Manchester United finished eight in the 2023-24 Premier League. (Michael Regan/Getty Images)

Manchester United, the English soccer giants, have released their financial results for the 2024 financial year (July 1 2023 through June 30 2024), headlined by a £113.2 million ($147.2 million) loss that came despite record total revenue of £661.8 million.

Commercial revenues powered by the club’s lucrative front-of-shirt partnership with tech brand Qualcomm spurred on the high annual revenue, as did record ticket sales and matchday revenue.

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All of this and more, however, was wiped out by the team’s operating costs of £768.5 million, which mostly came due to rising employee benefit expenses (due to Champions League qualification), and amortization (attributed to playing-squad investment) of £190.1 million.

Operating expenses actually decreased through the year by $13.8 million compared to the 2023 fiscal year, owing to the team playing eight-fewer home fixtures.

Omar Berrada, who became Manchester United chief executive in January, stated of the club’s predicament: “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.

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“Today, we announce new guidance for fiscal 2025 which reflects a partial year impact of the transformative cost-savings and organizational changes that we have been busy implementing over the summer.”

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In that new forward-looking guidance, Manchester United have projected similar revenue of between £650 million and £670 million for the 2025 financial year, despite not qualifying for the Champions League this season, which will account for a £30 million drop in broadcast revenue.

That period will account for the club’s underway partnership with Scayle, launched on September 5, which has seen Manchester United bring its e-commerce business in-house, the commercial effects of which are yet to be seen.