Manchester United reports wider 3rd quarter loss after tough season

Manchester United will raise ticket prices by about five per cent for the upcoming football season, the club said on Wednesday (July 10), after reporting a sharply higher net loss for the third quarter following a tough season in the Premier League.

The Old Trafford club reported a net loss of £71.4 million pounds (S$123.4 million) for the three months ended Mar 31, compared with a loss of £5.6 million a year earlier.

It plans to cut about 250 jobs as part of a club-wide redundancy programme, the club confirmed on Wednesday.

After a tough season in which the 20-time English champions finished in eighth place in the Premier League - the lowest showing since the League's formation - United has been reviewing all aspects of the club's activities.

United now expects annual revenue of about £660 million, compared with an earlier range of £635 million to £665 million, and adjusted core profit of about £140 million, against an earlier range of £125 million to £150 million.

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Source: Reuters