Manchester United CEO Defends Summer Spending After £43m Loss

Manchester United CEO Omar Berrada says the club's summer transfer business was carried out with "financial sustainability in mind," after United posted a bigger overall loss despite record revenues.

United reported full year revenue of £677.6m, up to a record high, and an operating profit of £22.6m. Even so, the club posted an overall loss of £43m, an increase from £33m the year before, while borrowing rose by £95m to a total of £583m.

In the transfer window, United spent around £155m on midfielders Andrey Santos, Youri Tielemans and Carlos Baleba. That is notably less than what their big six rivals spent, with Manchester City, Liverpool, Tottenham and Chelsea all paying at least £100m for a single player. United remain the only traditional top six club never to have spent £100m on one player.

Speaking as the club's fourth quarter and full year results were released on Wednesday, Berrada pointed to the need for a careful approach going forward.

"While these results confirm that we are on the right trajectory, we will continue to take a disciplined approach to ensure our finances remain sustainable," he said. "With that financial sustainability in mind, we have strengthened both our men's and women's teams during the summer window and our men's team has seen the return of Champions League football to Old Trafford."

In the statement accompanying the results, the club said it continues working to improve operational efficiency and financial sustainability. A source at the club added that stabilising the business has taken, and will keep taking, hard work and financial discipline.

Among the costs for the year was £8.2m paid to former head coach Ruben Amorim and his staff following his dismissal in January. United did recoup some of that though, saving around £8.5m after Amorim took the head coach job at AC Milan over the summer. The club also paid off roughly £150m from a revolving credit facility between March and June.

United's finances also showed a £63.5m payment for land tied to plans for a new stadium. Berrada confirmed progress on that front too.

"Our other main area of focus is our plan to develop a new 100,000 seater stadium," he said. "We have now completed the major milestone of securing the land which will form part of the proposed location of the new stadium."