Written by Yadarissa Chabong
(Reuters) – Manchester United said the club had “a lot of work to do” as executives aimed to improve performance on the pitch and set financial targets for 2022-23 after finishing the previous year deep in the red.
The 20-times England champion is under new leadership in chief executive Richard Arnold and team manager Eric ten Hag, who have been tasked with reviving fortunes amid the fans’ recent cries for a change of ownership.
United, controlled by the American Glazer family and listed on the New York Stock Exchange, won their last Premier League title in 2013, with longtime manager Alex Ferguson as coach.
said Arnold, who replaced Executive Vice President Ed Woodward (NASDAQ) in February.
Arnold said that finishing sixth in the English Premier League last season did not live up to the goals and expectations. This means that the club did not qualify for the lucrative Champions League this season.
United have recruited Anthony, Casemiro, Christian Eriksen, Lisandro Martinez and Terrell Malacia as they seek to strengthen the playing squad under new coach Ten Hag.
And the net debt, which was disputed by the masses, grew by about 23% to 515 million pounds, affected by the accounting impact of the weakness of the pound against the dollar.
United expects total revenue to be between 580 million and 600 million pounds for the year ending June 2023.
Those forecasts are still lower than the 627 million pounds of revenue reported in the pre-pandemic period, compared to the 583 million pounds reported last year.
The absence from the Champions League means that salaries, which grew by 19% last year, will be slightly lower this season.
Old Trafford expects adjusted base profit of between 100 million to 110 million pounds for the current year due to lower wages and said it is dealing with higher utility costs. This compares to 81 million last year.
Football clubs are generally considered energy-intensive due to floodlights, underfloor heating, stadium operations and the inevitable high energy costs amid Britain’s energy crisis.
United’s net loss for the year ended June 30 ballooned to 115.5 million pounds from a loss of 92 million pounds a year earlier. (dollar = 0.8855 pounds)