Manchester United posted another quarter of net loss on Tuesday (Mar 1) as salary expenses rose and broadcast revenue fell after the spread of Omicron led to the postponement of some games, while the English soccer club looks to improve its on-pitch performance. “We have a clear vision and we are implementing a strategy to win with an empowered leadership team to drive that forward,” said newly appointed Chief Executive Officer Richard Arnold.
The 20-time domestic champions have struggled on the pitch lately, with a goaless draw at home to Watford on Saturday, denting their hopes of a top four finish in the Premier League as some rivals are inching closer in points with more games in hand.
Arnold was promoted in January this year, effectively replacing executive vice-chairman Ed Woodward, who stepped down following his involvement in the breakaway European Super League project that angered fans and regulators.
The English soccer club’s broadcast revenue fell 20.5 per cent to 86.4 million pounds for the three months ended Dec 31. Total revenue grew 7.3 per cent to 185.4 million pounds.
However, losses at the club, owned by the American Glazer family, have narrowed as compared with the three months prior as fans thronged its Old Trafford stadium at full capacity again after the lifting of pandemic-related restrictions.
Man United, which earlier this week withdrew Russian airline Aeroflot’s sponsorship rights after Russia invaded Ukraine, did not provided a financial forecast for the year.