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☕ Man United Cuts Jobs Despite Record Revenue, WNBA rise, 29 job offers, etc.

☕ Man United Cuts Jobs Despite Record Revenue, WNBA rise, 29 job offers, etc.

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Olivier Spaeth
September 12, 2024

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Jim Ratcliffe

Mancheter United Cuts Jobs, Records Profit

Manchester United has reported record annual revenue of $867 million for the 2023 fiscal year, despite a disappointing on-field performance. This marks a 2.1% increase over the previous year's all-time high.

However, the club's financial results were overshadowed by an operating loss of $91 million and a net loss of $148 million.

The club has been undergoing significant changes under new ownership and management. Omar Berrada, appointed CEO in July, has announced plans to rationalize the workforce by approximately 250 jobs. This is expected to result in annual cost savings of $65 million to $72 million.

Omar Berrada stated, "We are working towards greater financial sustainability and making changes to our operations to make them more efficient, to ensure we are directing our resources to enhancing on-pitch performance." He added, "Everyone at the club is aligned on a clear strategy to deliver sustained success both on and off the pitch, for the ultimate benefit of our fans, shareholders and hugely diverse range of stakeholders."

Despite the layoffs, United remains optimistic about its future. The club forecasts revenue growth and increased profitability in the coming year. The recent 5% increase in season-ticket prices has been met with strong demand, indicating a loyal fan base.

However, controversy has arisen over the layoffs, particularly given the club's record-breaking revenue. Critics argue that the financial health of the club should not justify job cuts.

Read on sportico, sportbusiness.com 💰

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