Manchester United reports wider 3rd quarter loss after tough season
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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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