Manchester United Stock Sinks on Larger-Than-Expected Loss
Manchester United (MANU) shares fell sharply Wednesday morning as the soccer giant reported a larger-than-expected net loss for its fiscal 2024 fourth quarter, and said it expects broadcast revenue to take a hit in fiscal 2025 after it missed out on this season's lucrative UEFA Champions League competition.
Manchester United £113m in red as run of losses hits five years
Manchester United Plc (NYSE:MANU) said it has not broken any Premier League financial fair play rules despite a fifth straight year of losses. Under the league rules, losses cannot total more than £105 million over three years to stop big teams ‘buying success', but ManU posted a deficit of £113 million in the year to June 2024 despite record revenues of £661 million.
Manchester United poised to unveil new strategy, cost-cutting plan: analysts
Manchester United Plc (NYSE:MANU) continues to offer “plenty of promise” after the football club posted “relatively clean” fiscal third quarter results earlier this month, according to Deutsche Bank Research analysts who have boosted their price target on the stock. On July 10, the club posted Q3 revenue of about $173.4 million, ahead of estimates of $162.9 million, while a loss per share of $0.31 was greater than the loss per share of $0.27 expected.
Manchester Utd expects profits to fall less than expected thanks to record revenues
Manchester United Plc (NYSE:MANU) said it expects revenues and profits to be towards the top end of its previous guidance after selling out season tickets in record time and enjoying record-breaking sales of the Adidas Stone Roses merchandise range. The football club reported results for the third quarter of its financial year, ending 31 March, showing a £66.2 million quarterly operating loss as revenue fell 20% to £136.7 million, with broadcasting and matchday revenue down 26% and 41%.
Manchester United planning to cut 250 jobs
Manchester United Plc (NYSE:MANU) has reportedly proposed to cut about 250 jobs as part of a club-wide redundancy program. A source close to the company told Reuters that the job cuts would come across all departments and levels of the club except for its charitable arm, Manchester United Foundation.
