both on and off the pitch, benefiting our fans, shareholders, and diverse range of stakeholders.

We are striving for greater financial sustainability and improving operational efficiency to better allocate resources toward enhancing our on-field performance.

Today, we are providing new guidance for fiscal 2025, reflecting the partial impact of the cost-saving measures and organizational changes we have implemented over the summer.
Manchester United is undergoing significant changes both on and off the pitch following their financial results for the fiscal year ending June 30, which showed a net loss of £113.2 million. This is part of a broader trend of financial challenges for the club, with total losses exceeding £370 million over the past five years. Despite these figures, Manchester United remains compliant with the Premier League’s Profit and Sustainability Rules (PSR), as not all expenses are included in these calculations.

To address these financial and operational challenges, Manchester United is bringing in Marc Armstrong, currently Chief Revenue Officer at Paris Saint-Germain (PSG), who has a proven track record of boosting revenues and navigating Financial Fair Play regulations. Armstrong’s move to Manchester United is part of a broader organizational overhaul under INEOS ownership, with Jean-Claude Blanc already in place as a director and likely to work closely with Armstrong again.

This leadership reshuffle also includes key appointments such as Omar Berrada, who has moved from Manchester City to become Manchester United’s CEO. Berrada emphasized a strategic focus on returning Manchester United to the top of European football, supported by the appointments of Dan Ashworth as Sporting Director and Jason Wilcox as Technical Director. These new executives aim to enhance the football leadership structure and support Erik ten Hag in building a competitive squad.

The club has invested heavily in both the men’s and women’s teams, with five new signings for the men’s first team and six for the women’s team, alongside improvements to training facilities at Carrington. Additionally, Manchester United has extended its primary partnership with Snapdragon for another two years, a move that reflects its commitment to financial stability and strong commercial partnerships.

CEO Omar Berrada’s comments reflect a clear strategy focused on sustainable success both on and off the pitch. The new leadership team at Manchester United aims to strengthen financial sustainability, improve operational efficiency, and allocate resources more effectively to support the club’s football ambitions. This includes new guidance for fiscal 2025 to reflect the impact of cost-saving measures and organizational changes implemented over the summer.

Overall, while the financial losses are concerning, Manchester United is clearly positioning itself for a new era with fresh leadership and a focused approach to rebuilding its status in European football.