United now anticipates an adjusted core profit between 180 million pounds ($244 million) and 190 million pounds for the year ending in June, an increase from their previous estimate of 145 million to 160 million pounds.
Ticket sales surged more than 50% to 44.5 million pounds during the three months leading up to March, aided by the club’s successful run in the Europa League, although they ultimately lost in the finals to Tottenham Hotspur.
This season marked their worst in the Premier League since their relegation in 1974, and the team’s hopes of participating in European competitions next season were dashed after the Europa League final defeat.
”We faced a challenging season in the Premier League, which did not meet our standards, and we have set clear expectations for improvement next season,” said CEO Omar Berrada in a statement.
United’s exclusion from European competitions, which provide significant broadcasting revenue, poses a serious challenge to the club’s financial future and has led to frustration and disappointment among fans globally.
Jim Ratcliffe, who owns approximately 29% of the club and oversees their football operations, is implementing measures to restore the club’s fortunes, including job cuts, ticket price increases, and the elimination of free lunches in staff canteens.
These changes are expected to take effect starting in the first quarter of the new fiscal year beginning in July, as stated by the club on Friday.
United reported a net loss of 2.7 million pounds for the three months ending March 31, an improvement compared to a loss of 71.5 million pounds during the same period last year.
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